{ title: 'Press-Republican. (Plattsburgh, N.Y.) 1966-current, December 01, 1995, Page 11, Image 11', download_links: [ { link: 'http://www.loc.gov/rss/ndnp/ndnp.xml', label: 'application/rss+xml', meta: 'News about NYS Historic Newspapers - RSS Feed', }, { link: '/lccn/sn88074101/1995-12-01/ed-1/seq-11/png/', label: 'image/png', meta: '', }, { link: '/lccn/sn88074101/1995-12-01/ed-1/seq-11.pdf', label: 'application/pdf', meta: '', }, { link: '/lccn/sn88074101/1995-12-01/ed-1/seq-11/ocr.xml', label: 'application/xml', meta: '', }, { link: '/lccn/sn88074101/1995-12-01/ed-1/seq-11/ocr.txt', label: 'text/plain', meta: '', }, ] }
Image provided by: Northern NY Library Network
FRIDAY, DECEMBER 1,1995 BUSINESS PRESS-REPUBLICAN- PAGE 11 Improving the business climate State considering $50 million fund to attract big companies By DAVID BAUDER Associated. Press Writer AP Photo Senate Majority Leader Joseph Bruno, sponsor of the plan to enhance the state's image among businesses. . ALBANY, N.Y. (AP) - The state may set up a $50 million fund to use. in bidding wars for big businesses who promise to bring in hundreds of new jobs to New York. Companies that guarantee to create at least 500 new jobs through expansion or location of new facilities would be eligible for the state money, said the proposal's champi- on, Senate Majority Leader Joseph Bruno, on Thursday. Bruno said it was likely his Republican ally, Gov. George Pataki, would include the fund in his proposed state budget, to be released in two weeks. The governor said it is being considered. \We're no longer a carcass to be kicked over by other states and see our jobs fleeing to the rest of the country,\ Pataki said. \We're going to be fighting aggressively. What that will reflect in the budget, we're not finally decided on.\ Such a proposal is likely to lend fuel to the debate in Albany about the extent of public spending to attract private-sector jobs. Bruno said he came up with the idea after a conversation with General Electric Co. Chairman John Welch. The executive told him thai he-\hates New York\ and will try to move every GE job he can out of the state. At first, Bruno said in an interview his proposal would include no guarantees that the state would get its money back if the promised jobs do not materialize. But the Republican leader later said that companies should be closely monitored. One form of corporate aid is tax abatements that could be cut off if the jobs don't materialize, he said. A spokesman for a business lobbying group, the Business Council of New York State, said it generally prefers to advocate changes in state policy to be more hospitable to business. But David Shaffer said that because many other states are offering fi- nancial incentives, New York must do the same to compete. Virginia gave Motorola $11 million in en- ticements earlier this year to locate a factory with 5,000 new jobs west of Richmond, he said. Yet the company is making products for the northeastern United States and Europe and is trucking material to Newburgh, N.Y., to be sent out of Stewart Airport. \Weshould have been in on the bidding for this project,\ Shaffer said. Shaffer said provisions that require com- panies to givp the state incentives back if the jobs do not materialize might scare businesses away. On projects of such a large scale, the companies are taking a bigger fi- nancial risk than the state, he said. \In my opinion, they should only have such protections that do not prevent the business from coming in to begin with,\ Shaffer said, \and that's a delicate balancing act that you have to play.