WTC Records Folder 0124 Clippings label, Sept 2001

NYC 9/11 Public Portal Document

RATNER PAGE 03/06 PUREST r_I1Y 09/.16/2001 13:30 7189238699

EMERGENCY CORPORATE RETENTION PROGRAM

PROBLEM

- With the destruction or substantial damage to +/- 25 :,aillion sq. ft. of_office space, the operations of companies based in this space have been, and will continue to be severely impacted.

- NYC is affectedtby this problem in4.4 major ways:

but of 3 ni In at least the short run, the displaced companies may have to relocate as the City (or State) in order to maintain operations. This relocation can be simple as shifting operations to existing facilities in other areas without taking more space (for exanlple, a global investment bank could shift activities normally done in New York to London, to be serviced by its staff there relocating= and/or by relocated staff from NY) - In most cases, however, the companies will take short, and possible even long-term leases. If they take medium longterm leases, it is unlikely they or return those operations to will

New York.

(u) As operations are relocated (or even temporarily shifted) the New York employees will be transferred or furloughed. This will cause severe economic disruption and family hardship (as well as a potential collapse of the residential market). It will also substantially reduce-income and sales tax' revenues to theCity and State

from (ill) The City will lose most of the real estate rues that had been generated assessmenu0 the destroyed or damaged facilities, as well as reduedonsin throughout Lower Manhattan. While this damage can be covered in the short run through FEMA, the loss will be long range, without coverage, if better) new the companies cannot be-induced to return and if equivalent (or facilities are nos built:

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