Contact: Sunny Mindel (212) 788-2958
Edward Skyler (212) 788-2969
The bill before me today, Introductory Number 609, is sponsored by Council Members O'Donovan and Golden, at my request. Intro. 609 amends the Administrative Code of the City of New York, in relation to extending the sunset provision for the Industrial and Commercial Incentive Program (ICIP). Specifically, this legislation would extend the ICIP for four-years to June 30, 2003. The ICIP provides Real Property Tax benefits related to construction work for properties located in specific commercial and industrial districts outside the Manhattan Central Business District and throughout the five boroughs. The ICIP is one of New York City's most important economic development tools. By providing as-of-right real property tax exemptions, the program encourages investment in building renovations and new construction projects. This program is not only important for businesses in the City, but it is a vehicle for retaining and creating jobs, encouraging the improvement of commercial and industrial properties, and protecting and expanding the City's tax base. As a result, this program will help continue the strong economic growth that the City has enjoyed during the past several years. For the reasons previously stated, I will now sign the bill.