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Document / 151 pages

World Trade Center records folder, 2001

Machine-extracted title · confidence 65%

Records folder index from Mayor's office covering World Trade Center administrative materials.

NYC-WTC_000136391–000136541

Folder label: “Folder 138

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Scanned page image, NYC-WTC_000136433
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NYC 9/11 Public Portal Document

Overview of Economic Stabilization and Recovery Program

The Economic Development Corporation requests $1 billion in funds to support business retention and relocation efforts and legislative authority to reduce the cost of replacing the lost and damaged office space.

SBA Direct Loans for Physical and Economic Damage: Guidelines to be relaxed to expand eligibility and provide enhanced benefits. Applications now being accepted and processed

Revolving Bridge Loans: To fund companies awaiting SBA loan approval and funds disbursement. To be offered through banks backed by loan guarantee fund. Government will establish guarantee fund to be matched by banks on a 5:1 basis. $50 million in government support would leverage as much as $250 million in private financing on a revolving basis.

Direct Business Assistance: Up to $1 billion in assistance to offset increased costs for companies forced to relocate, together with limited funding for companies moving into Downtown Manhattan.

• Tax Exempt Bonding Authority: $15 billion triple tax-exempt bonding authority for the repair/reconstruction of up to 25 million square feet of office space. This will significantly reduce interest costs and thereby reduce construction and occupancy expenses.

Federal Guarantee of Reconstruction Bonds: Federal guarantee of reconstruction bonds for buildings to be constructed in Downtown Manhattan. This will further enhance the availability of private credit for mortgage financing and reduce interest costs.

Budget Stabilization Assistance

The City of New York requests funding of $3.6 billion in transitional aid over ten years to replace lost tax revenue. Until the WTC can be rebuilt the City will suffer annual losses in property taxes or Payments in Lieu of Tax. In addition, tax revenue will be immediately reduced due to the dislocation of an estimated 44,000 workers and their businesses as well as from the decline in tourism.

The City requests $583 million in City fiscal year 2002 and City fiscal year 2003. The amount will phase down each year through 2011.

NYC-WTC 000136433

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NYC-WTC_000136433Source: NYC Law Department, mirrored locally

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