2011 NYC IDA Year in Review

Thursday, December 29, 2011

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:

Three grocery stores received benefits through the FRESH program. FRESH, announced in 2009, is intended to encourage the development of grocery stores in neighborhoods considered food deserts. The application from Moisha's raised concerns from the community.

Information on the amended deals that were presented for a public hearing can be found in the GJNY Database of Deals: Avon Products, FINRA, Macy's Merchandising Group, and News America Incorporated. Additionally, the IDA Board of Directors passed resolutions on 16 existing projects, though no public hearing was held.

Details about all approved projects are included in documents from the Agency's Board of Directors that we've made available in the "Research Tools" section of our website. We also have complete archives of the subsidy alerts on our website.

Lastly, happy 2012 and a special thanks to all the subscribers of our monthly subsidy alert.

Monthly Subsidy Alert

Want to know who applied for a subsidy? Sign up for our "Subsidy Alert"

Fresh Perspectives on Fresh Direct

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.

Keeping an eye on Hurricane Sandy recovery money

As government aid begins to flow into areas devastated by Hurricane Sandy, Good Jobs New York will provide analysis and recommendations regarding these resources that promote a transparent and equitable allocation of funds that go to individuals and businesses that need it most.

Database of Deals

Our database contains information on thousands of companies that received economic development subsidies in New York City.

Spotlight on Economic Development

Learn about major corporate giveaways to the financial industry, sports facilities and retail developments in New York City.

Good Jobs FIrst

Our parent organization is the nation's leading resource for grass roots groups and public officials seeking to make economic development subsidies more accountable and effective.