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{{Short description|Nonprofit long-term business attractor}}
{{advert|date=February 2017}}
{{advert|date=February 2017}}
{{Infobox organization
{{Infobox organization
| name = New York City Economic Development Corporation
| name = New York City Economic Development Corporation
| logo = File:NYCEDC logo.svg
| logo = NYCEDC-Blue-Logo.png
| type = [[Nonprofit organization|non-profit]] [[economic development corporation]]
| type = [[Nonprofit organization|non-profit]] [[economic development corporation]]
| headquarters = One Liberty Plaza, New York, NY<ref>{{cite web | url=http://www.nycedc.com/about-nycedc/contact-us | title=Contact Us | publisher=[[NYCEDC]] | access-date=April 7, 2018 }}{{self-published source}}</ref>
| headquarters = One Liberty Plaza, [[New York City]], U.S.c<ref>{{cite web | url=http://www.nycedc.com/about-nycedc/contact-us | title=Contact Us | publisher=[[NYCEDC]] | access-date=April 7, 2018 }}{{self-published source|date=July 2021}}</ref>
| formation = {{start date and age|1991}}
| formation = {{start date and age|1991}}
| predecessor = {{unbulleted list|Public Development Corporation (PDC)|Financial Services Corporation (FSC)}}
| predecessor = {{unbulleted list|Public Development Corporation (PDC)|Financial Services Corporation (FSC)}}
| leader_title = President
| leader_title = President
| leader_name = James Patchett (2017-present)
| leader_name = Andrew Kimball
| representative_title = Spokesperson
| representative_title = Spokesperson
| representative_name = Stephanie Baez<ref name= poli>https://www.politico.com/states/new-york/albany/story/2019/05/19/city-begins-pursuit-of-post-amazon-plans-for-long-island-city-1022000</ref>
| representative_name = Stephanie Baez<ref name= poli>{{Cite web|url=https://www.politico.com/states/new-york/albany/story/2019/05/19/city-begins-pursuit-of-post-amazon-plans-for-long-island-city-1022000|title = City begins pursuit of post-Amazon plans for Long Island City|website = [[Politico]]}}</ref>
| website = {{url|https://edc.nyc}}
| website = {{url|https://edc.nyc}}
}}
}}
'''New York City Economic Development Corporation''' ('''NYCEDC''') is a [[New York state public-benefit corporations|public-benefit corporation]] that serves as the official [[Economic development organization|economic development organization]] for New York City. NYCEDC gives its mission as strengthening business confidence in New York City, diversifying the city's economic sectors, and delivering sustainable infrastructure. [https://edc.nyc/]
'''New York City Economic Development Corporation''' ('''NYCEDC''') is a nonprofit corporation whose stated mission is to "leverage the City’s assets to create good jobs and drive growth, ensuring equitable and sustainable development across all five boroughs."<ref name=":0">{{Cite web|date=July 24, 2015|title=Mayor de Blasio Appoints New Members to NYCEDC Board of Directors|url=http://www1.nyc.gov/office-of-the-mayor/news/515-15/mayor-de-blasio-appoints-new-members-nycedc-board-directors|url-status=live|access-date=2021-05-24|website=The official website of the City of New York}}</ref>


==Governance==
==History==
⚫
NYCEDC was formed in 1991 as the result of a merger of two major not-for-profit and a handful of minor corporations which performed economic development services for the City. One of the major [[merger]] partners was the Public Development Corporation (PDC), formed in 1966 to rescue the City from its then-deteriorating economy by selling City property and leasing industrial space. PDC was responsible for construction of the [[Nassau Street (Manhattan)|Nassau Street]] Mall, the [[Brooklyn Army Terminal]], [[Jamaica Center]], and the [[South Street Seaport]], among other activities. The second major merger partner was the Financial Services Corporation (FSC) originally formed in 1979 as the NYC Economic Capital Corporation to administer government financing programs that promote business expansion in New York City.<ref>{{Cite news |last=Smothers |first=Ronald |date=1979-07-19 |title=New City Corporation Joins the Effort to Aid In Economic Recovery |language=en-US |work=The New York Times |url=https://www.nytimes.com/1979/07/19/archives/new-city-corporation-joins-the-effort-to-aid-in-economic-recovery.html |access-date=2023-02-24 |issn=0362-4331}}</ref> Formation of the NYCEDC followed recommendations from the consulting firm [[McKinsey & Company]], who had been engaged in mid-1990 to "advise on the reorganisation of the NYC development system.<ref name="greg2010LEED" />
⚫
The [[Mayor of New York]] appoints seven members, including the chairperson. Ten additional members are appointed by the Mayor from nominees of the [[Borough President|Borough Presidents]] and the [[Speaker of the New York City Council]]. Each Borough President nominates one member and the Speaker nominates five. Ten are appointed by the Chairperson from a list of persons approved by the Mayor. NYCEDC is not a New York City agency.


