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$400 Mil in State Eco-Development Funding in Jeopardy

ALBANY-The war of political wills in Albany that resulted in the approval of a $79.6 billion base-line budget last week could effectively wipe out $400 million in economic development funding this year in New York State.

By John Jordan | Updated on August 06, 2001

ALBANY-Officials with Governor George Pataki’s office warned yesterday that unless the state Legislature approves supplemental funding soon, the state’s ability to attract and retain businesses in the state could be diminished significantly this fiscal year.

The State Legislature, after failing to pass a state budget by the mandated April 1 deadline, last week approved a “base-line” budget of less than $80 billion. While some argue that the budget will meet the state’s funding obligations for the remainder of this year, other state officials say that many programs are in jeopardy.

“The base-line budget reduces funding for economic development projects from $400 million allocated last year to zero,” says Joe Conway, a spokesman for Pataki. “In a number of respects it will have a devastating impact on our ability to create new jobs and economic opportunity in New York State.”

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