Folder 137

NYC 9/11 Public Portal Document

10/23/01 TUE 15:06 FAX 4-~-I BRAD RACE Id1002 cc r 23=2001 13:30 F.02

FOR DIBCVSSION PURPOSP-S ONLY DAASr Program New York geopomie Recovery Ta's Rr.Covery Program are to: 1) keep Manhattan The goals of the New York'kconomic the 9/11 terrorist attacks — bmasesses and residents committed to the city following at $12 eurreat loss in tax revenue to the~~and ~atec is is a o jobslost at over 100,000 e er lower Manhattan- prelizniaarY

Zone Tax Credit: ..................$2.5 biilUon I esyerManhattan Economic Recerer4' encourage employers to locate or $3,000 annual pet employee Federal tax credit to Zone (Manhattan south of Carta► Reaavery remain locate in the Lower Manhattan last for five years. Employers could claim this Credit only for street), which would employees with annual salaries at or below $150,000.

ebaild New Yot City Bondln Art : ................................... 51.5 billion

tzvrexamptbonding authority to stable the replacement of up to £I5 billion in Federal oarnmacial and residcnt]al spy in and arotmd the the 20+ million square fart of lost all or a significant portion of the Zone. The Federal government would guarantee favorable terms. In addirioq the secure mute bonding authority to enable ptejects to that bonding authority would not be subject to the gw>tlli5ed private activity bond caps New York City. govemn other issuances ofmutuci$ bands is

5200 million Additional Advuneed refund' ....... • •-• • . . Authority of New New York State — including the Port Allowing mmmicipal Suers in TtampoXtatian Hospitals, and the Metropolitan York and New Jersey, New Yotts City permitting one additiAnal advanced .%utharity - to raise much needed capital by bonds ova the next three year's. This refiw ing refunding of municipal end 501(c)3 e of in New York authority would allow muuicipa] issuers are is ovankagc me as c4n vnt low service payments, which rinterest rates to lower their debt directly from termrlst ett*cls• a result of revenue tosses resulting .............. $[300 ndilian ems_ ......-_-..._ _.. Residential Tas G`redit for Zone Tai a residence who maintains a primaiY 53,Q0D arr0,ua1 Federal tax credit for each ta7rpayet Canal Street) for years 2002 and 1003. within the Zone (Machaunn South of

55 billion Total Cost:

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