⚫
[[Carl Weisbrod]], formerly of PDC prior to its merger with FSC, was the first president of NYCEDC under the Dinkins administration. Weisbrod was succeeded by Charles Millard and Michael G. Carey under the Giuliani administration, followed by Andrew Alper, the first president appointed to the position during the Bloomberg administration. Robert C. Lieber was appointed in January 2007 and served until Mayor Michael R. Bloomberg appointed him as Deputy Mayor for Economic Development & Rebuilding in December 2007. Seth Pinsky served as President from February 2008 to August 2013.
In 2015, Mayor Bill DiBlasio appointed 10 news members to the board of directors:<ref name=":0" />
{{div col}} <!-- default width is 30em -->
* William S. Floyd
* Wilton Cedeno
* Matthew Hiltzik
* Pam Kwatra
* David Lichtenstein
* Lynn B. Kelly
* Dr. Gail O. Mellow
* Fred Heller
* Timothy A. Wilkins
* Mark Patricof
{{div col end}}


⚫
===Applied Sciences NYC===
⚫
{{As of|April 2018}}, its Board of Directors has 27 members.<ref>{{cite web | url=http://www.nycedc.com/about-nycedc/board-directors | title=NYCEDC Board of Directors | publisher=[[NYCEDC]] | access-date=April 7, 2018 }}{{self-published source}}</ref><ref group="note">Size of the Board of Directors was based on counting the number of names in the list. Based on past member lists, the number of board members is not constant.</ref>


⚫
One of NYCEDC’s largest initiatives to date is Applied Sciences NYC, a competition to create a new world-class engineering campus in NYC.<ref name=applied>{{cite web | url=http://www.nycedc.com/project/applied-sciences-nyc | title=Applied Sciences NYC | publisher=[[NYCEDC]] | date=October 28, 2014<!--last updated--> }}</ref> In December 2011, Mayor Bloomberg announced the selection of a historic partnership with Cornell University and the Technion-Israel Institute of Technology to create a groundbreaking, two-million-square foot applied science and engineering campus on Roosevelt Island, to be called [[Cornell Tech]].<ref>{{cite press release | title=Mayor Bloomberg, Cornell President Skorton And Technion President Lavie Announce Historic Partnership to Build a New Applied Sciences Campus on Roosevelt Island | publisher=[[NYCEDC]] | date=December 19, 2011 | url=http://www.nycedc.com/press-release/mayor-bloomberg-cornell-president-skorton-and-technion-president-lavie-announce }}</ref> Applied Sciences NYC is expected to more than double the number of both full-time graduate engineering students and faculty in New York City. Over the next three decades the Applied Sciences NYC initiative is expected to generate more than $33 billion in overall nominal economic impact, add over 48,000 jobs, and launch nearly 1,000 spin-off companies. The Applied Sciences NYC initiative also includes the establishment of a campus in [[Downtown Brooklyn]] developed by a consortium led by NYU that focuses on the challenges facing cities, and a new institute for data sciences at Columbia University.
==Roles==
Through annual contracts with the City of New York, NYCEDC is a nonprofit organization that serves as the City’s primary entity for promoting and implementing economic development.<ref>{{cite web | title=Citywide Organization Chart | url=http://www1.nyc.gov/office-of-the-mayor/org-chart.page | website=Office of the Mayor | publisher=City of New York | access-date=November 6, 2013 }}</ref>


