NYC-WTC_000195490

NYC 9/11 Public Portal Document

corruption in the markets began, rent revenues have increased while unloading costs have decreased. The volume offish sold at the Fulton Market has increased, reaching one million pounds a day, and the City is realizing a profit in its management of the markets. EDC is currently negotiating the relocation of the Fulton Fish Market to the Hunts Point area in the Bronx.

• The Lower Manhattan Energy Program (LMEP), a component of the Energy Cost Savings Program, was initiated in 1995 to address the under-utilization of commercial real estate and encourage the < modernization ofbuildings in Lower Manhattan. The program offers benefits in the form of utility credits of up to 30 percent off a building’s electric bill for eight years followed by a four-year phase out period. Benefits are awarded to building owners who pass energy Savings on to tenants based on usage. To date, 63 office towers have applied for benefits on behalf of their tenants, of which 17 have met LMEP criteria and made the requisite facility renovations.

New York City Economic Development Corporation ‘ / / , The financing arm of EDC includes several small business lending, guarantee and bond issuance programs. I; The purpose of these programs is to create jobs and retain businesses through financial assistance offered at market or below market rates. EDC also contracts with the New York City Industrial Development Agency (IDA) to provide financing for larger industrial and marketing projects. The major programs are summarized below. 11

• , Business Recruitment and Retention: Since July 1, 2000, EDC has recruited 26 firm.s and has helped two firms to expand within the City. These efforts have generated 440 new jobs and $3 million in City tax revenues. Through its Business Retention Unit, EDC has also retained seven companies representing 8,819 jobs. Of these, CIBC and Met Life are notable projects: the former involves the construction of a 1.1 million square foot office tower in Midtown Manhattan and the latter represents the commitment of a Fortune 50 company to move approximately 1,000 jobs to a building in Long Island City, an emerging business district. Related employment growth is estimated at 10,880 jobs, with direct and indirect City tax revenue estimated at $133 million annually. \

* Small Business Financing Programs: Since July 1, 2000, EDC’s small business financing programs assisted; ^2 firms with $25,1 million in bond and other financing for expansion, renovation and new Siti construction. f • Printer'Relocations: The $8 million Printers Relocation Fund (PRF) assists commercial printers and ■I graphic arts compahies that are committed to remaining in New York City but need to relocate from their /i current locations. Eligible companies can obtain reimbursement for up to 50 percent or $200,000 of their I moving costs. To date, 32 companies are scheduled to receive $1.6 million in relocation assistance through f; the PRF, an average of $50, per firm. This assistance is expected to result in the direct retention of approximately 800 jobs.

I ^1 F j ! / • DBS contracts with EDC to administer the City’s waterfront planning and development program, to market and sell City-owned land, and to act as managing agent for City-sponsored projects. Projects are divided into two main categories: Economic Development and Port Development. These projects are funded primarily through the capital budget, as described below.

Capital Review

The primary goal of'the Four Year Capital Plan is to encourage development in order to create and retain jobs in New York City and bolster the City’s tax base. The 2002-2005 Four Year Plan totals $709 million. S I ) I ! 216

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