WTC Records Folder 0139 label, 2001

NYC 9/11 Public Portal Document NOU 30 2201 5:54 PM FR EDC,F_CO&ENGY ANALYS =l8 8898 TO ?5932515I 877 ? P.08

revenue is a standard deductible on most business interruption insurance policies and thus represents an uninsured loss. We estimate 950 businesses may be eligible. Beyond Retail Recovery Grant Program (under consideration) — could offer three days lost revenue, possibly capped at $10,000, to all other small businesses located in lower Manhattan (south of Houston Street) on September 11, and continuing to do business in NYC. They could not be eligible for the above grant programs or the NYC loan/grant program. Approximately 11,000 businesses may be eligible. Extended Economic Injury Grant Program (under consideration) — could offer grants to snail businesses located outside of lower Manhattan, but within New York City. Eligibility could require demonstration that more than 30% of their pre Sept I1 revenues were lost, from contracts and supply relationships with businesses located in the physical damage zone.

Dislocation assistance/retention incentives ESD estimates that 1,025 finnu, employing more than 75,000 workers, were displaced by destruction or extensive damage to their workplace. Providing these firms with sufficient relocation assistance to assure that they resume operations in New York is essential to the comprehensive reviralizaoon effort. Many of these firms are in the financial, insurance and real estate (FIRE) sectors, which have particularly high indirect impacts upon related employment. That is, evezy one FIRE direct job supports more than two additional jobs in related businesses that provide goods and services to them • Relocation Assistance Grant Program (under consideration) — would offer grants to assist flzm displaced frotu their workspace for at least three months. Grants would help defray the higher lease rates of most comparable commercial space outside of lower Manhattan, and attendant relocation costs. Grants would be evaluated on an individual case basis, based upon as assessment of need and flight risk Grants would be structured to provide increasing incentives to retain the fill, dislocated workforce in New York, and could offer added intentives to firms that relocate in lower Manhattan, and contribute to the rebuilding of the business community there. Grants would be spread over a three-year period during which employment is

retained. This program might assist firers employing about 50.000 workers, along with err. additional 20,000 newly attracted jobs as described below in the Location Assistance Program.

Business replacement and attraction Unfortunately, the revitalization of the City, cannot be accomplished solely by assisting the businesses of lower Manhattan with damage and relocation needs. Some of these businesses will not survive their economic injuries; others will not return. Lower Manhattan once employed more than 627,681 workers, and served as the financial center for the City, the State, the nation, and the world. To rebuild this economic engine we will need to attract new business, creating new jobs into lower Manhattan to replace what has been permanently lost, and to stimulate and support the reconstruction efforts to come. ESD will offer a combination of tax incentives and location grants to stimulate new business commitments. • Location Assistance Giant Program (under consideration as an extension of the Relocation Assistance Grant Program above) — would offer grants to firms making a new commitment to lower Manhattan as a business location, and creating new jobs for the nation. Grants would be structured to provide increasing incentives to firms making larger workforce commitments, with the goal of attracting 20,000 new jobs into the region. As above, they would be offered over a three-vear period, for retained cmployment

NYC-WTC 000136553