WTC Records Folder 0124 Clippings label, Sept 2001

NYC 9/11 Public Portal Document PAGE 05/86 FOREST CITY RATNER 09/18/2001 13:30 7189238699

PROGRAM / APPROACH

The only way that companies can have the assurance of recovery is that NYC, with the assistance of the State and Federal governments, adopt a crediblc-andc1 funded program to replace thelost facilities, and/or to provide long term relocation facilities to the displaced businesses, in locations and in facilities that 2-3 years. will be acceptable to these in'no longer that the medium teim, i.e.,

a The best framework for this program (and probably the only one that provides policy basis for its adoption without long months of debate) is the reread Committee of 35 Report This report, prepared by leading members of the business community, extensively analyzed the needs of these types of companies and the most desirable locations for them and recommend that new facilitiesbe concentrated in 3 areas: the West:Side, Long Island City and Downtown Brooklyn; These areas should be designated as the only Qualified" areas under a the proposed program, with the one modification that all the West Side as relocation area be replaced with Lower Manhattan. m

The program should use federal and stare capital assistanceto enable facilities to be developed in the Qualified areas at rent levels low enough to inducethe displaced companies to make the early commitments required. These rent levels should be no more than 50-609b of the current market raze levels in these areas, i.e., the rents should be in the range of 520-25 sq. ft. for Outer Borough locations, and $30-35 sq. ft. for Lower Manhattan locations.

t Including the "West Side would tend to discourage financial services companies from returningg to Lower West midtown sires, Manhattan as these companies may see the West side as ptderable to Lower Manhattan. the financial services industry, if they are subsidized as proposed here, would likely attract Hof which, would exacerbase the problem noted in Qv) above. This problem does not ®a with regard to Outer $orough sites, as they are likely to attract onlythe egMrrt operations of the industry, (which we the operations vulnerable to relocation to other regions). The overall stratcby should be to concentrate core now most sites, and support operations in the Outer financial services operations in the (limited) Lower Manhattan the land and related development casts are the lowac to begin with, and where many sites are Boroughs, where already packaged for immediate development.

TUIE 14:30 (TX/RX NO 97481 09/18/01 029-d 100/900d 990-1 96P2bb92I2 -mold wd0l:90 l002-61-das

NYC-WTC 000137216