NYC-WTC_000195490

NYC 9/11 Public Portal Document

lovation, ECONOMIC DEVELOPMENT Since 1992, two organizations, the Department of Business Services (DBS) and the Economic Development Corporation (EDC), have administered the City’s economic development programs. DBS also provides administrative support to the Mayor’s Office of Film, Theater, and Broadcasting (Film Office). City funds for us on the EDC and the Film Office flow through the budget of DBS. In order to facilitate comprehensive service delivery ncluding to businesses, DBS and} EDC are both located at 110 William Street, while the Film Office is located in the Midtown / struction Entertainment District, City Hall Borough DBS provides services primarily to small businesses in New York City through technical assistance in procurement, contracting and local community development. DBS also assists small businesses in their interaction with other Chy agencies in order to ease the business development process. EDC, funded through a contract with n Avenue t>BS, serves as the City’s corporate attraction and retention arm, In addition, EDC undertakes financing initiatives and develops and funds commercial and industrial projects. Waterfront, maritime and intermodal transportation / development is also under EDC’s purview. / etroleum I

mericans Financial Review

The 2002 Executive Budget for Economic Development provides $49 million—$36 million in operating ss Center expenses at DBS and $13 million in operating expenses at EDC. The DBS budget is divided between Federal 1, and the funds of $8 million and City funds of $42 million. The total 2002 budget for pBS represents a $2 million increase from the 2001 forecast. The increase represents the allocation of additional Federal funds to CDBG-eligible (Community Development Block Grant) programs administered by DBS. The DBS operating budget includes Ilion)., allocations for NYC & Co. (formerly known as the New York Convention and Visitors Bureau), the NYC Empowerment Zone, the Film Office, and other DBS programs such as the Market Security and Enforcement Division, the Commercial Revitalization program and the Vendor Initiative Division. EDC self-funds the majority of its operating budget. Its expense allocation from DBS includes $10 million for the Emerging Industries Fund. igsbridge City-funded capital commitments of $709 million are also forecast in the 2002-2005 capital plan. Of this amount, $633 million reflect Mayoral commitments. The remaining $76 million reflect Reso A commitments. The amount of total City-funded capital commitments for the 2002-2005 plan represents an increase of $19 million over the amount of commitments forecast in the 2001-2004 plan. Iterations Bdrough Revenue Forecast itatlon of ■f ■ ( The Department of Business Services collects revenues from the rental and sale of commercial, industrial, maritime and market properties administered by EDC, and other miscellaneous fees. The 2002 revenue estimate ^troleum for Economic Development is $49 million, $23 million above the amount forecasted in 2001. The 2002 increase mericans ' is attributable to the identification of alternative sources of funding for EDC projects previously funded with tax levy or other EDC funds. i ers in the '\ Expense Budget Highlights :es at 30- In 1995, the Vendor Initiative Division was created to help reduce street congestion caused by illegal street vending. Legal vending space was created for displaced vendors at vendor markets in Harlem and Washington ion), and Heights in Manhattan, Flatbush in Brooklyn, and Fordham (now closed) in the Bronx. Since the progfam’s inception, oyer 3,000 vendors have sold their products in these neighborhood markets. In 1998, the division initiated Micro-Enterprise Program's to assist vendors and other entrepreneurs in developing basic business and million); \ computer skills. Specifically, the participants are instructed in business plan development, basic finance, taxation, vending regulations, and computer skills such as word processing and Internet usage. To date, over 2,000 vendors

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