By Marlene McTigue
Capital Region Independent Media
ALBANY — New York state’s 2025 budget and a historic investment in downtown Albany were the focus of a recent Capital Region Chamber of Commerce presentation, where business and government leaders gathered to discuss economic development initiatives.
Mark Eagan, president and CEO of the Capital Region Chamber of Commerce and the Center for Economic Growth, opened the event. He noted the significance of Gov. Kathy Hochul’s budget proposal to all gathered there, calling it “an historic investment in the capital city itself.”
“Everyone in this room has a vested interest in the neighborhood that you’re in, because unless that neighborhood is strong, it’s hard for your business to be strong, too,” he said.
The event featured Commissioner Jeanette Moy of the New York State Office of General Services (OGS), who outlined Hochul’s $400 million investment plan for downtown Albany and broader statewide initiatives.
REVITALIZATION AND ECONOMIC DEVELOPMENT
Moy detailed the budget’s key components, which include $200 million earmarked for revitalizing downtown Albany, $155 million for modernizing the New York State Museum, and $35 million for the ongoing study of reconnecting Albany’s waterfront with the city via Interstate 787 modifications.
“This is the most money that has come into Albany in decades,” Moy said. “This is transformational.”
She emphasized the state’s commitment to making Albany a destination for businesses, residents and tourists. As part of that goal, officials plan to release an in-depth, 10-year development strategy for the capital.
“The focus here is making sure that downtown Albany is an attraction,” she said.
Moy acknowledged that decreased foot traffic from workers has been an issue but noted many people still call the downtown area their home.
“It is true that the workforce is changing. Hybrid work is happening,” she said. “There are changes that are happening downtown, but we also have, as you walk through downtown Albany, a lot of people that are living right above a lot of the storefronts.”
Moy noted that the budget’s goal is to take advantage of changes in workforce trends and urban living patterns to create a thriving local community.
SMALL BUSINESS AND WORKFORCE DEVELOPMENT
Hochul’s budget proposal also prioritizes small businesses, workforce development and affordability. The state is set to continue the Small Business Tax Credit Initiative, which will allocate an additional $150 million in funding.
Moy also highlighted the launch of One Network for Regional Advancement and Manufacturing Partnership (ON-RAMP), a workforce development initiative headquartered at the former College of Saint Rose campus in Albany.
“This is a very, very big deal,” Moy said. “It was rumored for months and years, and took a lot of negotiation and push at the federal level and the state level to attract it right here.”
At the ON-RAMP site, there will be technical training, non-technical foundational and soft skills, and critical wraparound services to support workforce growth in the high-tech sector.
INFRASTRUCTURE AND PUBLIC SAFETY INVESTMENTS
Albany’s infrastructure is also set to benefit from the state’s budget, with OGS overseeing multiple renovation projects.
Moy cited ongoing work on the Empire State Plaza, including deferred maintenance repairs, the decarbonization of state facilities, and plans to illuminate the plaza’s outdoor sculptures.
Moy described Hochul’s focus on public safety, citing additional funding for law enforcement.
“The governor has announced a million dollars for Albany PD, $500,000 for the Albany sheriff in supplemental and enforcement activities, $2.4 million investment for gun violence, for the GIVE initiative in Albany, strengthening the Albany County law enforcement entities with $2.5 million for new technology and equipment, as well as recapping that,” Moy said. “She’s deployed $47.6 million to strengthen public safety over the last few years.”
A CALL FOR COMMUNITY ENGAGEMENT
With $200 million allocated for Albany’s redevelopment, state officials are urging local business leaders and residents to participate in the planning process.
The Empire State Development Corporation is currently evaluating 19 proposals submitted for downtown revitalization efforts, with a vendor expected to be selected this spring.
She noted that the state is seeking broad input from business owners, nonprofits and residents.
The event concluded with a Q&A session, where attendees discussed concerns about federal funding, small business support, and Albany’s arts and cultural institutions.
Kevin Johson, executive director of the Palace Theatre, asked if the venue was on the state’s radar as an economic driver for local businesses.
“I’m just wondering, are we on your radar?” Johnson asked. “We’re an economic engine for the restaurants and other businesses downtown.”
Moy responded, “I think when it comes to the arts, obviously, you are a destination, we’ve heard it from the restaurateurs in the area. It is absolutely a part of the broader community. Cultural institutions, anchor spaces. They are regional attractions.”
As the state moves forward with its vision for Albany, chamber officials stressed the importance of local businesses and residents staying engaged in the process.
“This is an opportunity to launch Albany to the next level,” Moy said. “It’s about creating a thriving, interconnected downtown community where people want to live, work and visit.”