==Governance==
{{As of|2007}}, the NYCEDC had a role in setting rates of business taxation, an alternative to the passing of tax legislation.<ref name="berg2007" />{{rp|33}} Specifically, the Corporation was charged with negotiating firm-specific [[Tax incentive#Corporate Tax Incentives|tax incentives]] with businesses as encouragement to either relocate to, or remain in, New York City.<ref name="berg2007" />{{rp|33}}
⚫
The [[Mayor of New York]] appoints seven members, including the chairperson. Ten additional members are appointed by the Mayor from nominees of the [[Borough President|Borough Presidents]] and the [[Speaker of the New York City Council]]. Each Borough President nominates one member and the Speaker nominates five. Ten are appointed by the Chairperson from a list of persons approved by the Mayor. NYCEDC is not a New York City agency.


⚫
In 2015, Mayor Bill de Blasio appointed 10 new members to the board of directors and {{As of|April 2018}}, its board of directors has 27 members.<ref>{{cite web | url=http://www.nycedc.com/about-nycedc/board-directors | title=NYCEDC Board of Directors | publisher=[[NYCEDC]] | access-date=April 7, 2018 }}{{self-published source|date=July 2021}}</ref><ref group="note">Size of the Board of Directors was based on counting the number of names in the list. Based on past member lists, the number of board members is not constant.</ref><ref name=":0">{{Cite web|date=July 24, 2015|title=Mayor de Blasio Appoints New Members to NYCEDC Board of Directors|url=http://www1.nyc.gov/office-of-the-mayor/news/515-15/mayor-de-blasio-appoints-new-members-nycedc-board-directors|access-date=May 24, 2021|website=The official website of the City of New York}}</ref>
The organization also:
* Develops real estate, using partnerships between the public and private sectors.
* Provides business, economic, and policy advice to the City, not-for-profit, and for-profit private sectors.
* Manages City properties and [[asset]]s, including manufacturing and distribution hubs and other [[infrastructure]].
* Invests in and provides financial tools that allow businesses and not-for-profits.
* Conducts research, collects input from stakeholders, and launches initiatives.


In April 2021, restaurateur [[Danny Meyer]] was named as chairman.<ref>{{Cite web|last1=Rizzi|first1=Nicholas|date=April 27, 2021|title=Danny Meyer New Chair of NYC Economic Development Corporation|url=https://commercialobserver.com/2021/04/danny-meyer-new-chair-of-nyc-economic-development-corporation/|access-date=May 24, 2021|website=Commercial Observer|language=en-US}}</ref>
==History==

⚫
NYCEDC was formed in 1991 as the result of a merger of two major not-for-profit and a handful of minor corporations which performed economic development services for the City. One of the major [[merger]] partners was the Public Development Corporation (PDC), formed in 1966 to rescue the City from its then-deteriorating economy by selling City property and leasing industrial space. PDC was responsible for construction of the [[Nassau Street (Manhattan)|Nassau Street]] Mall, the [[Brooklyn Army Terminal]], [[Jamaica Center]], and the [[South Street Seaport]], among other activities. The second major merger partner was the Financial Services Corporation (FSC) formed in 1980 to administer government financing programs that promote business expansion in New York City. Formation of the NYCEDC followed recommendations from the consulting firm [[McKinsey & Company]], who had been engaged in mid-1990 to "advise on the reorganisation of the NYC development system.<ref name="greg2010LEED" />

⚫
[[Carl Weisbrod]], formerly of PDC prior to its merger with FSC, was the first president of NYCEDC under the Dinkins administration. Weisbrod was succeeded by Charles Millard and Michael G. Carey under the Giuliani administration, followed by Andrew Alper, the first president appointed to the position during the Bloomberg administration. Robert C. Lieber was appointed in January 2007 and served until Mayor Michael R. Bloomberg appointed him as Deputy Mayor for Economic Development & Rebuilding in December 2007. Seth Pinsky served as President from February 2008 to August 2013.

