History of Empire State Development: "Eleven years later, on August 31, 1987, the Omnibus Economic Development Act was signed into law, creating the new Department of Economic Development (DED) and giving its commissioner explicit authority to create State economic development-related policy and to coordinate State activities.
The law stressed the delivery of services at the regional level and the integration of services among the State’s economic development-related agencies. The Act created nine new programs designed to address specific problems and opportunities within the State’s economy.
The New York State Urban Development Corporation was created with a mandate to generate industrial, commercial and civic development in distressed urban areas and to create jobs through the construction of low- and moderate-income housing and the renovation or expansion of industrial and commercial facilities.
UDC was given a broad range of statutory powers to attain those goals, including the authority to issue tax-exempt and non-tax exempt bonds, to provide flexibility in the application of local codes and to arrange full or partial exemption from real estate taxes."
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