Cuomo Promises Big Bucks for Buffalo

January 4, 2012 Updated Jan 4, 2012 at 9:18 PM EDT

By Ed Reilly

January 4, 2012 Updated Jan 4, 2012 at 9:18 PM EDT

(Albany, NY) During his second "State of the State" address, Governor Andrew Cuomo pledged to invest $1 billion dollars for an economic development plan to help the City of Buffalo.

The money will be used to help attract industry back to the Buffalo area.

Buffalo, NY is the third poorest city in the nation, with 28% of its population living in poverty.

"We believe in Buffalo," said Governor Cuomo.

While specifics of the plan were not released, the money could come in the form of tax credits, access to low-cost energy, grants, infrastructure improvements, and funding for real estate investments.

"This is fantastic news for the second largest city in the state," commented Buffalo Mayor Bryon Brown.

The news received bi-partisan praise from Buffalo area politicians.

"In my district, I have a lot of the suburbs of Buffalo," adds Republican State Assemblywoman, Jane Corwin.

"I think the suburbs will benefit if the City benefits."