⚫
===Applied Sciences NYC===

⚫
One of NYCEDC’s largest initiatives to date is Applied Sciences NYC, a competition to create a new world-class engineering campus in NYC.<ref group="info">{{cite web | url=http://www.nycedc.com/project/applied-sciences-nyc | title=Applied Sciences NYC | publisher=[[NYCEDC]] | date=28 October 2014<!--last updated--> }}</ref> In December 2011, Mayor Bloomberg announced the selection of a historic partnership with Cornell University and the Technion-Israel Institute of Technology to create a groundbreaking, two-million-square foot applied science and engineering campus on Roosevelt Island, to be called [[Cornell Tech]].<ref>{{cite press release | title=Mayor Bloomberg, Cornell President Skorton And Technion President Lavie Announce Historic Partnership to Build a New Applied Sciences Campus on Roosevelt Island | publisher=[[NYCEDC]] | date=19 December 2011 | url=http://www.nycedc.com/press-release/mayor-bloomberg-cornell-president-skorton-and-technion-president-lavie-announce }}</ref> Applied Sciences NYC is expected to more than double the number of both full-time graduate engineering students and faculty in New York City. Over the next three decades the Applied Sciences NYC initiative is expected to generate more than $33 billion in overall nominal economic impact, add over 48,000 jobs, and launch nearly 1,000 spin-off companies. The Applied Sciences NYC initiative also includes the establishment of a campus in [[Downtown Brooklyn]] developed by a consortium led by NYU that focuses on the challenges facing cities, and a new institute for data sciences at Columbia University.<ref group="publication">{{cite web | url=http://www.nycedc.com/sites/default/files/filemanager/Projects/Applied_Sciences_NYC/AppliedSciencesInfographic.pdf | title=Applied Sciences NYC | publisher=[[NYCEDC]] | access-date=25 January 2012 }}</ref>


===Other entities===
===Other entities===
Line 63: Line 39:


==Public projects==
==Public projects==
{{update|date=July 2021}}
NYCEDC's joint projects with New York City as of 2018 include:[[File:Queens Plaza east Gotham Center 2012 jeh.jpg|thumb|Gotham Center]]
NYCEDC's joint projects with New York City as of 2018 include:[[File:Queens Plaza east Gotham Center 2012 jeh.jpg|thumb|Gotham Center]]
{{div col}} <!-- default width is 30em -->
{{div col}} <!-- default width is 30em -->
* [[Hunts Point, Bronx]]
* [[Hunts Point, Bronx|Hunts Point]], Bronx
* [[Coney Island]], Brooklyn
* [[Coney Island]], Brooklyn
* [[Sunset Park, Brooklyn|Sunset Park]] Waterfront, Brooklyn<ref group="info">{{cite web | url=http://www.nycedc.com/project/sunset-park-vision-plan | title=Sunset Park Vision Plan | publisher=[[NYCEDC]] | date=24 November 2014<!--last update--> }}</ref>
* [[Sunset Park, Brooklyn|Sunset Park]] Waterfront, Brooklyn
* [[125th Street (Manhattan)|125th Street]], Manhattan
* [[125th Street (Manhattan)|125th Street]], Manhattan
* [[Essex Crossing]], Manhattan
* [[Essex Crossing]], Manhattan
* [[The High Line]], Manhattan
* [[The High Line]], Manhattan
* [[The Hub, Bronx]]
* [[The Hub, Bronx|The Hub]], Bronx
* Downtown [[Jamaica, Queens|Jamaica]] Initiatives, Queens<ref group="info">{{cite web | url=http://www.nycedc.com/project/jamaica-infrastructure-projects | title=Jamaica Infrastructure Projects | publisher=[[NYCEDC]] | date=8 September 2014<!--last update--> }}</ref>
* Downtown [[Jamaica, Queens|Jamaica]] Initiatives, Queens
* Gotham Center, Queens
* Gotham Center, Queens<ref group="info">{{cite web | url=http://www.nycedc.com/project/gotham-center | date=28 July 2014<!--last update--> | publisher=[[NYCEDC]] | title=Gotham Center }}</ref>
* [[Hunter's Point South]], Queens
* [[Hunter's Point South]], Queens
* [[Willets Point, Queens]]
* [[Willets Point, Queens]]
* [[East River Ferry]] Service
* [[East River Ferry]] Service<ref group="info">{{cite web | url=http://www.nycedc.com/project/east-river-ferry-service | title=East River Ferry Service | date=14 October 2014<!--last update--> | publisher=[[NYCEDC]] }}</ref>
* [[Stapleton, Staten Island|New Stapleton]] Waterfront, Staten Island<ref group="info">{{cite web | url=http://www.nycedc.com/project/new-stapleton-waterfront | title=New Stapleton Waterfront | date=8 October 2014<!--last update--> | publisher=[[NYCEDC]] }}</ref>
* [[St. George Terminal]], Staten Island
* [[St. George Terminal]], Staten Island
* [[Kingsbridge Armory]], Bronx
* [[Kingsbridge Armory]], Bronx<ref group="info">{{cite web | url=http://www.nycedc.com/project/kingsbridge-armory | title=Kingsbridge Armory | date=25 August 2014<!--last update--> | publisher=[[NYCEDC]] }}</ref>
* [[New York Wheel]], Staten Island
* [[New York Wheel]], Staten Island
* [[Empire Outlets]], Staten Island
* [[Empire Outlets]], Staten Island
Line 88: Line 64:
==Controversial projects==
==Controversial projects==


