Q&A
Council Member Powers inquires about the EMCOR program and its effectiveness
1:02:27
·
3 min
Council Member Keith Powers inquires about the EMCOR program, its effectiveness, and criteria for successful applications. Francesco Brindisi from the NYC Office of the Comptroller responds with insights on the program's goals and ideal project characteristics.
- The EMCOR program aims to accelerate building upgrades and revitalize street life.
- The second solicitation lowered the building size threshold from 250,000 to 100,000 square feet.
- Ideal projects should create mixed-use neighborhoods, upgrade buildings that wouldn't otherwise invest, and generate opportunities for retail and childcare.
Keith Powers
1:02:27
Thank you.
1:02:27
Nice to see you.
1:02:28
I want to follow-up on that question, that topic.
1:02:31
I have a number of eligible buildings in my district.
1:02:33
850 is one of them that are, I think, eager to take advantage of the EMCOR program, understanding it, and trying to, to make sense of it.
1:02:42
Can you just talk more about your thoughts on the entire program, whether it is deemed will be effective?
1:02:50
And similarly, as you're talking about what buildings in the future, I think I'm I presume there'll be another round or other rounds of that as well.
1:02:56
I think there's still money available for that.
1:02:58
So what what are the I think you've talked through a little bit what are the sort of criteria that one might be looking for if they wanna be successful at it, rehabilitation versus maybe a project that could be eligible for other things.
1:03:10
But just about what is maybe the right model for that program as we look forward to other projects that might be looking to be take advantage of it?
1:03:20
I certainly know of some.
Francesco Brindisi
1:03:23
Right.
1:03:23
So, there was one solicitation.
1:03:26
And what we've seen in the submissions, there were some that were just not plausible.
1:03:33
They were owner occupied buildings.
1:03:35
Right?
1:03:36
And that's not the program is not meant for those.
1:03:40
There are a number of those where the renovation was already being planned.
1:03:45
And I think that's something that we care a lot about, because we'd like to have the tax money that would be associated with it instead of giving a subsidy.
1:04:01
I think you want to look at the specific of the projects.
1:04:06
Of course, we don't know.
1:04:07
The 2nd consolidation went out.
1:04:09
The responses are in.
1:04:10
We haven't been able to see them.
1:04:12
What the EDC did was to lower the threshold for responding to it from 250,000 square feet per building to 100,000.
1:04:20
So they're casting a weather net.
1:04:24
I think you want to have I think there are 2 good things that the AM Core can do.
1:04:34
1 is to accelerate the upgrading, right?
1:04:37
But the second thing that it can do is to sort of revitalize the street life.
1:04:42
And so that's something that is not often done with the EDC and IDA subsidies.
1:04:50
And that's because IDA doesn't do retail, particularly in Manhattan.
1:04:54
But it's a good, you know, component of the program to be able to create street life, right?
1:05:01
Because, you know, the point is to try to create mixed use neighborhoods.
1:05:07
And so to the extent that you see, you know, a building that would not otherwise have made the investment, that can be upgraded, can, you know, get and soak up this extra supply, and at the same time create the opportunities for street life and retail and childcare, those are the things that that that we'd look for.
Keith Powers
1:05:28
Got it.
1:05:28
Thank you.
