Contact: Sunny Mindel/Jennifer Chait (212) 788-2958
The next bill before me, Introductory Number 516, is sponsored at my request by Council Members O'Donovan, Rodriguez, Golden, Stabile, Marshall and Abel. This bill would amend the administrative code of the City of New York, in relation to the boundaries of the Southwest Brooklyn Economic Development Zone, one of New York City's nine designated State Economic Development Zones.
The purpose of this legislation is to expand the already existing Economic Development Zone to include approximately two hundred additional industrial, commercial and retail establishments located in the Red Hook area of Brooklyn.
The program was established to benefit economically distressed areas of New York State that faced long-term unemployment and poverty. It was designed to attract and retain businesses, by stimulating private investment and job creation through a variety of State tax credits, sales tax exemptions, utility discounts and other incentives.
The approximately 600 City businesses that are certified to receive Zone benefits have created more than 6,500 jobs. In addition, business owners have made investments in their businesses of approximately $800 million.
For the reasons previously stated, I will now sign the bill.