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Q&A
Majority Leader Amanda Farias questions OMB on economic development initiatives and World Cup funding
1:37:58
ยท
3 min
Majority Leader Amanda Farias questioned OMB officials about various economic development initiatives, including tax breaks for the office sector, funding for the 2026 World Cup, and their economic impacts on New York City. OMB officials provided some answers and promised to follow up with more detailed information on several points.
- Farias inquired about the economic impact of EDC's MCORE tax breaks and requested estimates of their benefits.
- Questions were raised about the $20 million allocation for the 2026 World Cup, its intended use, and potential economic benefits for the city.
- OMB officials agreed to provide more detailed analysis on the cost-benefit ratios and economic impacts of these initiatives.
Amanda Farias
1:37:58
Between EDC's MCORE tax break, the $4.67 ms tax incentive for office conversions and the proposed race program that subsidizes the relocation of jobs to older New York City office buildings, this administration is pouring a lot of resources into supporting the city's office sector.
1:38:18
Part of the state's requirement for using discretionary tax breaks like EMCOR is that each break undergoes an evaluation to prove that the break will have a net positive economic impact up to the city.
1:38:32
Do you agree with the EDC's recent analysis on the economic impact of their EMCOR tax breaks?
Jacques Jiha
1:38:38
Yeah.
1:38:39
Yeah.
1:38:39
We we support we support we support it and we believe that the the analysis is correct.
Amanda Farias
1:38:46
Okay.
1:38:47
That's really great to hear.
1:38:48
And can you provide me with an estimate of the tax impact of the economic benefits of the breaks given out over the past two years and indicate how much of that is currently reflected in the budget.
Jacques Jiha
1:38:59
I would come back to you with the past two years information.
Amanda Farias
1:39:02
Great.
1:39:03
Thank you so much.
1:39:04
And then I just like to touch on the preliminary plan including funding for EDC for the World Cup in 2026.
1:39:11
Can you explain what the 20,000,000 in the preliminary plan for the World Cup will be spent on?
Jacques Jiha
1:39:17
It's basically I mean, Tara, you wanna take it on?
1:39:22
It's a journey ending activities.
1:39:23
A lot of
Tara Boirard
1:39:26
The actual events will be primarily held in New Jersey, but this is in order to help help hold fan events for economic development purposes within the city.
1:39:35
It's anticipated that it's going to bring in substantial revenue in terms of tourists and hotel hotel costs.
Amanda Farias
1:39:44
Okay, great.
1:39:44
And just for the future if you can bring your mic closer, it's a little difficult.
Hailey Nolasco
1:39:47
Thank you very much.
1:39:48
Did
Amanda Farias
1:39:49
OMB conduct any cost benefit analysis on the use of tax levy for the World Cup and if more tax levy funding is needed will OMB conduct any cost benefit analysis?
Tara Boirard
1:40:00
EDC performs their own return to the city model that we reviewed and we're confident in the amount that we funded.
Amanda Farias
1:40:07
Okay.
1:40:08
Any way we could receive or see
Tara Boirard
1:40:11
We can talk to them.
Amanda Farias
1:40:12
That analysis?
1:40:13
Thank you.
1:40:14
And do you folks anticipate any additional city funding to be needed for the World Cup?
Tara Boirard
1:40:18
At this point, no.
Amanda Farias
1:40:19
Okay.
1:40:20
And how much revenue does EDC or you folks anticipate the World Cup will bring to New York City?
Tara Boirard
1:40:26
We'll come back to you.
Amanda Farias
1:40:28
Great.
1:40:28
And any estimation or expectation on how many jobs the World Cup is expected to bring to the New York City area?
Tara Boirard
1:40:36
I think we're really talking more about tourist economic activity as opposed to actual construction or jobs along those lines, but what we can review the full return to the city analysis.
Amanda Farias
1:40:45
Okay.
1:40:46
Great.
1:40:46
Thank you so much.
1:40:47
Those are all my chair of economic development questions that I have.
1:40:50
Appreciate you guys.
Jacques Jiha
1:40:51
Thank you.
Justin Brannan
1:40:52
Thank you, majority leader.
1:40:54
Now we have questions from my majority whip, Brooks Powers.