Coalition urges action on stalled construction projects
POSTED: May 18, 2008
A broad coalition of not-for-profit, municipal, economic development and business groups today urged the Governor and state lawmakers to act immediately on dozens of stalled construction projects across the state totaling over $2 billion.
Work on the projects — including new construction, expansion and refurbishment of nursing homes, hospitals, group homes and affordable housing – was halted when a state law authorizing local Industrial Development Agencies (IDAs) to finance not-for-profit construction expired on Jan. 31. And a bill re-authorizing IDA financing of not-for-profit construction is stalled in the State Legislature.
Top officials at the state’s leading business, municipal and not-for-profit associations all decried the impasse.
Kenneth Adams, President and CEO of the Business Council of New York, said: “Our economy desperately needs new investment. These projects are ready to proceed but are being held up in Albany. It is imperative that the Governor and legislative leaders provide new authorization for IDAs to do what they are supposed to do – promote investment and create jobs.”
Kathryn Wylde, President & CEO of the Partnership for New York City, said: “Deteriorating economic conditions and a terrible credit market mean that New York State needs all the financing tools it can muster to create jobs and support growth. Albany needs to act quickly to pass the IDA renewal bill. We commend Assemblyman Morelle and Senator Little for championing this legislation.”
Members of the coalition said that many of their projects would be cancelled if legislation authorizing IDA financing is not approved soon. The coalition is calling on the Governor and the Legislature to extend the law by enacting A.2557 (Morelle)/S.2684 (Little).
For more information on the coalition’s comments, visit www. bcnys.org.