In November 2018, the news media reported that [[Amazon.com]] was in final talks with the [[government of New York State]] to construct one of two campuses for its proposed [[Amazon HQ2]] at [[Queens West]] in Long Island City. (The other campus would be located at [[National Landing]] in [[Crystal City, Arlington, Virginia]].)<ref name="NYTimes-HQ2forQueens-2018">{{cite web |title=Amazon's HQ2? Make That Q for Queens |website=The New York Times |date=November 5, 2018 |url=https://www.nytimes.com/2018/11/05/nyregion/amazon-hq2-long-island-city.html | access-date=November 6, 2018}}</ref> The selection was confirmed by Amazon on November 13, 2018,<ref>{{cite web |url=https://press.aboutamazon.com/news-releases/news-release-details/amazon-selects-new-york-city-and-northern-virginia-new |title=Amazon Selects New York City and Northern Virginia for New Headquarters |publisher=Amazon |date=November 13, 2018 |access-date=November 13, 2018}}</ref><ref>{{cite web |title=Amazon's Grand Search For 2nd Headquarters Ends With Split: NYC And D.C. Suburb |publisher=[[NPR]] |date=November 13, 2018 |url=https://www.npr.org/2018/11/13/665646050/amazons-grand-search-for-2nd-headquarters-ends-with-split-nyc-and-d-c-suburb |access-date=November 13, 2018}}</ref> but on February 14, 2019, Amazon announced it was pulling out, citing unexpected opposition from local lawmakers and unions.<ref>{{Cite web|url=https://www.washingtonpost.com/local/trafficandcommuting/amazon-drops-plan-to-build-headquarters-in-new-york-city/2019/02/14/b7457efa-3078-11e9-86ab-5d02109aeb01_story.html|title=Amazon Drops Plan For New York City Headquarters|date=2019-02-14|website=The Washington Post|last=McCartney/O'Connell|first=Robert/Jonathan}}</ref><ref>https://www.politico.com/states/new-york/albany/story/2019/05/19/city-begins-pursuit-of-post-amazon-plans-for-long-island-city-1022000</ref>
In November 2018, the news media reported that [[Amazon.com]] was in final talks with the [[government of New York State]] to construct one of two campuses for its proposed [[Amazon HQ2]] at [[Queens West]] in [[Long Island City, New York|Long Island City]]. The other campus would be located at [[National Landing]] in [[Crystal City, Virginia]].<ref name="NYTimes-HQ2forQueens-2018">{{cite web |title=Amazon's HQ2? Make That Q for Queens |website=The New York Times |date=November 5, 2018 |url=https://www.nytimes.com/2018/11/05/nyregion/amazon-hq2-long-island-city.html | access-date=November 6, 2018}}</ref> The selection was confirmed by Amazon on November 13, 2018,<ref>{{cite web |url=https://press.aboutamazon.com/news-releases/news-release-details/amazon-selects-new-york-city-and-northern-virginia-new |title=Amazon Selects New York City and Northern Virginia for New Headquarters |publisher=Amazon |date=November 13, 2018 |access-date=November 13, 2018}}</ref><ref>{{cite web |title=Amazon's Grand Search For 2nd Headquarters Ends With Split: NYC And D.C. Suburb |publisher=[[NPR]] |date=November 13, 2018 |url=https://www.npr.org/2018/11/13/665646050/amazons-grand-search-for-2nd-headquarters-ends-with-split-nyc-and-d-c-suburb |access-date=November 13, 2018}}</ref> but on February 14, 2019, Amazon announced it was pulling out, citing unexpected opposition from local lawmakers and unions.<ref>{{Cite news|url=https://www.washingtonpost.com/local/trafficandcommuting/amazon-drops-plan-to-build-headquarters-in-new-york-city/2019/02/14/b7457efa-3078-11e9-86ab-5d02109aeb01_story.html|title=Amazon Drops Plan For New York City Headquarters|date=February 14, 2019|newspaper=The Washington Post|last=McCartney/O'Connell|first=Robert/Jonathan}}</ref><ref>{{Cite web|url=https://www.politico.com/states/new-york/albany/story/2019/05/19/city-begins-pursuit-of-post-amazon-plans-for-long-island-city-1022000|title = City begins pursuit of post-Amazon plans for Long Island City|website = [[Politico]]}}</ref>


