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Business recovery assistance program for World Trade Center disaster

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Description of a $700 million state-funded economic recovery program for businesses affected by the World Trade Center disaster, targeting four categories of eligible businesses.

NYC-WTC_000141766–000141769

Folder label: “DEP 59.17 Junction Blvd, 11th FL

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NYC 9/11 Public Portal Document

New York State Action Plan

Empire State Development World Trade Center Disaster Action Plan for New York Business Recovery and Economic Revitalization

Executive Summary As Governor Pataki’s designated lead agency for coordinating business recovery, Empire State Development (ESD) has worked with the New York City Economic Development Corp. (EDC), to develop the following Action Plan for the $700 million appropriated to New York State through the U.S. Department of Housing and Urban Development (HUD). The funds are appropriated for economic recovery and revitalization, and assistance will be targeted to four types of businesses directly affected by or responding to the disaster:

1. Businesses located in lower Manhattan at the time of the disaster that have remained within lower Manhattan. 2. Businesses located in lower Manhattan at the time of the disaster that have temporarily relocated elsewhere because of the disaster. 3. New York City businesses that suffered significant economic dislocation because a major portion of their customers was located in lower Manhattan. 4. Businesses seeking to locate new operations and create new jobs in lower Manhattan. Assistance will enhance the cost-competitiveness of lower Manhattan location decisions, but will not pirate employment from other states.

National Objective The activities contained in this Action Plan have been designed to meet community development needs having particular urgency because existing conditions pose a serious and immediate threat to the health or welfare of the City of New York where other financial resources are not available to meet such needs.

ESD has identified the following areas of business assistance as key components of a comprehensive recovery and economic revitalization approach: small business assistance; job retention and attraction; business information; infrastructure rebuilding and administration. Fund allocations to these components are:

1

NYC-WTC_000141766

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NYC-WTC_000141766Source: NYC Law Department, mirrored locally

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