New York's record on economic development projects mixed

Aug 6, 2012

Governor Andrew Cuomo says New York’s track record on supporting economic development projects is hit and miss.

Speaking in Syracuse last week, Cuomo was asked how he felt about the tax breaks given to projects like the Destiny USA mega-mall.

"Well, it depends. The point of the economic development programs grants, etc. – are to create economic activity, primarily to create jobs. Now, it can be done better or it can be done worse and this state has done both," said Cuomo. "There are projects this state has gotten into where I don’t think the taxpayers were well served."

The Destiny USA mall was given a 30-year property tax break from the city and is also in New York’s Empire Zone tax credit program.

The mall christened an 800,000 square foot expansion last week, but that is smaller than what developers once promised. The mall will employ about 5,000 people.