\ A report by Democratic state Sen. Franz Leichter earlier this year said New York had given $11.4 billion in tax breaks to businesses over the past decade. Leichter said much of. this \corporate welfare\ had failed to produce jobs. \I don't think it's where New York should be investing its money,\ Leichter said of Bruno's proposal. He said it's become a common corporate policy to threaten to move jobs and extract money from government. Assembly Speaker Sheldon Silver, the Legislature's top Democrat, said state lead- ers must evaluate whether it's better to make money available for bidding wars or make across-the-board policy changes that would help all businesses. Silver-also said he was concerned about \geographic patronage,\ or Republicans of- fering state resources to deliver jobs specifically to areas where Republican politi- cians rule. Bruno criticized the administration of former Democratic Gov. Mario Cuomo for distributing money to businesses over the past decade but not tying it specifically to the creation of jobs. . \I'ni sick and tired, too, of these handouts to people and to businesses, where you give them a handout just to make them feel good and they make you feel good by making promises ... and they're nothing but empty , promises,\ he said. Fleet, Shawmut banks complete deal By JANET KERLIN Associated Press Writer PROVIDENCE, R.I. (AP) - The merger of Fleet Financial Group and Shawmut National •Corp. creating the country's lOth-largest commercial bank was sealed Thursday by the new bank's top two executives. After signing documents dur- ing a ceremony, Fleet chairman Terrence Murray assumed the ti- , tie of president of Fleet Financial Group, now the largest bank in • New England. Murray also is \r- chief executive officer. Shawmut chairman and chief executive officer Joel Alvord assumed the title of chairman of \ the new bank, which has assets of $86.2 billion. The merger should have little impact on Fleet and Shawmut customers. Checks and automatic teller machine cards from both banks still will be • honored at any branch. Shawmut signs and banking forms at bran- ches are not likely to change for ^months, however. » The new Fleet Financial e».Group will _make Boston its ^headquarters, where it will move ^hree or four top executives and ^support staff from its former is-home office in Providence. Z Shawmut was based in Hartford. % \Boston is the hub of the £ region and the financial center of s.the region,\ Murray said. \So it tl^eflects our franchise, which is g£ll of New England.\ |\ Analysts agreed shifting the §aheadquarters was a good idea. ,„. \I figure it's just an acknowl- \ edgement that Boston is the ma- jor city in New England and they are now the major institution in New England,\ said Nancy Bush of Brown Bros. Harriman in New York. \Providence is a nice place but it's regarded as something of a provincial outpost and that's not where their ambitions lie anymore.\ Gerard Cassidy of Hancock In- stitutional Equity Services in Portland, Me. agreed. \Certainly you're going to have some senior guys transfer to Boston. Maybe from a prestige standpoint or an image stand- point Providence loses out, but in terms -of the economy there's no impact for Providence at all,\ he said. In fact, Providence should benefit from the shift, Murray and Alvord said. Wh«n the shuffling from the merger is complete in six to 12 months, Rhode Island will end up adding 175 to 200 jobs, they said. Fleet will move jobs to Rhode Island in areas including its systems, financial control, and mortgages. The signing ceremony came LIFETIME WEIGHT LOSS SYSTEMS GRAND OPENING SPECIALS ENDING 12-2-95 562-5503 24 PLATTSBURGH PLAZA two weeks after the Federal Reserve Bank approved the merger and a- -month after the Justice Department signed off on the deal. The $3.45 billion stock swap was announced in Febru- ary. To win Justice