NYC 9/11 Public Portal Document
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In addition, the City and State have requested authorization to issue up to
$15 billion in tax-exempt reconstruction bonds on behalf of private developers
to finance the reconstruction and renovation of the approximately 25 million
square feet of lost or seriously damaged commercial office space. An anticipated
federal guarantee combined with the reconstruction bonds will significantly lower
interest rates.
"This bond program with its attractive reduced interest rates will do much
to facilitate the reconstruction of Lower Manhattan," said Deputy Mayor for
Economic Development and Finance Robert M. Harding. "We are pleased that
we have been able to work with the State and Federal Governments expedite
this comprehensive benefits package."
The City and State had previously announced the WTC Disaster
Recovery Loan Program to accelerate financial assistance for small and
medium-sized that apply for Small Business Administration Disaster Relief. The
City and State are each providing $25 million to guarantee a pool of up to $250
million for bridge loans to be made by participating private lending institutions.
Under the program, a business or not-for-profit entity applying for SBA
assistance can receive up to $100,000 within two to three days to assist them in
their recovery efforts while their SBA applications are being processed.
To address the special needs of the tourism industry that has been
severely impacted by the attack on the World Trade Center, the City and State
are also requesting $40 million in federal funds for market research and special
promotional activities to assist in encouraging visitors to return to the City's many
attractions, especially those located in Lower Manhattan and in the New York
Harbor.
"Hospitality and tourism is one of the leading industries in New York City,"
said Michael G. Carey, President of the New York City Economic Development
Corporation (EDC). "We are committed to returning New York City to its rightful
position as one of the world's premier tourist destinations."
EDC is the City's primary vehicle for economic development services.
Using its financial and real estate resources, EDC helps develop businesses and
create jobs throughout the five boroughs.
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