June 2015 Economic Development News

Thursday, July 16, 2015

Data review shows extent of projects exempt from living wage law in NYC; As the legislative session ends, incentives extended for lower Manhattan businesses, 421-a modified; 

Data review shows extent of projects exempt from living wage law in NYC

City & State reviewed NYCEDC data on all firms in compliance with the living wage law and found that 76% of projects that have been authorized during the de Blasio administration are actually exempt from the law. The majority of these projects are non-profits, which are exempt under the law. Some are calling for an end to these exemptions altogether, citing the fact that businesses enter into subsidy agreements with the city voluntarily and should able to meet the wage requirement. Many non-profits include private schools such as Packer Collegiate, Horrace Mann, and Trinity Episcopal, which each receive benefits through the city.

City & State, Living wage exemptions abound for nonprofits, June 23, 2015

 

As the legislative session ends, incentives extended for lower Manhattan businesses, 421-a modified

The New York State legislature renewed the Relocation and Employment Assistance Program (REAP), the Industrial & Commercial Abatement Program, the Energy Cost Savings Program, and the Commercial Expansion Program. The programs were each extended for two years.

The de Blasio administration also made some significant changes to the city's 421-a program, in legislation approved by the State legislature. Under the new bill, 20% of units must be set aside for low-income families. Eligibility will no longer be determined by geographic boundaries, but rather a three-tier system that would link available financing options with affordability requirements. The new 421-a program will come up for renewal again in four years. 

Crains New York Business, Albany extends key incentives for businesses, lower Manhattan, June 26, 2015

Crain's Insider, De Blasio scores last-minute changes to controversial property-tax break, June 26, 2015

New York Observer, Despite Cuomo’s Claims, de Blasio Hails ‘Real Progress’ on 421a, June 29, 2015