===Waterfront rehabilitation===
===Waterfront rehabilitation===


NYCEDC has been involved in plans to redevelop miles of the City’s working waterfront. It states that it helps improve public access to waterfronts through projects such as the construction of the East River Waterfront Esplanade along a two-mile shorefront of Lower Manhattan.<ref group="info">{{cite web | url=http://www.nycedc.com/project/east-river-waterfront-esplanade | title=East River Waterfront Esplanade | publisher=[[NYCEDC]] | date=7 August 2014<!--last update--> }}</ref>
NYCEDC has been involved in plans to redevelop miles of the City’s working waterfront. It states that it helps improve public access to waterfronts through projects such as the construction of the East River Waterfront Esplanade along a two-mile shorefront of Lower Manhattan.<ref group="info">{{cite web | url=http://www.nycedc.com/project/east-river-waterfront-esplanade | title=East River Waterfront Esplanade | publisher=[[NYCEDC]] | date=August 7, 2014<!--last update--> }}</ref>


==References==
==References==
{{Reflist|33em|refs=
{{Reflist|33em|refs=

* <ref name="berg2007">{{cite book | isbn=9780813543895 | author=Berg, Bruce | title=New York City Politics: Governing Gotham | year=2007 | publisher=[[Rutgers University Press]] | location=United States }}</ref>
* <ref name="greg2010LEED">{{cite book | isbn=9789264083530 | title=Organising Local Economic Development: The Role of Development Agencies and Companies | url=https://archive.org/details/localeconomicemp00publ | url-access=limited | author=Clark, Greg | author2=Huxley, Joe | author3=Mountford, Debra | year=2010 | series=Local Economic and Employment Development (LEED) | publisher=[[OECD Publishing]] | page=[https://archive.org/details/localeconomicemp00publ/page/n115 114] (Box 4.17) }}</ref>
* <ref name="greg2010LEED">{{cite book | isbn=9789264083530 | title=Organising Local Economic Development: The Role of Development Agencies and Companies | url=https://archive.org/details/localeconomicemp00publ | url-access=limited | author=Clark, Greg | author2=Huxley, Joe | author3=Mountford, Debra | year=2010 | series=Local Economic and Employment Development (LEED) | publisher=[[OECD Publishing]] | page=[https://archive.org/details/localeconomicemp00publ/page/n115 114] (Box 4.17) }}</ref>


Line 104: Line 78:
==Notes==
==Notes==
{{reflist|group="note"}}
{{reflist|group="note"}}
⚫
{{reflist|group=info}}

