2011 NYC IDA Year in Review

GJNY's Public Hearing Round-up 2011 

Since it's been an interesting year at the New York City Industrial Development Agency, we'd like to take this opportunity to provide a summary of projects that raised our interest and to document those firms that received approval for benefits. We hope that GJNY's publications, blog posts and monthly subsidy alerts have helped you learn how proposed economic development subsidies may impact your community.  

Notable highlights include:  

• The creation of a new local development corporation called Build NYC to benefit non-profit organizations;
• Our support of an electric truck manufacturer in the Bronx;
• Our testimony against the extension of over $2 million in benefits to FINRA, the Financial Industry Regulatory Authority, successor to NASD (National Association of Securities Dealers).

In 2011 the Industrial Development Agency posted a public hearing notice for 27 projects seeking benefits. Of those, 17 were presented for a public hearing (13 were projects new to the IDA, four are existing IDA beneficiaries). Ten projects on the public hearing docket did not have a public hearing this year.      

Here is a closer look at the 17 projects presented: