NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION | Page 293
WHAT WE DO
New York City Economic
Development Corporation (NYCEDC)
is a mission-driven nonprofit
organization that strives to create
shared prosperity across New York
City. NYCEDC is responsible for
driving the growth of equitable,
sustainable neighborhoods and
investing in key industries like
technology, life sciences and
advanced manufacturing to diversify
the City’s economy and bring goodpaying jobs to New Yorkers. NYCEDC
invests in communities through
major infrastructure upgrades,
capital projects and real estate
development; manages City-owned
properties; and works to enhance
the City’s major and emerging
business sectors. NYCEDC addresses
challenges faced by traditional and
emerging industries through analysis
of current and evolving economic
trends, development of strategies
and solutions, and implementation of
programs that help businesses start,
grow and thrive. Through the New
York City Industrial Development
Agency (NYCIDA), Build New
York City Resource Corporation
(Build NYC) and the New York City
Neighborhood Capital Corporation
(NYCNCC), NYCEDC helps eligible
businesses and registered nonprofits
meet financing needs for property
acquisition, expansion, new
equipment, renovation and working
capital through low-cost, tax-exempt
bonds, exemptions and abatements
of selected City and State taxes and
New Markets Tax Credits.
FOCUS ON EQUITY
NYCEDC fosters inclusive economic development across all five boroughs by helping
to lay the foundations of growth, advancing quality jobs across sectors and promoting
access to opportunity. Through investments in community facilities, affordable housing,
parks, open space, streetscapes, infrastructure and resiliency projects, NYCEDC works
with local communities to create dynamic and accessible neighborhoods across the City.
NYCNCC, a community-development entity administered by NYCEDC, applied for an
additional New Market Tax Credit (NMTC) allocation in November 2019 and received
notice in July 2020 that a third allocation of $50 million was granted by the U.S.
Department of the Treasury, bringing NYCNCC’s total amount awarded through the
NMTC Program to $160 million to support health centers, community facilities, grocery
stores and industrial projects in low-income communities.
Through Opportunity M/W/DBE, NYCEDC helps Minority, Women-Owned, and
Disadvantaged Business Enterprises (M/W/DBEs) overcome challenges to winning
government contracts for public projects. The ConstructNYC program helps small-tomidsized M/W/DBEs in the construction sector pre-qualify for the opportunity to work
on NYCEDC projects. NYCEDC’s Emerging Developer Loan Fund provides low-interest
loans to emerging M/W/DBE developers taking on real estate projects.
A strong network of innovation spaces and programs across the City provide the
resources companies need to grow in areas like advanced manufacturing, cybersecurity
and digital technology. In addition, NYCEDC’s HireNYC program helps connect low
income residents to job opportunities created by the organization’s development projects.
OUR SERVICES AND GOALS
SERVICE 1 Develop and build physical assets and infrastructure in all
five boroughs.
Goal 1a Support industry growth by improving the connectivity and livability
of neighborhoods and investing in infrastructure and area-wide
redevelopment.
SERVICE 2 Manage, maintain and enhance City assets to attract
businesses.
Goal 2a Leverage City assets to support business growth and strengthen
communities’ economic vitality.
SERVICE 3 Provide resources to targeted industries and businesses.
Goal 3a Grow and diversify the City’s economy by enhancing the
competitiveness of industries and businesses.
Goal 3b Facilitate private sector investments and make City investments
where necessary to support business growth and secure a positive
return to the City.
SERVICE 4 Leverage City investments to support inclusive economic
development.
Goal 4a Create economic opportunity for New Yorkers through real estate
development.
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HOW WE PERFORMED IN FISCAL 2020
SERVICE 1 Develop and build physical assets and infrastructure in all five boroughs.
Goal 1a Support industry growth by improving the connectivity and livability of neighborhoods and investing in
infrastructure and area-wide redevelopment.
NYCEDC closed one real estate transaction in Fiscal 2020, unlocking $100 million in new private investment. This project,
located in Downtown Far Rockaway, resulted from the neighborhood’s 2017 rezoning and contributes to the City’s effort
to reestablish the area as a vibrant mixed-use neighborhood and commercial hub. The transaction will facilitate the
development of 224 units of affordable housing for residents with incomes ranging from 30-80 percent of the area median
income, along with 7,200 square feet of community space for a new daycare and 21,000 square feet of retail space. Four
additional transactions that were expected to close during Fiscal 2020 were delayed due to COVID-19 shutdown and
restrictions.