==Publications==
{{reflist|group="publication"}}


===Project information===
===Project information===
⚫
{{reflist|group="info"}}


==External links==
==External links==
Line 116: Line 87:
* [https://www.youtube.com/watch?v=RAe7nAndGhA NYCEDC: Transforming New York City (video)]
* [https://www.youtube.com/watch?v=RAe7nAndGhA NYCEDC: Transforming New York City (video)]


{{New York City Government|state=autocollapse}}
{{New York state agencies}}
{{New York state agencies}}
{{New York state public-benefit corporations}}
{{New York state public-benefit corporations}}
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[[Category:Public benefit corporations in New York (state)]]
[[Category:Public benefit corporations in New York (state)]]
[[Category:Investment promotion agencies]]
[[Category:Investment promotion agencies]]
[[Category:1991 establishments in New York (state)]]
[[Category:1991 establishments in New York City]]
[[Category:Organizations established in 1991]]
[[Category:Organizations established in 1991]]
[[Category:Economic development organizations in the United States]]

Latest revision as of 20:29, 7 May 2024

New York City Economic Development Corporation
Predecessor
  • Public Development Corporation (PDC)
  • Financial Services Corporation (FSC)
Formation1991; 33 years ago (1991)
Typenon-profit economic development corporation
HeadquartersOne Liberty Plaza, New York City, U.S.c[1]
President
Andrew Kimball
Websiteedc.nyc

New York City Economic Development Corporation (NYCEDC) is a public-benefit corporation that serves as the official economic development organization for New York City. NYCEDC gives its mission as strengthening business confidence in New York City, diversifying the city's economic sectors, and delivering sustainable infrastructure. [1]

History[edit]

NYCEDC was formed in 1991 as the result of a merger of two major not-for-profit and a handful of minor corporations which performed economic development services for the City. One of the major merger partners was the Public Development Corporation (PDC), formed in 1966 to rescue the City from its then-deteriorating economy by selling City property and leasing industrial space. PDC was responsible for construction of the Nassau Street Mall, the Brooklyn Army Terminal, Jamaica Center, and the South Street Seaport, among other activities. The second major merger partner was the Financial Services Corporation (FSC) originally formed in 1979 as the NYC Economic Capital Corporation to administer government financing programs that promote business expansion in New York City.[3] Formation of the NYCEDC followed recommendations from the consulting firm McKinsey & Company, who had been engaged in mid-1990 to "advise on the reorganisation of the NYC development system.[4]

Carl Weisbrod, formerly of PDC prior to its merger with FSC, was the first president of NYCEDC under the Dinkins administration. Weisbrod was succeeded by Charles Millard and Michael G. Carey under the Giuliani administration, followed by Andrew Alper, the first president appointed to the position during the Bloomberg administration. Robert C. Lieber was appointed in January 2007 and served until Mayor Michael R. Bloomberg appointed him as Deputy Mayor for Economic Development & Rebuilding in December 2007. Seth Pinsky served as President from February 2008 to August 2013.

Applied Sciences NYC[edit]

One of NYCEDC’s largest initiatives to date is Applied Sciences NYC, a competition to create a new world-class engineering campus in NYC.[5] In December 2011, Mayor Bloomberg announced the selection of a historic partnership with Cornell University and the Technion-Israel Institute of Technology to create a groundbreaking, two-million-square foot applied science and engineering campus on Roosevelt Island, to be called Cornell Tech.[6] Applied Sciences NYC is expected to more than double the number of both full-time graduate engineering students and faculty in New York City. Over the next three decades the Applied Sciences NYC initiative is expected to generate more than $33 billion in overall nominal economic impact, add over 48,000 jobs, and launch nearly 1,000 spin-off companies. The Applied Sciences NYC initiative also includes the establishment of a campus in Downtown Brooklyn developed by a consortium led by NYU that focuses on the challenges facing cities, and a new institute for data sciences at Columbia University.

Governance[edit]

The Mayor of New York appoints seven members, including the chairperson. Ten additional members are appointed by the Mayor from nominees of the Borough Presidents and the Speaker of the New York City Council. Each Borough President nominates one member and the Speaker nominates five. Ten are appointed by the Chairperson from a list of persons approved by the Mayor. NYCEDC is not a New York City agency.

