Building Congress Event
CONSTRUCTION INDUSTRY BREAKFAST FORUM
NYCEDC President Kimball Discusses De Blasio Administration's Five-Borough Agenda
New York City Economic Development Corporation (NYCEDC) President Kyle Kimball was the featured speaker on April 14 at a wide-ranging New York Building Congress forum, which also featured remarks from New York State Attorney General Eric Schneiderman and New York City Council Member Daniel Garodnick.
Mr. Kimball, who recently announced he would be leaving in June after seven-and-a-half years at NYCEDC, told the more than 200 attendees at The Metropolitan Club that New York City has recovered 300 percent of the jobs lost since the financial panic of 2008.
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“It’s amazing how resilient this City has proven to be,” he said, while also warning that most of the new jobs are at the low end of the wage scale and that nearly half of the City’s residents live at or near the poverty line.
Mr. Kimball discussed the de Blasio administration’s commitment to creating a more sustainable economy through such initiatives as paid sick leave, living wage legislation, universal pre-K, and affordable housing construction. He said, “We believe these initiatives are pro-business and necessary for a stable workforce.”
He also noted that New York is lagging behind other cities in terms of infrastructure, adding “We need tens of billions of dollars just to get to a state-of-good-repair.”
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Mr. Kimball also mentioned a number of ongoing projects that NYCEDC and the de Blasio administration are pursuing to diversify the economy, catalyze innovation, and expand activity throughout the five boroughs. These projects include:
- An investment of more than $100 million to bring nearly 500,000 square feet of unutilized space online at the Brooklyn Army Terminal in Sunset Park, Brooklyn;
- A $150 million Early-Stage Life Sciences Funding Initiative designed to attract and retain emerging biotech companies to New York City. The City recently announced an initial $10 million City investment that has leveraged an additional $140 million in private pharmaceutical and venture capital investments;
- A $175 million investment over 12 years to modernize and expand Hunts Point Market in the Bronx. This 329-acre campus is the world’s largest food distribution center and supplies 50 percent of the City’s food.
Attorney General Schneiderman discussed his office’s success in reaching settlements with a number of big banks to compensate for their actions in the lead-up to the financial crash. He said those settlements were largely responsible for the $6 billion surplus in Albany this fiscal year.
He added, “This money is for capital development not for operating expenses. I urge you to be diligent about seeing that it is used for things like the MTA capital program. When you get one-shot funding, it is essential that you use it for programs that will generate long-term economic development.”
Council Member Daniel Garodnick assured those assembled that the City Council was moving ahead with an East Midtown rezoning plan that will free the area from “antiquated zoning rules and allow for developers to get more density in exchange for desperately needed infrastructure improvements.” He added, “Grand Central commuters need the relief, and it will be a good deal for the public.”
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