DEP internal note on FEMA funding justification, June 2002

NYC 9/11 Public Portal Document

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By any measure, the events of September 11 have had a major negative impact on the City’s economy in general, and on Lower Manhattan in particular. The City is forecasting a decrease in tax revenues of more than $3.1 Billion between August 2001 and April 2002, of which at least $650 Million is directly attributable to the events of September 11, including destruction of real property, closure of businesses, and a decline in tourism and tourism-related industries. The attacks on the World Trade center destroyed or damaged nearly 30 million square feet of office space, or almost 30% of the Class A space available downtown. Perhaps, most importantly, residential occupancy rates fell dramatically following the attack, by almost 40%, leaving Lower Manhattan without much of its vital 24-hour community.

Lower Manhattan is the financial capital of the world, and its revival is therefore critical not only to the City but to the nation as a whole. Anectodal evidence suggests that confidence in the area’s environmental safety - especially with regards to its air quality - is a primary concern for many area business executives. The exterior cleaning program outlined above seeks to address these concerns. These efforts will play an important part in the City’s ongoing efforts to retain and attract area businesses.

In addition, as noted above, Lower Manhattan is also home to a growing residential community, which plays an important role in the economic healfii of the area as well. One of the most important issues that has been raised by local residents, in terms of staying in the area or_retuming to it, is the quality of the environment. The programs outlined above will be an essential part of the City’s efforts to encourage residents to continue living there and contributing to the economic and social vitality of the area.

The City must also communicate these active steps that are being taken to maintain file confidence of businesses, employees, and residents in the area’s environmental safety. These programs reflect the effort of the City and the EPA to address these concerns and to maintain public confidence in Lower Manhattan, and as such are absolutely essential to the area’s revival and long-term economic health.

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