Database of NYC's biggest giveaways What they are saying about corporate giveaways GJNY is grateful
for the support of our funders:
Good Jobs New York |
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The NYC EDC --
Overview:
The EDC is a nonprofit organization that
contracts with the City of New York to oversee and administer economic
development programs. Its chair and most of its board members are
appointed by the mayor. Details and tips on how to research these
programs can be found in
GJNY's October 2001 publication: Development
Subsidies in NYC: A Research Manual for Activists. A
complete description of most of these programs can be found on the
official EDC website: www.newyorkbiz.com. Subsidy programs vary widely, but most provide some form
of public funding to industrial, commercial, retail,
or "high tech" businesses in exchange for promises to stay or
expand in, or move to New York City. The NYC IDA --
Overview: The Industrial Development Agency contracts with the Economic Development
Corporation in accordance with New York State legislation (General
Municipal Law Article 18A Title 2 Section 917) to carry out the
financial end of its programs. The IDA is empowered to issue tax-exempt bonds, authorize
certain tax exemptions, and make other financial inducements. It is also charged with monitoring the financial packages it
gives out. A description of many of IDA's programs can be found on
the IDA website:
www.nycedc.com/nycida. The IDA board meets once a month to review and approve proposed
deals. According to legal requirements, the IDA must issue a public
announcement 30 days in advance of a public hearing on each item it
is considering. The hearings generally take place on the second
Thursday of the
month. The board meetings at which votes are taken on proposals are
generally the following Tuesday. (This represents a change in policy
- previously, public hearings took place on the Monday before the
Tuesday board meetings.) Go to EDC/IDA Structure and Board Page |
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Updated January 2, 2001 |
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