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As part of the City’s ongoing efforts to help grow the manufacturing and industrial business sector, NYCEDC issued the Industrial Space Modernization RFP to allocate up to $8 million from the City Council Small Manufacturing Investment Fund, which subsidizes capital improvement costs for the subdivision and modernization of existing underutilized industrial spaces in NYC. The Request for Proposals aims to help incentivize needed capital improvements and create appropriately-sized and modernized space for small industrial businesses, including manufacturers. Small businesses with about one to 10 employees, which occupy less than 5,000 square feet of space, continue to drive the City’s industrial sector growth, though much of the available industrial space is too large for these users.
According to Council Speaker Christine Quinn:
“If we want to help our small industrial businesses grow, we need to make our city’s industrial space more conducive to 21st century manufacturing methods. This RFP will increase the amount of affordable, modernized industrial space while preserving these same spaces for industrial uses for at least 30 more years.”
Awards will range from $1-2 million per project, with the potential for up to eight eligible projects to receive funding. Respondents to the RFP must indicate how and why the funds are critical to making the project financially viable, in addition to other proposal requirements outlined in the RFP. Winners will be selected based on factors including, but not limited to: the amount of City subsidy needed per square foot; how quickly the space can be modernized and subdivided; the amount of private investment that the respondent will make in the project; if the proposed space to be modernized and subdivided lies within an existing Industrial Business Zone or Industrial Ombudsman Area; and how many jobs will be supported.
This program is part of a broad set of initiatives designed to support and strengthen the City’s industrial sector and help small industrial businesses stay and grow in New York City. To learn more, download the RFP. The next deadline for submission is Tuesday, June 12, 2012.
Join us for an info session next week on Tuesday, April 24th at 10:00 AM at NYCEDC’s office at 110 William Street, New York, NY 10038. Email IndustrialSpaceModernizationRFP@nycedc.com to RSVP for the session or for questions related to this RFP.