In 2015, Mayor Bill de Blasio appointed 10 new members to the board of directors and As of April 2018, its board of directors has 27 members.[7][note 1][8]

In April 2021, restaurateur Danny Meyer was named as chairman.[9]

Other entities[edit]

New York City Industrial Development Agency (NYCIDA) is a public benefit corporation under New York State law that provides companies with access to tax-exempt bond financing or tax benefits to strengthen and diversify the City’s tax and employment base, helps businesses locate and expand their operations within New York City, and encourages economic development by retaining jobs and creating new ones. NYCIDA is administered by NYCEDC.

New York City Capital Resource Corporation (NYCCRC), also administered by NYCEDC, is a local development corporation that provides lower-cost financing programs for eligible capital projects to qualified not-for-profit institutions and manufacturing, industrial, and other businesses.

Public projects[edit]

NYCEDC's joint projects with New York City as of 2018 include:

Gotham Center

Controversial projects[edit]

In November 2018, the news media reported that Amazon.com was in final talks with the government of New York State to construct one of two campuses for its proposed Amazon HQ2 at Queens West in Long Island City. The other campus would be located at National Landing in Crystal City, Virginia.[10] The selection was confirmed by Amazon on November 13, 2018,[11][12] but on February 14, 2019, Amazon announced it was pulling out, citing unexpected opposition from local lawmakers and unions.[13][14]

Waterfront rehabilitation[edit]

NYCEDC has been involved in plans to redevelop miles of the City’s working waterfront. It states that it helps improve public access to waterfronts through projects such as the construction of the East River Waterfront Esplanade along a two-mile shorefront of Lower Manhattan.[info 1]

References[edit]

  1. ^ "Contact Us". NYCEDC. Retrieved April 7, 2018.[self-published source]
  2. ^ "City begins pursuit of post-Amazon plans for Long Island City". Politico.
  3. ^ Smothers, Ronald (1979-07-19). "New City Corporation Joins the Effort to Aid In Economic Recovery". The New York Times. ISSN 0362-4331. Retrieved 2023-02-24.
  4. ^ Clark, Greg; Huxley, Joe; Mountford, Debra (2010). Organising Local Economic Development: The Role of Development Agencies and Companies. Local Economic and Employment Development (LEED). OECD Publishing. p. 114 (Box 4.17). ISBN 9789264083530.
  5. ^ "Applied Sciences NYC". NYCEDC. October 28, 2014.
  6. ^ "Mayor Bloomberg, Cornell President Skorton And Technion President Lavie Announce Historic Partnership to Build a New Applied Sciences Campus on Roosevelt Island" (Press release). NYCEDC. December 19, 2011.
  7. ^ "NYCEDC Board of Directors". NYCEDC. Retrieved April 7, 2018.[self-published source]
  8. ^ "Mayor de Blasio Appoints New Members to NYCEDC Board of Directors". The official website of the City of New York. July 24, 2015. Retrieved May 24, 2021.
  9. ^ Rizzi, Nicholas (April 27, 2021). "Danny Meyer New Chair of NYC Economic Development Corporation". Commercial Observer. Retrieved May 24, 2021.
  10. ^ "Amazon's HQ2? Make That Q for Queens". The New York Times. November 5, 2018. Retrieved November 6, 2018.
  11. ^ "Amazon Selects New York City and Northern Virginia for New Headquarters". Amazon. November 13, 2018. Retrieved November 13, 2018.
  12. ^ "Amazon's Grand Search For 2nd Headquarters Ends With Split: NYC And D.C. Suburb". NPR. November 13, 2018. Retrieved November 13, 2018.
  13. ^ McCartney/O'Connell, Robert/Jonathan (February 14, 2019). "Amazon Drops Plan For New York City Headquarters". The Washington Post.
  14. ^ "City begins pursuit of post-Amazon plans for Long Island City". Politico.

Notes[edit]

  1. ^ Size of the Board of Directors was based on counting the number of names in the list. Based on past member lists, the number of board members is not constant.
  1. ^ "East River Waterfront Esplanade". NYCEDC. August 7, 2014.

Project information[edit]

External links[edit]

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