WTC Records Folder 0139 label, 2001

NYC 9/11 Public Portal Document NOV 30 2001 5:55 PM FR EDC/ECO&ENGY ANALYS 618 8898 TO 759325151?877037 P.09

Economic revitalization The economic injury from the attack extends far beyond lower Manhattan and permeates every sector and corner of the City. Tourism has been -particularly hard hit, because it represents discretionary spending that people can defer, and because it is so dependent upon travel, particularly air travel, that people are now reluctant to risk. Tourism is a $25 billion industry in New York City, supporting 282,000 direct and indirect jobs. Tourism employs one in seven New York worker and has experienced an overall decline of about 40%, with extensive resulting layoffs. What this industry needs most are customers to lift it back to profitability, and with it, all the related industries and workers that supply it. • I Love NY Tourism Promotion and Business Marketing Program (proposed) — Governor Pataln has already committed $40 million to initiate a comprehensive marketing campaign to rebuild the customer base for toutis a, hospitality and retail businesses. ESD would a portion of the disaster funds to further strengthen this revitalization effort.

Infrastructure rebuilding More than 30 million square feet of prime commercial office space was lost, along with sections of critical transportation and cornnsunicauona infrastructure. Along with the intangible sense of community cohesion and vitality that draws business, visitors and residents into a thriving common space. Governor Patalti has established the Lower Manhattan Redevelopment Corporation. a joint State-City redevelopment corporation as an ESD subsidiary, with significant development powc:s to enable reconstruction of the damaged area to advance. • Lower Manhattan Redevelopment Corp. — will oversee transportation and infrastructure improvements, construction and development of the areas Affected by the attacks, and the attraction and retention of business throughout the area. • Federal authorization for tax exempt bond funding (under consideration) would greatly enhance the prospects for rapid commercial redevelopment of the damaged zone. • Federal tax credits (under consideration) to businesses remaining/setuuxting to lower Manhattan will also encourage reconstruction and demand for available space • Public infrastructure services supporting business revitalization (under consideration) — Firms in lower Manhattan have requested state assistance for added downtown security measures, along with infrastructure improvements to case access impairment barriers. ESD will consider funding assistance to maintain vital public services and access that directly impact tourism and business attraction and revitalization efforts as needed.

Administration Perhaps the most critical component of a comprehensive revitalization effort is the need for coordinated administrative management of recovery funds and services between the City and the State, and extending outward to include all other federal, community, private and not-for-profit organizations offering funds and assistance for business recovery. ESD has coordinated business recovery efforts with New York City in the rapid development of the &set WTC bridge loan program offered. We will continue to work closely with the Cie/ Economic Development Corporation (EDC) as we further develop coordinated client support services and administrative process.

and Mayor Guiliiani established the Lower Manhattan Redevelopment subsidiary that could receive federal disaster hands from the State, and we will ~C=0`0 ~!,tft

NYC-WTC 000136554