SHERBURNE – The Village of Sherburne’s plans to construct a new business park took a big step forward Wednesday when Senator James L. Seward, R-Oneonta, announced $100,000 in capital funding for the project.

The village has been moving forward with plans to construct a business park on a 68-acre parcel of land located on Classic Street in Sherburne. Mayor William Acee said the site will provide a new location for the village electric department and department of public works. In addition, there will be plenty of space for new businesses.

Seward held a brief press conference in front of Sherburne’s Village Hall Wednesday to announce the funding. During his speech, he mentioned the problems currently facing the financial services industry and what it might mean for the state.

“The issues with the financial services industry does have an impact, in a negative way, on New York State,” Seward said. “The state derives 20 percent of its revenue from lower Manhattan and the financial district.”

The senator explained that the economic issues may mean more money will have to be trimmed from the state budget this year and next year.