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YOUR only SOURCE FOR regional BUSINESS NEWS | westfaironline.com
January 28, 2013 | VOL. 49, No. 4
Wage hike, labor benefit reforms in Cuomo budget BY JOHN GOLDEN jgolden@westfairinc.com
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POWER TALK • 15
A 132-room hotel managed by NYLO Hotels is being proposed in Nyack.
Luxury hotel proposed in Nyack BY SAM BARRON sbarron@westfairinc.com
The owners of a vacant manufacturing site on the edge of Nyack’s downtown are seeking tax exemptions to build a luxury boutique hotel with a steakhouse and conference
facilities. WY Management L.L.C. is working with Texas-based NYLO Hotels L.L.C. to build a 132-room hotel at 400 High Ave., off of Exit 11 of the Thruway, a short distance from the Tappan Zee Bridge.
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ov. Andrew M. Cuomo’s proposed $136.5 billion executive budget for 2013-2014 drew an initial mixed response from leaders of business groups in New York, who oppose his planned $1.50 hike in the minimum hourly wage while applauding major reforms to the state’s workers’ compensation and unemployment insurance systems. The proposed spending plan for the fiscal year that starts April 1 includes approximately $90.8 billion in state operating funds, a 1.6 percent increase from the current budget. Total proposed state spending of approximately $136.5 billion, which includes federal operating funds and capital project funds, is up 1.9 percent from the current fiscal year. The executive budget eliminates a $1.3 billion gap between state general fund revenue and spending in 2013-2014 but includes no new taxes and fees, according to state budget director Robert L. Megna. When Cuomo took office two years ago, the budget gap in this coming year was projected to be $17.4 billion, he noted. Here are some key initiatives in the governor’s proposed budget that directly affect businesses in the state: Minimum wage increase – Cuomo wants to raise the minimum wage from $7.25 to $8.75 an hour as of July 1 to bring it more in line with the cost of living. Nineteen states now have a higher minimum wage than New York, state budget officials noted. The $7.25 wage represents a little more than one-fourth of the average New York hourly wage of $28. “Since low-income individuals spend a larger percentage of their income than higher-income earners, salary increases in low-wage occupations lead to increased demand for goods and services and help spur economic growth,” Megna noted Wage, page 6
Hotel, page 6
@ Good things • 28