Although it wasn't the full $1 billion that had been proposed in the 2008-2009 Executive Budget, the Upstate Revitalization Fund was included as Governor Paterson and state lawmakers closed on a budget agreement April 9th in Albany.
While its now part of the new $121.7 billion state spending plan, the $700 million fund will likely take several years to produce the jobs and development promised.
Approved elements of the fund are reported to include $120 million for the Empire State Development Corporation's "Regional Blueprint Fund" to develop Upstate businesses; $46 million to support a proposed chip fab development in Malta, Saratoga County $100 million for affordable housing; $70 million for state park improvements; and $40 million to develop agri-business in New York.
DEC's Environmental Protection Fund was increased by $30 million to $255 million, but $125 million from the fund was diverted to the state's General Fund to support New York's budget.
