New York State Governor Andrew Cuomo speaks at an event to support his reelection in... Read More
Cuomo will outline the proposal at a news conference in Rochester tomorrow, said a person with knowledge of his plans. New York has a $5 billion surplus from accords with banks, including $3.6 billion from BNP Paribas SA over sanctions violations.
The proposal will be part of the budget the governor will introduce Jan. 21, said the person, who asked not to be identified without authorization to speak publicly.
Local governments outside Buffalo and New York City will be among those to receive cash from the Upstate Revitalization Fund, according to a campaign policy book that Cuomo released in October.
“The URF will invest in both catalytic infrastructure projects as well as
quality of life initiatives to make Upstate New York a better place to live, work, and visit,” the 57-year-old Democrat said in the book.
The funds will be disbursed following a model that Cuomo employed in Buffalo, where a portion of a $1 billion investment is being spent to build a solar-panel factory for billionaire Elon Musk’s SolarCity, Cuomo said in a speech in October when he first announced the $1.5 billion plan.
As Buffalo received the $1 billion state investment, other upstate cities said they merited similar attention.
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