World Trade Center records folder, 2001

NYC 9/11 Public Portal Document

City of New York

Immediate Initiatives Direct Business Assistance

Objective: To ensure that affected businesses are not burdened by dramatically increased operating costs as a result of the attack, and to encourage the revitalization of Lower Manhattan.

Description: This is a three-year program that will partially compensate businesses for increased operating costs due to higher rents, relocation expenses and leasehold improvements. In the first year, businesses will be reimbursed for the difference between new occupancy costs and pre-attack occupancy costs. The amount of assistance in the first year will be up to $25 per square foot of leased space. The assistance will phase out over the next two years, at $10 per square foot and $5 per square foot in the second and third years. The maximum amount provided to any single business under the program will be $40 per square foot.

The program will provide assistance to eligible businesses that sign new leases, up to a total 25 million square feet. The initial reservation of Direct Business Assistance funds will be for businesses and not-for-profit entities forced to relocate as a result of the attack. Should the full 25 million square feet not be committed, remaining funding will be offered to companies moving into Lower Manhattan.

Eligibility: To qualify, businesses must have been located within the approximately 25 million square feet of commercial office space that was destroyed or rendered uninhabitable by the attack. Uncommitted funding will then be made available to businesses relocating to Lower Manhattan from outside the area, until the full 25 million is allocated.

Cost: We estimate the cost to provide this assistance to businesses signing new leases for 25 million square feet of space at $1 billion.

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NYC-WTC 000136441