137TH ASSEMBLY DISTRICT

Economic stimulus plan will spur job creation

New York State Assemblyman Charlie Nesbitt (R,C-Albion) believes Governor George Pataki's economic stimulus plan would create new jobs and spur the economic recovery of Western New York and the entire state in the wake of the September 11 terrorist attacks.

Nesbitt said the comprehensive economic stimulus plan, outlined in his 2002-03 Executive Budget, contained the following pro-growth, job creating initiatives:

• Creation of an "Empire Opportunity Fund:" The initiative would provide $50 million in initial funding for major capital infrastructure, construction and economic development projects across Western New York - a total of $2 billion in state, federal and private sector investment is expected once the program is fully implemented;
• Development of High-Tech Investment: The economic stimulus plan would provide $250 million for technol-ogy based economic development initia-tives such as the Governor's Centers of Excellence Program;
• Security Through Advanced Research and Technology (START) program: The program would provide $5 million to assist New York colleges and universities in securing research funding for the national homeland security industry;
• Expanded Assistance for Small Businesses: The economic stimulus plan would provide a 50 percent increase - from $200 million to $300 million - in sup-port for the Excelsior Linked Deposit Program to encourage banks to make low-interest loans to small businesses;
• Office of Science, Technology and Academic Research (NYSTAR): This initiative would receive a $29 million in-crease in funding over last year for NYSTAR Programs that promote high-technology job creation initiatives.

"Cutting taxes, supporting economic development, reducing bureaucratic red tape, and actively promoting all our state has to offer - these are the policies that have had a positive impact in preparing New York's economy for the challenges and opportunities of the 21st Century. Proof positive that our approach works is evident in the success we've seen in per-suading Washington Mutual to remain in our Western New York community and expand its Albion mortgage and consumer loan service facility by adding 450 new jobs over the next several years," said Nesbitt.