One of those Western New York communities -- Syracuse -- is banking on substantial job growth courtesy of an $18.6-million investment by The Bank of New York in Onondaga County. Gov. Pataki announced June 23, 2004, that the bank will create up to 800 jobs in the county and bring its total employment in the region to 1,277.
      "The Bank of New York's decision to create up to 800 new jobs represents one of the largest commitments of new jobs in Central New York in recent memory and will provide a tremendous boost to the region's economy," the governor said.
      The news followed a two-month run in which New York created 25,400 new jobs, more than any other state in the nation. "In Central New York and across the state, our economy is coming back strong and showing promising signs of growth," Pataki added. "As we move forward with our comprehensive job creation and economic growth agenda, we will do even more to fuel new job growth and fulfill our goal of creating one million new jobs by the end of the decade."
      Pataki is encouraged by a large drop in jobless claims. In May 2004, unemployment numbers in New York dropped by more than 44,000 -- the largest month-to-month decline in more than 20 years.
      From May 2003 to May 2004, the number of new private-sector jobs in the Syracuse market increased by 3,200, or 1.1 percent.
      The Bank of New York initially will lease, renovate and equip a building in downtown Syracuse's Empire Zone, known as the Dey's Centennial Plaza, for three years at a projected cost of $2.7 million. In the interim, the bank will place employees temporarily in an existing facility in the Town of DeWitt in Onondaga County's Empire Zone.
      "New York has been and will continue to be a vital business partner of The Bank of New York," said Donald Monks, senior vice president of the bank. "We deeply appreciate the level of interest that New York, Onondaga County and Syracuse officials have had in our needs. Onondaga County has provided the high-quality work force we require, and we look forward to expanding our employee base in the years ahead."

Tax-Free Made EZ The Empire Zone program made news again in late July 2004 when the Columbia County Empire Zone welcomed an $11.25-million, 240-job investment from National Bedding Co. LLC, the country's largest Serta mattress licensee.       The Empire Zone program provides wage tax credits for five years of $3,000 for targeted workers and $1,500 for non-targeted workers. Investment tax credits are awarded in Empire Zones of up to 10 percent, plus a three-year, three-percent employment incentive credit.       The real property tax abatement can reach 100 percent of the property tax bill for up to seven years for a qualifying company. There are also optional utility rate reductions.       The QEZE program provides even more benefits. Qualifying companies operating in an EZ can receive a sales tax exemption of 4.5 percent on all tangible personal property used in the EZ, and localities can choose to participate. The tax reduction credit can be applied against the corporate franchise tax for a 15-year period, including a 100-percent credit the first 10 years, decreasing by 20 percent a year thereafter. Another benefit of the QEZE program is that any unused real property tax credits may be refunded in the year they were earned.       Brian McMahon, executive director of the New York State Economic Development Council, notes that all QEZE benefits are performance based and that all certified businesses must qualify each year to receive benefits.

      In July 2002, The Bank of New York received a $40-million grant from the WTC Job Creation and Retention Program in return for agreeing to retain 7,700 jobs in New York City for 10 years.
      In 2000, Empire State Development provided the bank with a $1.5-million Jobs Now grant in return for the construction of a 90,000-sq-.ft. (8,361-sq.-m.) building in DeWitt to be used as a technology and operations center. The bank agreed to create 477 new jobs at the site by the end of 2004.