NYC 9/11 Public Portal Document
P4GE 04/06
FOREST CITY RATNER
09/10/2001 13:30 7109230699
(iv) lithe core fi nuicial/services operations relocate out of Lower Manhattan,
even to other parts oldie City, it is unlikely that they will return to Lower
Manhattan This would severely impede the recovery of Lower Manhattan.
It would also dilute the concentration of the industry (currently in Lower
Manhattan) and thereby weaken New York's hold on that industry.
- The overall goal is to create a framework that will mitigate the short-term
relocations and/or disruption and provide for the medium to long range
recapture and expansion of the displaced companies. A related overall goal is to
recreate thepositive business environment in the City so that even businesses
that were not directly affected will not consider ielocatian.
- A 2-pronged approach is needed. The first prong is to do everything possible to
g space is New Yorlt,
provide for the retention,in temporary or long term existing
of the displaced businesses. This time frame is immediate. The City and Statc
have already started an aggressive program. The action item here is to structure
short term federal and state assistance so that it has maximum impact on this
problem (for example, provide immediate and direct cash payments to the
companies to cover relocation, perhaps with a substantial premium for those that
relocate in other NYC areas). The most critical step is to assure the retention of
any affected NYSE; NASDAQ- orAMEX operations?
- The 2nd prong is to obtain long-range con-I-n iftnents from the displaced
,companies that they will remain and/or return to NYC. These commitments
in
must be obtained now, i.e., in the neat 2-3_months as otherwise many of these
companies will simply make long term commitments on their "temporary"
relocations unless they arc assured that New York Will recover and
quickly,
unless they are induced to forego other options to take a chance with NYC.
09/18/01 TUG 14:30 (TX/RX NO 97481
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