Department approval and maintain competi- tion in New England banking, Fleet and Shawmut agreed to sell 64 of their more than 1,300 branches. The 64 branches have about ,$3 billion in deposits, making it the second-largest divestiture in the history of the -banking industry. The 64 branches have more than $300 million in commercial loans in Massachusetts, Connec- ticut, New Hampshire and Rhode Island. Twenty-eight of them, with $1.6 billion in deposits, are located in and around Hartford, Conn. LATINVILLE'S FURNITURE 'Holiday Saving* ENTIRE LIVING ROOM STOCK ON SALE 2O%-70% OFF! 3 pc. Set Leather VTTT-U -correction notice ON PAGE 21 OF THE SEARS FRIDAY,DECEMBER 1 ADVERTISING SECTION YOU MAY HAVE RECEIVED, THERE IS A PRINTING ERROR. ON THE OFFER FOR 0% FINANCE CHARGE FOR 6 MONTHS ON ALL HOME OFFICE, THE OFFER END DATE IS INCORRECT AS SHOWN. THE CORRECT OFFER END DATE IS DECEMBER 2. WE REGRET ANY INCONVENIENCE THIS MAY HAVE CAUSED OUR CUSTOMERS. ffim Sofa,Lomeat, l \ 1 -™ Chair,Closeput SALE Charcoal Pillows, fclii Contemporary 2 pc. Sectional jALE • Sofa, Rich Italian Leather, Pub Back Sofa ENTIRE BEDROOM STOCK ON SALE 20%*-70% OFF Bleached Pine Contemporary Oak hi Early American Pine 1!' it;; Cham plain Valley Electric Supply, CO. INC. m 'Jjghting T Showcase HOLIDAY SALE November SOth thru December 9th 20%-40% Off All In-StockMerchandise . 50% Off Red Tag Items (Track & Recessed Lighting not included in sale) Open Mon-Fri 8am to 5pm, Sat 8am to 4pm, Thurs till 8pm 118 HAMMOND LANE • PLATTSBURGH, NEW YORK 12901 • 518-561-8585 J BINGO \evil's Den Road viaAltona,Nlf Tel: US 1-518-493-2247 1-800-544.8974 • CANADA s 1-800-544-8975 REGULAR ADMISSION PRICE U.S. \1 FOR SAT. HIGH STAKES BINGO $25.00 $35.00 SINGLE DOUBLE 9 Face Cards 18 Face Card* 1 U-Mc-Em 1 Special 3 Bonanza 3U-Plc-Em SBonanza Wed. 11/29, Fri. 12/1, & Sun. 12/3 MINI BINGO ADMISSION FOR 9 FACE CARDS $5.00 2 SPECIAL BOOKS $5.00 10 70/30 GAMES $8.00 $3,650 IN PRIZE MONEY MUST GO SUPER JACKPOT $1,000 FULL CARD For wiry 9 Faoa Cardt Purchaisd on\ Wad. t Fri. (Mini Bingo) you eat 8 Faoa Cards FREE on Simday-wtth coupon (ask for details) Wed. & Fri. Doors Open at 5 pm Game J Start at 6:30 pm Sun. Doors Open at 11:00 am Games Start at 12:00 pm Saturday, Dec. 2nd $ 25 Single 9 Faces $ 35 Double 18 Paces OVER $ 20,000 PRIZE $$ SUPER JACKPOT *4,000 70 CHRISTMAS SPECIAL DOUBLE CASH PAYOUT WIN BIG '8,000 SUPER JACKPOT Sat., Dec. 16th BINGO STARTS 11:3( Doors Open at 10AM Reservations Will Be Taken S£E 5 pc. SetrHdbd Ftbd Dresser.L^LE 4 pc. Sej; Hddbd, Ftbd, O'««r,l|ALE JJ** SSflSS*!? \ JJ^JMirror, Chest, NT'229 pfrv£] Mirror, Chest, HT '159 tfrfclsj Dresser, NT'169 | ENTIRE DINING ROOM STOCK ON SALE 20%-70% OFF 5 pc. Set Oak 3 pc. Drop Leaf 5 pc. Nostolgic Oak 3 pc . set; Farm Set Tbl /2 Chi SALE Spo. set; Oak Colonial Style LJAUE 5 pc . Set; Classic Pedestal ' ' ' Tbl /4 Mt Chi •CM] Table w!4 Arrow Back Chairs 229 ESffiSBIHH 2 \ ESMESSEESMi ENTIRE MOTION FURNITURE ON SALE 2O%-70% OFF Includes 2 Recliners & Drop Down Tray SALE 1199 Includes 1 Recliner & Full Sjs| Sleeper 3 Position Reoliner, 3 Colors ENTIRE BEDDING STOCK ON SALE 20%-70% OFF *99 Twin Set !2pc.Set: i Regal Splendor I Empress | Classic i Majestic j Pillow Quilt Supreme •99 •139 $ 169 *199 •229 •259 H49 Full Set 2 pc. Set: Regal Splendor f €mpress Classic Majestic Pillow Quilt Supreme $ 149 $ 179 '229 $249 $ 279 •299 $ 199 Queen Set 2 pc. Set: Regal'Splendor Empress Classic Majestic Pillow Quilt Supreme •199 '258 •275 '295 •319 •339 $ 299 King Set 3 pc. Set: Empress Classic Majestic Pillow Quilt Supreme Sonata •299 •358 •398 •429 •499 *599 NO DOWN PA1 NOiNT NO PAYMENT JiTTn Stoch Jerchandis / MI J Reservations Will Be Taken • OLM IN STOCK MERCHANDISE UPON CREDIT APPROVAL M •M
