WTC Records Folder 0139 label, 2001

NYC 9/11 Public Portal Document

• City of New York Immediate Initiatives Relocation Assistance for Displaced Businesses

Objective: • To ensure that displaced office tenants are not burdened by dramatically increased operating costs as a result of the attack and that they do not permanently relocate out of New York City, and to encourage the revitalization of Lower Manhattan.

Description: This program will partially compensate displaced businesses, which we estimate employ 80,000 to 100,000 people, for increased operating costs due to higher rents, relocation expenses, and leasehold improvements to replacement office space. The program will provide benefits over three years, which represents the minimum period for construction of replacement office space. The amount of assistance in the first year will be up to • $5,000 per employee. The assistance will continue at a reduced level over the next two years, at $2,500 per employee per year. The maximum amount provided to any single business under the program will be the lesser of $10,000 per employee or the aggregate increase in occupancy and relocation costs. Should the full number of displaced jobs not be relocated within New York City, 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, and must relocate within the five boroughs of New York City. Additionally, i companies will be required to commit to remain in New York City for a minimum of seven (7) years. Uncommitted funding will be made available to businesses relocating to lower Manhattan from outside the area, until the full amount of funding is allocated.

Cost: • We estimate the cost to provide this assistance at $750 million.

0

0

fl

i

NYC-WTC 000136665