Capital expenditures for Fiscal 2020 totaled more than $342 million. Over the past year, NYCEDC has continued its capital
construction work to improve the quality of life for New Yorkers. One noteworthy milestone was the completion of the
Gateway Park in Jamaica, Queens which will provide the community with a new playground, more open green space and
a new roadway to ease traffic congestion on Atlantic Avenue. Construction is ongoing at the Coney Island Hospital for
NYC Health + Hospitals, which is expected to be completed in 2024. NYCEDC is also working on the NYC Department
of Environmental Protection’s Green Infrastructure project at sites in Brooklyn, Queens and the Bronx. A large portion of
capital construction projects managed by NYCEDC have been paused due to COVID-19 and associated fiscal impact.
The NYC Ferry system served nearly 5 million riders across six routes in Fiscal 2020. As with other modes of transit, COVID-19
heavily impacted NYC Ferry service during the last quarter of the year, resulting in a 12 percent decrease in overall ridership
from 5.7 million riders in Fiscal 2019. Since an initial 80 percent decrease in ridership at the outset of the pandemic in
March, ridership has steadily increased month over month. Throughout the pandemic, NYC Ferry has offered a reliable and
safe transportation option to essential workers, and in so doing expanded use of the City’s waterways as a core component
of the City’s transportation network. Looking forward, NYCEDC is continuing to work towards the addition of two new
routes to the NYC Ferry system with the St. George and Coney Island routes scheduled to launch in Calendar 2021.
Performance Indicators
Actual Target Trend
FY16 FY17 FY18 FY19 FY20 FY20 FY21 5-Year
Desired
Direction
« Private investment leveraged on the sale/long-term lease of
City-owned property ($000,000) $1,213.6 $798.5 $1,140.0 $1,200.6 $100.3 ñ ñ Down Up
Capital expenditures ($000,000) (excludes asset management and
« Critical Indicator “NA” Not Available ñò Directional Target * None
NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION | Page 297
SERVICE 4 Leverage City investments to support inclusive economic development.
Goal 4a Create economic opportunity for New Yorkers through real estate development.
As required by the Fair Wages for New Yorkers Act, developers and commercial tenants at projects that receive more than
$1 million in financial assistance from the City or NYCEDC are required to pay their employees a living wage, as adjusted
by the Office of the Comptroller on an annual basis. These rates will continue to be adjusted annually based on changes
in the Consumer Price Index. Among NYCEDC’s project portfolio, 99 percent of workers on development projects were
reported to receive a living wage or more in Fiscal 2019, the last year for which data is currently available.
Performance Indicators
Actual Target Trend
FY16 FY17 FY18 FY19 FY20 FY20 FY21 5-Year
Desired
Direction
« Project employees reported to be earning a living wage or
more (%) 95% 95% 98% 99% NA 95% 95% NA Up
« Critical Indicator “NA” Not Available ñò Directional Target * None
AGENCY RESOURCES
Resource Indicators Actual¹ Plan²
FY16 FY17 FY18 FY19 FY20 FY20 FY21 5yr Trend
Personnel 468 531 518 535 529 545 541 Up
Capital commitments ($000,000) $185.5 $338.8 $320.0 $397.4 $276.4 $890.6 $947.0 Up
¹Actual financial amounts for the current fiscal year are not yet final. Final fiscal year actuals, from the Comptroller's Comprehensive Annual Financial Report, will be reported
in the next PMMR. Refer to the “Indicator Definitions” at nyc.gov/mmr for details. ²Authorized Budget Level ³Expenditures include all funds “NA” - Not Available * None
SPENDING AND BUDGET INFORMATION
Unit of Appropriation
Expenditures
FY19²
($000,000)
Modified Budget
FY20³
($000,000) Applicable MMR Goals4
006 - Economic Development Corporation (OTPS)¹ $57.4 $154.7 All
¹EDC is contained within the Department of Small Business Services and appropriations are made through that agency. These figures are limited to the City’s contribution and
planned contribution respectively, to EDC. ²Comprehensive Annual Financial Report (CAFR) for the Fiscal Year ended June 30, 2019. Includes all funds ³City of New
York Adopted Budget for Fiscal 2020, as of June 2020. Includes all funds. 4Refer to agency goals listed at front of chapter. “NA” Not Available *None
NOTEWORTHY CHANGES, ADDITIONS OR DELETIONS !
• The indicators ‘Outstanding violations at the beginning of the period’ and ‘Outstanding violations closed during the
period’ under Goal 2a have been retired as they do not clearly reflect the goal. A replacement indicator will be included
in the Preliminary Fiscal 2021 Mayor’s Management Report.
ADDITIONAL RESOURCES
For more information on the agency, please visit: www.nyc.gov/edc.