New York City Economic Development Corporation

New York City Economic Development Corporation. The New York City Economic Development Corporation (NYCEDC) is a nonprofit local development corporation that serves as the primary engine for economic growth and job creation in New York City. Chartered by the New York City Council in 1991, it manages the city's assets and investments to stimulate development across the Five Boroughs. The corporation works in partnership with the Mayor's Office, the New York City Department of Small Business Services, and private sector leaders to implement a wide range of projects, from large-scale infrastructure to neighborhood business support.

History

The organization was formed in 1991 through the merger of the Public Development Corporation and the Financial Services Corporation, consolidating the city's economic development activities under Mayor David Dinkins. Its creation was influenced by the fiscal challenges of the 1970s and aimed to provide a more agile, public-private approach to revitalizing areas like Downtown Brooklyn and the Hunts Point Cooperative Market. Under subsequent administrations, including those of Mayor Rudy Giuliani and Mayor Michael Bloomberg, its role expanded significantly, taking on major projects such as the redevelopment of the Brooklyn Navy Yard and the planning for Hudson Yards. The corporation also played a critical role in the recovery of Lower Manhattan following the September 11 attacks.

Organization and leadership

NYCEDC is governed by a board of directors appointed by the Mayor of New York City, with the chairman traditionally being the president of the New York City Partnership. As of 2023, the board is chaired by Carlo A. Scissura, who also leads the New York Building Congress. The day-to-day operations are managed by a president and CEO, a position held by Andrew Kimball, former CEO of Industry City. The corporation's structure includes divisions focused on sectors such as life sciences, green economy, and maritime operations, and it works closely with entities like the New York City Industrial Development Agency and the New York City Capital Resource Corporation to finance projects.

Major projects and initiatives

The corporation's portfolio encompasses transformative real estate, infrastructure, and sector development initiatives. It has been instrumental in the development of innovation campuses like the Cornell Tech campus on Roosevelt Island and the Brooklyn Army Terminal. Other landmark projects include the redevelopment of the South Street Seaport, the creation of the Statue of Liberty Museum, and the ongoing Bush Terminal redevelopment. NYCEDC also leads citywide initiatives such as the LifeSci NYC program to bolster the biotechnology sector, the expansion of the ferry system, and the Green Economy Action Plan to promote sustainability and resilience in neighborhoods like the Rockaways.

Economic impact and criticism

NYCEDC's projects are credited with generating billions in economic output and supporting hundreds of thousands of jobs across sectors from film and television to advanced manufacturing. Its work in areas like the Brooklyn Navy Yard and the Sunset Park waterfront is often cited for catalyzing neighborhood revitalization. However, the corporation has faced criticism from community groups, including Make the Road New York and the New York City Comptroller, over issues of transparency, displacement risks from large-scale rezonings, and the use of PILOT agreements. Specific projects, such as the proposed Industry City expansion and the Elizabeth Street Garden development, have been subjects of significant public debate and legal challenges.

Finances and funding

The corporation operates with a combination of city appropriations, federal grants, and revenue generated from its management of city-owned properties and assets, such as the Hunts Point Terminal Market and Ferry operations. A significant portion of its project financing is facilitated through the issuance of tax-exempt bonds by the New York City Industrial Development Agency. Its annual budget and financial operations are reviewed by the New York City Comptroller, and it regularly files reports with the Municipal Securities Rulemaking Board. Major funding partners have included Bloomberg Philanthropies, the Empire State Development, and the U.S. Department of Housing and Urban Development for initiatives like the Lower Manhattan Development Corporation.

Category:Economic development in the United States Category:Organizations based in New York City Category:1991 establishments in New York City