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Statement from Good Jobs New York

Regarding the NYC Industrial Development Agency’s

Omnibus Resolution Relating to Practices and Procedures

September 12, 2006

Contact: Bettina Damiani, 212.721.7996   cell, 347.432.0315

              Dan Steinberg, 212.721.4865     cell, 917.855.9506

Good Jobs New York applauds the board of the New York City Industrial Development Agency (IDA) for adopting policies today that will result in a more open and efficient process for allocating taxpayer subsidies.

After years of advocating for a more transparent process, Good Jobs New York believes that today’s unanimous approval will improve the agency’s transparency and enable the public to have a more active role in future proceedings.  For instance, under today’s resolution:

• Project materials (applications and cost-benefit analyses) will be publicly available at least five days prior to each public hearing.
• Local community boards and elected officials will be notified of a proposed project 30 days in advance of the public hearing.
• The IDA will provide board members with written testimony and a record of oral testimony the day after public hearings, giving board members more time to consider public comments before voting.
• The cost-benefit analysis for each proposed project will contain more information, including the total value of tax exemptions provided by the city and state (whether provided through the IDA or otherwise). Each analysis will also present its underlying assumptions and methodologies.
• Applicants will be required to provide information regarding its labor practices; potential conflicts of interest; current employment and projected employment in connection with the project; and the potential impact of the project on the environment.

Many of these policies had been informally implemented by the IDA in November, 2003.  Today’s resolution codifies these practices and ensures that they will be adhered to by future administrations. 

Good Jobs New York commends Manhattan Borough President Scott Stringer, who appoints a board member to the IDA, for working alongside the agency to enact these reforms.

Good Jobs New York looks forward to continued work with the IDA to further engage the public in the process by which taxpayer resources are allocated.  Sign up for our monthly “Subsidy Alert” list by emailing dsteinberg@goodjobsfirst.org.