Subsidy Alert: March 2015
Transparency updates for New York City and State
Last month, the Office of the State Comptroller released an evaluation of the state's economic development arm, Empire State Development. The comptroller's report found minimal reporting efforts on the part of many of the local development corporations that use tax-payer money to incentivize development.
Meanwhile, the New York City Comptroller Scott Stringer released an update to the transparency portal Checkbook NYC. Enhancements to the site allow greater access to information on the city's contracts with Minority and Women-owned Business Enterprises and subcontractors.
Also, NYCEDC has released its Annual Investment Projects Report for fiscal year 2014. Users can access the report [pdf] or download a digital spreadsheet of the data. And be sure to check the GJNY website for updates to our database in the coming weeks.
The New York City Industrial Development Agency and Build NYC public hearing will be held Wednesday March 4 at 10:00 am. The public hearing will be held at 110 William Street, 4th Floor, New York, New York 10038 (Fulton St. subway stop). Presentations may be pulled from the docket at the last moment, so call the IDA at (212) 312-3598 to confirm that the company you are interested in will be presented.
We have provided links to available project materials and cost/benefit analyses for projects expected to be presented at the hearing. We encourage anyone with concerns or comments about these proposals to attend the hearing and provide input on particular projects to the members of the IDA board. For more information, please email PublicHearings@nycedc.com or contact Fran Tufano at (212) 312-3596; Written testimony can be submitted to:
New York City Industrial Development Agency, Attn: Ms. Frances Tufano
110 William Street, 5th Floor, New York, New York 10038
If you plan to speak on any of these projects, please let GJNY know: 212.721.4865 or email@example.com.
Projects of the New York City Industrial Development Agency - snapshot of project information or download the public hearing notice
Company name: James F. Volpe Electrical Contracting Corp.
Proposed location: 25 Marble Loop, Staten Island, New York.
Type of benefits: Payments in lieu of City real property taxes, deferral of City and State mortgage recording taxes, and exemption from City and State sales and use taxes.
Estimated cost to New York City: $2,871,643
Projects of the BuildNYC Resource Corporation - snapshot of project information or download the public hearing notice
Company name: The Asia Society, a New York not-for-profit education corporation.
Proposed location: 725 Park Avenue, New York, New York,10021.
Type of benefits: $18 million in tax-exempt bond financing and exemption from City and State mortgage recording taxes
Estimated cost to New York City: $388,598
Company name: Lower East Side Tenement Museum, a New York not-for-profit corporation .
Proposed location: 103 and 91 Orchard Street, New York, New York 10002.
Type of benefits: Approximately $10.5 million in tax-exempt bond financing and exemption from City and State mortgage recording taxes.
Estimated cost to New York City: $248,042
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.
Learn about major corporate giveaways to the financial industry, sports facilities and retail developments in New York City.