Tag Archives: NYCEDC

NYC Relaunches Innovative Industrial Developer Fund

New approach defines affordability, enhances job creation, and expedites awards

Over the course of the past several months, the New York City Economic Development Corporation (NYCEDC) worked with stakeholders and agency counterparts to strengthen elements of the important and innovative Industrial Developer Fund (IDF). The result is a relaunched fund that seeks to streamline and expedite the awards’ process while also quantifying quality job creation and affordability benefits for the City of New York. With this important move, the City of New York smartly reaffirms its commitment to mission-driven industrial development as an important new strategy for equitable economic development. Today’s release of two Requests for Expressions of Interest (RFEIs) is based on lessons learned from the fund’s first award to Greenpoint Manufacturing and Design Center and year one stakeholder input.

The revamped RFEIs take a deeper look at equitable economic development. In addition to the transactional model of creating and preserving industrial space, the IDF focuses on the types of jobs created and the people being served – while ensuring that quality, sustaining jobs are generated for those who are often left out.

It is widely acknowledged that industrial jobs have provided New Yorkers with good wages and a path to career growth for decades. Although the industry continues to remain at risk, investments like the NYCEDC Industrial Developer Fund and predevelopment tools like ANHD’s Urban Manufacturing Accelerator Fund provide the resources to preserve and grow New York City’s industrial economy.

• Today, the industrial ecosystem, which spans manufacturing and goods distribution, employs over 530,000 New Yorkers and provides many access points into good-paying jobs.
• Median wages of $50,400 per year and over 60 percent of jobs within the sector do not require a college degree. Many offer a component of on-the-job training.
• The majority of industrial and manufacturing workers are immigrants and people of color, according to 2012 U.S. Census data.

The new NYCEDC RFEIs complement the ANHD Urban Manufacturing Accelerator Fund (UMAF) and capacity building programs. These tools, managed by ANHD with support from founding corporate partner Citi Community Development, provide hands-on technical assistance and pass-through grant funding of up to $60,000 to support non-profit developers with pre-development expenses related to closing on NYCEDC Industrial Development Fund financing. The goal of the Urban Manufacturing Accelerator Fund is to work in partnership with the NYCEDC and create 570,000 square feet of new industrial space through the development of six to eight urban manufacturing facilities, leveraging an estimated $200 million in public/private investment while creating or preserving an estimated 500 quality jobs.

The City’s industrial policy is laying the groundwork for real equitable economic development. These efforts can reap real rewards for those who have been historically left out of economic recovery, including low-income earners and people of color. The relaunch of the Industrial Developer Fund is one part of a comprehensive industrial policy that represents a crucial piece of the puzzle in the City’s effort to reduce income inequality, and develop vibrant and affordable neighborhoods.

To get a detailed look at the changes in the NYCEDC Industrial Developer Fund RFEIs, email Michael.Br@anhd.org.

Michael Brady, ANHD’s Industrial Development Capacity Building Project Manager

Today, Mayor Bill de Blasio announced new commissioner appointments to lead his Housing and Economic Development team. The new commissioners will lead the critical task of shaping the direction of housing, land use, and job growth of NYC neighborhoods for the next phase of the de Blasio Administration.

ANHD would like to congratulate the new appointees. Maria Torres-Springer will serve as the new Commissioner of the Department of Housing Preservation and Development (HPD). James Patchett will be appointed as President and CEO of the New York City Economic Development Corporation (NYCEDC). And as announced last week, Marisa Lago will serve as the new Commissioner of the Department of City Planning (DCP).

The Mayor’s housing, land use, and economic development goals are central elements of his pledge to “build a more equitable city.” We all share the goal of having historically ambitious and successful programs that can advance both equity and growth in a way that will truly benefit all New Yorkers. The strategies this Administration has used to foster those programs has also generated some local community tension, and the challenge for the new commissioners will be to embrace some key lessons from the first three years.

These new appointments bring their strong and impressive career experiences to help move their agencies forward by both continuing the work of their predecessors and fully embracing Mayor de Blasio’s central pledge to “building a more equitable city.”

Housing, land use, and economic development are central – and often contentious – areas of the Mayor’s policy. This new leadership will play a crucial role in drafting the policies and programs to get us to the shared goal of an equitable and historically successful program.

ANHD would like to thank outgoing Commissioner Vicki Been and Commissioner Carl Weisbrod for their service to our City.

We look forward to working with and engaging this new leadership team in their new roles on the goal of achieving a more equitable city and opportunities for all New Yorkers. ANHD believes that our ability to achieve this goal will have a tremendous impact on the future success of our NYC neighborhoods and communities. Together we can build and create real, permanent affordable housing, stabilize neighborhoods, grow jobs for NY’s under- and unemployed, and plan with neighborhoods for their future.

City Announces First Step to Expand Manufacturing Jobs With Innovative Not-For-Profit Industrial Development Fund

Mayor de Blasio took an important step towards more equitable economic development policy last year with the creation of the innovative Not-for-Profit Industrial Developer Fund.

Today, the New York City Economic Development Corporation (NYCEDC) announced the selection of the first awardee under this model program, and the project demonstrates how the Mayor’s initiative can have an important impact on expanding quality manufacturing jobs. With the project, the not-for-profit Greenpoint Manufacturing and Design Center (GMDC) will develop 90,000 sq. ft. of industrial space in Ozone Park, Queens, which will provide new space for 24 businesses that can support 80 living-wage jobs.

ANHD commends Mayor de Blasio and NYCEDC President Springer-Torres for this important step towards equitable economic development policy. GMDC is an exemplary recipient of the Industrial Development Fund because, as a non-profit developer, GMDC is mission-driven to create the maximum public benefit for its community by ensuring the generation of living-wage jobs and fulfilling the full impact of the Fund.

GMDC has a strong record of developing and managing industrial sites that allow light manufacturing firms to find a home in New York City, with jobs on GMDC’s sites paying an average salary of $51,000 a year. The new EDC Fund will allow more mission-driven developers to have the same impact, thereby benefiting more New Yorkers.

The light-manufacturing sector provides essential job opportunities for many communities to share in the City’s economic growth by allowing economic sectors other than the professional and service sectors – with their stark demographic divide – to thrive. 

The manufacturing and industrial sector has long been a ladder leading to equitable economic opportunity for immigrant populations, people of color, and low-income communities. A comprehensive industrial policy is a crucial piece of the puzzle in the City’s effort to reduce income inequality and develop safe, vibrant, and affordable neighborhoods. The City’s industrial policy proposal, with its inclusion of zoning changes and city investments to support this sector, is laying the groundwork for real equitable economic development.

The Industrial Development Fund is a crucial investment into the future of industrial manufacturing in the city, and today’s announcement is an important first step.