Q&A
Comparison of NYC's industrial incentives to those in other areas
0:40:29
·
171 sec
Council Member Farías discusses the comparison of NYC's industrial incentives to those offered by other areas, particularly in the context of retaining businesses. SBS representatives explain their role and limitations in this area.
- Council Member Farías references past efforts to coordinate incentives between the city, administration, and state for film and TV media companies
- SBS provides incentives consultations and maintains contact with partners like EDC and DOF about incentives
- SBS emphasizes their role as educators about incentives, not administrators of all incentives
- The administration is tracking trends in business starts and growth across the city, but specific data on businesses leaving the city for the region is not immediately available
Amanda Farías
0:40:29
I guess I'm just, kind of, like, the one of the first things that comes to mind a couple years ago where there was a more coordinated effort between the city, the admin, and the state around, some of the tax incentives around our, staging and I'm forgetting the name for, like, our, like, our film and TV media companies that are here, our studios and and staging companies that are here, and us having to go back and forth to determine what incentives we could have to keep people here versus maybe some of the incentives that New Jersey had, where people were that was a driving factor to go over there.
0:41:06
Are there more concrete examples of the process outside of maybe the initiatives?
0:41:11
And, like, I guess I'm just trying to get a more comprehensive view of how we are incentivizing people to stay here and when are we how early are we identifying the risk factor of them leaving, and then how do we couple supports to make sure that they don't leave the city?
Kitty Chan
0:41:29
Thank you very much for that question.
0:41:32
As we've mentioned, we SBS provides various services, including our incentives consultations.
0:41:42
We're we're in contact with our partners, such as EDC and DOF, about the incentives.
0:41:49
We actually
Amanda Farías
0:41:53
you can take a second.
0:41:54
Alright.
UNKNOWN
0:41:55
We have we have time.
0:41:58
No rush.
0:41:59
I'm sorry.
0:42:00
Thank you.
Kitty Chan
0:42:05
Oh, thank you.
0:42:11
My apologies.
Sherry Lane
0:42:16
I'll step in quickly.
0:42:17
Thanks, Deputy Commissioner Chan.
0:42:20
Just to clarify, SBS feels strongly about our role as educators to the small business community about both the incentives that are administered by SBS and about other, agencies' incentives.
0:42:33
But our role is not to administer all of the incentives.
0:42:36
So, would certainly recommend, you know, speaking with DOF and some of the other agencies on some of those specifics, but we look forward to continuing, really, to promote, the incentives that are helpful for each individual businesses as they come, to
Amanda Farías
0:42:52
our service providers.
0:42:53
And how do our industrial incentives compare to those offered by other places in the Northeast or the tri state area?
0:42:59
Do we have any data on businesses that have left the city but maybe stayed within the region?
Sherry Lane
0:43:06
I believe our sister agencies are and us, as the administration, are tracking different trends across, business starts and growths across the city.
0:43:16
I will have to get back on the details of how we can drill down there.
