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Memo on WTC redevelopment legislation, Nov 2003

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Memorandum outlining proposed legislation to streamline contracting and construction for Lower Manhattan redevelopment.

NYC-WTC_000153976–000153990

Folder label: “WORLD TRADE CENTER - REDEVELOPMENT OF LOWER MANHATTAN

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NYC 9/11 Public Portal Document

03 Mayor # _

AN ACT in relation to the redevelopment and revitalization of lower Manhattan

The People of the State of New York, represented in Senate and Assembly, do

enact as follows:

1 Section 1. This act shall be known as the Coordinated Construction Act for Lower

2 Manhattan.

3 §2. Legislative findings.

4 The city and state of New York have a compelling interest in the redevelopment of

5 lower Manhattan, the area of New York City that suffered most grievously from the attack on the

6 World Trade Center on September 11, 2001.

7 The legislature recognizes the historic importance of lower Manhattan to the

8 economy of the city. State, and region. Before the attack, lower Manhattan was the third largest

9 business district in the nation, accounting for more than $114 billion in economic output and

10 about 15 percent of the city’s tax revenues. As a result of the attack, 2,792 lives were lost, and

11 lower Manhattan sustained losses of more than $80 billion. The economic losses have continued

12 in the years since the attack. The legislature recognizes that decisive action is needed to prevent

13 these losses from generating a devastating downward spiral.

14 In response to the damage caused by the attack, the federal government thus far has

15 committed approximately $6 billion over a 10-year period for redevelopment projects in lower

16 Manhattan. The public interest will be served by ensuring that these projects, as well as any

17 projects in the area funded by the State and city governments, are constructed quickly, safely.

03Mayor_ .sOl

NYC-WTC_000153982

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