Plans for $1 Billion Gift

December 4, 2012 Updated Dec 4, 2012 at 8:51 AM EDT

By WKBW News

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December 4, 2012 Updated Dec 4, 2012 at 8:51 AM EDT

Buffalo, N.Y. (WKBW) - Governor Andrew Cuomo is making an announcement on how he will spend $1 billion allotted to Buffalo, Tuesday.

The Governor made this financial promise in his State of the State address, last year. He said the money will be used to jump start the economy and create thousands of jobs.

While specific details are being release at the press conference, Cuomo has made one thing clear. Part of the money will be spent on expanding the growing biomedical and research industry in the area.

Some people worry that the troubled economy and a state strapped for cash after the effects of super-storm Sandy would spoil the Governor's plan. Cuomo said it will happen despite the challenges the state faces.

Here is more of what he had to say about the issue last year.

"We believe in buffalo. Let's put out money where our mouth is. We are ready to invest $1 billion dollars in an economic development package for the city of buffalo. It has gone on for too long it is going to stop today," Governor Cuomo said.

Cuomo will make that announcement at 10 a.m. at the Buffalo Convention Center. Channel 7 will be there with the latest.