NYCIDA and NYCCRC Approve Reforms Establishing Greater Transparency and Accessibility
New York City Industrial Development Agency (NYCIDA) and New York City Capital Resource Corporation (NYCCRC) each approved today a package of important reforms to their operating procedures establishing guidelines for greater transparency and accessibility including more rigorous job reporting and compliance requirements, broadcasting of both public hearings and board meetings, and dissemination of more project information prior to hearings. These reforms are part of a continuous and ongoing review of policies and procedures to make NYCIDA and NYCCRC more open and efficient.
“The procedures we are announcing today represent significant progress in the ongoing effort initiated by the Bloomberg Administration to improve the efficacy of NYCIDA and NYCCRC. The new practices will increase the transparency of these two important engines of economic development and employment in New York City,” said NYCIDA and NYCCRC Chairman Seth W. Pinsky. “By making even more detailed information available than we currently do, we are helping to make City government more accountable and accessible to business, community groups and all New Yorkers, ensuring that NYCIDA and NYCCRC remain models of best practices.”
Reforms to NYCIDA and NYCCRC’s operating procedures include:
- Improving reporting accuracy by requiring applicants for NYCIDA and NYCCRC benefits to provide both citywide and project specific wage and employment information. Compliance staff will also meet with all applicants at an earlier point prior to closing to coordinate continued corporate accountability for reporting performance data.
- Broadcasting of all public hearings and board of directors meetings.
- Improving accessibility to cost-benefit analysis information for each project by posting it online at least 12 days prior to the related hearing. NYCIDA and NYCCRC will also disclose further information regarding as of right and discretionary City and State benefits for which the project has qualified or may qualify for as of the date of application.
- Providing the public with earlier access to agendas of board meetings online.
- Disseminating follow up information to subscriber email lists when cost-benefit analyses are posted, as well as opening up the email list to any member of the general public who wishes to sign-up for email notifications on the NYCIDA or NYCCRC website.
The reforms will continue at the November meeting, where NYCIDA will make changes to its land use tax abatement policy through an amendment to its Uniform Tax Exemption Policy. Proposed changes will include, requiring a public hearing prior to any vote on a UTEP amendment, publishing notices of the hearing in a newspaper and online 30 days prior to the hearing, and publishing the text of the UTEP amendment online no later than 20 days prior to the hearing.
“GJNY applauds the changes adopted by the New York City IDA board,” said Project Director for Good Jobs New York Bettina Damiani. “They are an important step forward in transparency and accountability that should serve as a model for IDA boards throughout the state.”
“NYCIDA and NYCCRC are great examples of organizations that continuously strive to increase their value to the community by reassessing and improving their practices to become more transparent,” said Executive Director of New York State Economic Development Council Brian McMahon. “These changes will allow the City’s business community and the public to better understand their missions and policies and make more effective use of these programs, which are important drivers of economic growth.”
NYCIDA also approved a package of incentives for Mediterranean Gyros Products, Inc. that will induce approximately $2.4 million in private investment. The incentives will assist the company in expanding its operations by acquiring and renovating an approximately 5,400-square-foot facility in Long Island City, Queens. Mediterranean Gyros Products, Inc. is a bakery and distributor specializing in Greek specialty goods. The project is expected to create five new manufacturing jobs on top of the 26 already existing at the company.
NYCIDA also approved a package of incentives for Diamond Concrete Inc. that will induce approximately $2 million in private investment. The incentives will assist in the acquisition, renovation and equipping of an approximately 6,200-square-foot facility in the Clifton area of Staten Island. Diamond Concrete will use the facility for the manufacturing and distribution of concrete. The facility will also be more environmentally friendly by using 20-30% recycled aggregate for concrete production. The project is expected to create 11 new union jobs.
New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities. Find us on Facebook to learn more about NYCEDC projects and initiatives.
The New York City Industrial Development Agency (NYCIDA) is administered by the New York City Economic Development Corporation and provides financing assistance to businesses, including small industrial and manufacturing companies and not-for-profit organizations. NYCIDA is a conduit agency that issues tax-exempt industrial revenue bonds to assist eligible commercial, industrial, not-for-profit and other qualified entities to finance expansion opportunities. NYCIDA also offers qualified companies abatements on sales, real estate and mortgage taxes.
The New York City Capital Resource Corporation (NYCCRC) is a local development corporation administered by New York City Economic Development Corporation. The mission of NYCCRC is to encourage community and economic development and job creation and retention throughout New York City by providing lower-cost financing programs to qualified not-for-profit institutions and manufacturing, industrial, and other businesses for their eligible capital projects.