Empire State Development Corporation

The Empire State Development Corporation, often called ESD, is an important group that helps support the economy of New York State. It works as an umbrella for two main organizations: the New York State Urban Development Corporation and the New York Job Development Authority. These groups focus on creating jobs, encouraging businesses to grow, and helping local communities.

The New York State Department of Economic Development is also part of this effort, working closely with ESD. Together, they offer loans, grants, and tax credits to support businesses and real estate projects. They also help market the state to attract new investments.

ESD plays a key role in making sure New York remains a strong and growing place for people to live and work. By supporting local economies and helping businesses succeed, ESD helps create better opportunities for everyone in the state.

History

The Division of Commerce started in 1941 and was replaced in 1944 by the Department of Commerce. In 1968, the New York State Urban Development Corporation (UDC) was created. In 1987, the Department of Economic Development (DED) began.

In 1995, DED, UDC, and the Job Development Authority (JDA) were combined into the Empire State Development (ESD). This new group aimed to help New York’s economy, create jobs, and support local areas.

In the early years, UDC focused on building housing, especially in New York City. Later, its work grew to include big projects like the Jacob K. Javits Convention Center and the Apollo Theater. UDC also helped with rebuilding after the September 11, 2001 attacks.

Structure

Since 1995, four groups have worked together under the name Empire State Development (ESD):

• Urban Development Corporation (UDC), also called Empire State Development (ESD)
• Department of Economic Development (/w/1) (DED)
• New York Job Development Authority (JDA), also called Empire State Development (ESD)
• Science and Technology Foundation (STF)

Even though these groups work together, they are still separate in official rules. The leader of the Department of Economic Development also leads the other groups, but each keeps its own team.

The UDC can work through smaller groups, each with its own leaders. As of October 2015, there were nine of these smaller groups:

• Atlantic Yards Community Development Corporation (AYCDC)
• Brooklyn Bridge Park Development Corporation (BBPDC)
• Convention Center Development Corporation (CCDC)
• Erie Canal Harbor Development Corporation (ECHDC)
• Harlem Community Development Corporation (HCDC)
• Lower Manhattan Development Corporation (LMDC)
• Moynihan Station Development Corporation (MSDC)
• Queens West Development Corporation (QWDC)
• USA Niagara Development Corporation (USAN)

Operations

The New York State Urban Development Corporation helps build and improve the state. It can give out loans, offer tax breaks, and take private property for big projects. It can also create new companies and ignore some local rules to work faster. It doesn’t need voters to approve its bonds, so it can work more quickly.

Some of its big projects include the Atlantic Yards Project, the Aqueduct Race Track Civic Project, and the Belmont Park Redevelopment Study. It also works on projects in Buffalo, called Buffalo Billion, and many other places. The Department of Economic Development publishes a newsletter called The New York State Contract Reporter to share information about chances to work on these projects.