City Council Committee on Economic Development Assesses Effectiveness of NYCEDC
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.
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.
Other groups that testified included:
Related news media:
New York Daily News, EDC: No bailout for Yankee Stadium garages, Oct 2, 2014
GJNY takes a close look at the proposed subsidy package--worth nearly $130 million--for Fresh Direct to relocate to the South Bronx. In early 2012, Fresh Direct started a bidding war between New York City and New Jersey officials when it threatened to leave its current home in Long Island City, Queens. Learn more about the subsidies, job promises and the efforts of residents to block the on-line grocery retailer's move to their waterfront.
Good Jobs New York's analysis and recommendations regarding federal state and local resources used in the post-Hurricane Sandy rebuilding.
Our database contains information on thousands of companies that received economic development subsidies in New York City.
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