GJNY letter to IDA Board Members
Testimony Before the State Assembly
Good Jobs New York
275 7th Avenue, 6th floor
New York, NY 10001
tel: 212.414.9394
fax: 212.414.9002
November 8, 2001
Re: November 13th NYC Industrial Development Agency Board meeting
Dear IDA Board Member:
At the November 13th board meeting of the New York City Industrial Development Agency, you will be asked to vote on the financing of the New York Stock Exchange project. This subsidy, originally valued at $1.1 billion and now worth perhaps $1.7 billion, proposes a new 600,000 square-foot trading floor to be built for the Exchange across the street from the NYSE's current home on the corner of Broad and Wall Streets.
Should it be approved, the NYSE deal will be the largest taxpayer subsidy in New York State's history. The IDA held a public hearing on the proposed deal on October 26th. Since you were not able to attend, we have attached a copy of our testimony for your review.
The tragic events of September 11th have drastically changed economic development priorities in New York City. Given our city's new reality, we urge you to vote no on this deal.
Should the city and state insist upon proceeding with a deal for the NYSE, the city should alter the current proposal. Specifically, we urge the IDA board to support a 21st century financial center on the World Trade Center site that would include a relocated New York Stock Exchange trading floor.
Clearly, public investment will be critical in the rebuilding of Lower Manhattan, but this massive subsidy created almost three years before the terrorist attacks would make matters worse. With a budget crisis upon us, we ask that you allocate New York City's tax dollars prudently and oppose the proposed NYSE subsidy package.
Sincerely,
Bettina Damiani,
Project Director