WTC Records Folder 0140 label, 2001

NYC 9/11 Public Portal Document

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In addition, the State has also requested additional assistance from various Federal agencies to waive certain administrative requirements. Approval would enhance the State's ability to respond to the attacks, as well as address the immediate unmet needs of many small businesses that are desperately trying to survive economically due to severe fiscal pressures created by the terrorist attacks.

New York strongly supports congressional action to further stimulate the economy and looks forward to working with the President and Congress in identifying some of the most critical economic needs facing the entire nation, especially those regions of the country and sectors of the national economy most directly impacted by the events of September 11`".

Today, the State and the City of New York are highlighting the major elements which are essential to include in any national economic recovery plan, while recognizing the special needs of those most directly impacted. New York also recognizes that the scope of the devastation and economic disruption is not fully calculable at this time and will continue to address specific needs as they arise. To this end, the State and the City request Congress and the President to strongly consider the following points when drafting their economic stimulus package.

Establish a World Trade Center Recovery Zone or "Liberty Zone"

Ensuring that lower Manhattan continues as the center of world finance, as a vibrant, growing and diverse commercial and residential neighborhood, and as one of• the City's key transportation hubs is an immensely complex task from logistical, economic and policy standpoints. Of primary importance is the replacement of public infrastructure and related buildings in the affected area.

The goal of the World Trade Center Recovery Zone, or "Liberty Zone", is to reestablish the self-sustaining, long-term economic growth which existed in New York prior to the terrorist attacks of September 11, 2001. This would be accomplished by using public funds and tax incentives to restore private investment to these areas. In addition, it is imperative that the Federal government address the emerging nationwide issue of the insurance industry's inability to underwrite future insurance policies to fully cover terrorist acts.

The Liberty Zone would establish special tax relief and other incentives for qualified businesses to stimulate private investment and create jobs within the community. The Liberty Zone incentives would also encourage businesses to hire individuals who live and work there, as well as encourage investment in Liberty Zone businesses through tax-exempt bond financing and increased depreciation deductions.

The program would also provide benefits to individuals who reside in the area and have uninsured losses and costly repair and replacement expenses. The Liberty Zone's goal is to provide the area of lower Manhattan that was damaged by the terrorist

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