NYC Partnership economic impact analysis update, February 2002

NYC 9/11 Public Portal Document

The Port Authority, for example, recently announced a $544 million investment to rebuild essential rail access near Ground Zero. In the interim, workers and residents who have to get into and out of Lower Manhattan continue to endure commutes that are up to one hour longer than their commutes before September 11th. This is largely due to the destruction of key transportation infrastructure, including the PATH stations and the subway tunnel for the 1 and 9 lines. Above ground, restrictions on vehicular traffic, especially the limited access to the Brooklyn Battery Tunnel and gridlock throughout Lower Manhattan, remain a major problem for business and residents.

New York’s business community continues to believe that the following key actions are required to accelerate economic recovery and Lower Manhattan’s redevelopment: • Reach consensus on a plan to redevelop Lower Manhattan before the World Trade Center cleanup is completed later this year: The Lower Manhattan Development Corporation has hired staff and is beginning to work with various agencies, civic organizations and other stakeholder groups to prepare the redevelopment plan and organize its implementation. • Ensure that the improvements in Lower Manhattan’s infrastructure — transportation, power and telecommunications — meet 21st Century standards: The Partnership study - and an emerging consensus expressed by a variety of stakeholders - underscores the importance of making infrastructure investments that will retain and attract business, housing and other forms of development to Lower Manhattan during the rest of this century. • Support investment in comprehensive security measures and innovations: The federal, state and city governments have taken some of the steps required to improve security on airlines and public safety in the city. A closer working relationship between security agencies and the business community is the next step in achieving a more secure environment. • Intensify efforts to make Lower Manhattan a functioning community for small business, large companies and residents: The Partnership continues to work on attracting new entrepreneurial businesses in emerging sectors, including biotech, international companies and enterprise software. Before September 11th, Lower Manhattan had started to build a live/work community in Battery Park City. In the years ahead, those who redevelop Lower Manhattan should exploit its potential as a mixed-use community with a 24/7, live/work environment. • Promote New York for business and tourism: The efforts of the city’s business leaders and the support of global business commimity have already paid dividends. The World Economic Forum’s decision to move its conference - for the first time - from Davos, Switzerland, to New York City is proof of the value of these efforts. NYC & Company has invested heavily in promoting tourism, which helped boost the number of visitors during and beyond the holiday season. Hew York City Partnership and Chamber of Commerce 5

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