In total, six companies will benefit from the boundary revisions that will spur $55.6 million in new investment and the creation of 1,273 jobs and the retention of another 810 positions, according to state officials. The boundary revisions to the Newburgh-Stewart Zone will replace 100 acres of land with 45 acres in various sections of the county that have greater potential for near-term development, state representatives note. According to local economic development officials, in addition to Wal-Mart, the Empire Zone will assist HGI-Skydyne Inc. of Port Jervis, which plans to invest $2.5 million and create 42 jobs while retaining 12 jobs; Kiryas Joel Business Center, which will invest $4 million and create 300 jobs at its facilities in Kiryas Joel; and Kalport/Kaltec Food Packaging of Port Jervis, which plans to invest $600,000, create 30 jobs and retain 23 jobs.

"By making these smart revisions to the Newburgh-Stewart Empire Zone, we will strengthen local businesses, stimulate millions of dollars in new investment and create more than one thousand new job opportunities for the people of Orange County," Gov. Pataki says. "Despite the fiscal challenges that we face as a result of Sept. 11 and the national economic downturn, economic growth and business prosperity remain a top priority. We will continue to create jobs and promote policies that encourage growth."

There are currently 72 Empire Zones across New York State. Empire Zones are designated areas throughout the state consisting of a maximum of two square miles. Businesses operating inside a zone are eligible for a range of tax benefits that are applied to new capital investments. Those benefits include tax-reduction credits, real-property tax credits, sales-tax exemptions, wage-tax credits and utility-rate reductions.