PUBLIC TESTIMONY
Testimony by Osagie Afe, Senior Business Assistance Manager at Long Island City Partnership
1:07:21
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3 min
Osagie Afe from Long Island City Partnership (LICP) testified on the importance of Industrial Business Service Providers (IBSPs) in supporting NYC's industrial sector. Afe highlighted LICP's role in economic development, the critical nature of the industrial sector for creating equitable job opportunities, and the services provided by IBSPs. He emphasized the need for increased funding and longer-term contracts for IBSPs to continue their effective work.
- LICP has helped 77 unique businesses, including 37 minority-owned and 40 women-owned businesses, with various services.
- Industrial jobs pay on average $20,000 more annually than retail positions and almost twice as much as roles in the food and beverage industry.
- Afe urged for a 50% increase in IBSP funding, indexing future funding to inflation, and extending contracts from 1 year to 3 years.
Osagie Afe
1:07:21
Thank you.
1:07:23
Thanks for this opportunity.
1:07:25
My name is Osage Afei, and I'm the senior business assistance manager at Long Island City Partnership.
1:07:31
I appreciate the opportunity to testify today on the role and importance of industrial business service providers.
1:07:38
LICP serves as a neighborhood development organization for Long Island City.
1:07:43
Our mission is to advocate for economic development that benefits LIC industrial, commercial, science technology, cultural, tourism, and residential sectors.
1:07:53
We aim to attract new businesses, retain those already here, engage residents and visitors, and promote a vibrant and authentic mixed use community.
1:08:02
We also operate the LIC Business Improvement District and Industrial Business Zone.
1:08:09
The industrial sector, as you know, is critical to creating a more equitable city.
1:08:14
As NYC's 2nd largest private sector employer, industrial business provides middle class jobs that serve as as pathways to opportunity for diverse workforce.
1:08:25
These jobs pay, on average, nearly 20,000 more annually than retail positions and almost twice as much as roles in the food and beverage industry.
1:08:35
Notably, industrial businesses fosters economic mobility with 80% of workers being minorities and 50% being immigrants.
1:08:45
We are pleased to see council prioritizing the interests of industrial businesses.
1:08:49
IBSPs are instrumental in supporting these businesses and keeping quality, high paying jobs in New York City.
1:08:55
This year, our team has provided, on a 1 on 1 basis, to businesses in LIC Cashman area a whole wide range of of services, including financing, incentives, real estate, operational challenges, energy savings, and even more.
1:09:12
We have helped on a 1 on 1 basis 77 unique businesses, including 37 minuteority owned and 40 women owned businesses address and resolve their challenges.
1:09:22
Despite this critical role, and this is very important, funding for IBSPs has remained static for over a decade.
1:09:30
The lack of adjustment fails to account for inflation and the increasing responsibilities placed on IBSPs as they help increase number of businesses navigate complex and opt in challenging economic landscape.
1:09:44
To ensure IBSPs can continue to serve industrial sectors effectively, we urge the city council to include the following in next year's budget, increase IBSP by 50% to reflect inflation and grow demand for services, index fund, index future fund to inflation to provide stability, and IBSP's contracts from 1 year, which is currently now to a 3 year term, to allow for more long term planning and and stability.
1:10:14
In over a decade, LACP has held its IBSP contract.
1:10:19
Funding has not increased even as our responsibility has expanded.
1:10:24
With increased funding, we could add additional staff, expand our services, increase outreach to include even more businesses.
