City Council Committee on Economic Development Assesses Effectiveness of NYCEDC

Thursday, October 2, 2014

On Thursday, October 2, 2014 the New York City Council Committee on Economic Development held a hearing titled, "Oversight: Evaluating the Effectiveness of Tax Incentives Offered by the New York City Economic Development Corporation." The committee chairman, CM Dan Garodnick, had many questions for Jeffrey Lee, of the NYCEDC, who provided background on transparency and process of the EDC and IDA. 

Good Jobs New York provided testimony including three main recommendations to ensure better outcomes for EDC and IDA projects:

1) Use the EDC's contract with the Department of Small Business Services as a leverage point to ensure all projects have measurable and defined community benefits;

2) Require a more inclusive decision-making process for how EDC selects projects starting with diversifying the board of directors at the IDA and EDC to include representation of low-income communities that need economic development the most;

3) Establish stronger requirements for the outcomes of subsidies through job projections, local hiring, and wages.

Read GJNY's complete testimony.

Numerous other groups testified, including good government organizations and community groups currently fighting against IDA-funded projects, including SouthBronxUnite which is opposing the city's $90 million subsidy to locate Fresh Direct on the Harlem River waterfront.

Read the Committee on Economic Development briefing paper

Other groups that testified included:

ALIGN

New York Lawyers for the Public Interest

Reinvent Albany 

South Bronx Unite 

 

Related news media:

New York Daily News, EDC: No bailout for Yankee Stadium garages, Oct 2, 2014