That means state taxpayers are on the hook for $5 million, plus interest.

The money is coming from the three-year-old State and Municipal Facility Program. State lawmakers and Gov. Andrew Cuomo have the ability to borrow as much as $1.1 billion for projects to help local governments and public agencies, like libraries and fire departments.

But the new fund, a part of the state's budget, also allows for spending on economic development projects. That means the money can flow from public coffers toward private projects.

So far, the state has approved borrowing $79.8 million toward 54 projects, according to state records. Another $107 million -- including the $5 million for the "Late Show" -- is in the pipeline for another 534 projects.

The renovation at the Hotel Syracuse, for example, is in line for $1.7 million from the fund, which is called SAM for short, according to state records. It's also the source of $10 million going to the city of Syracuse to address its water system breaks.