Your guide to NYC's public proceedings.

New York City Council

Committee on Economic Development

Mar 17, 2025

·

01:00 PM

2 hr 28 min

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Summary

A hearing on the New York City Economic Development Corporation (EDC)'s fiscal year 2026 preliminary budget.

Discussions focused on EDC's initiatives in tech, life sciences, green economy, workforce development, and waterfront projects across the city

Council members inquired about specific developments like shore power for cruise ships, the Brooklyn Marine Terminal redevelopment, and efforts to revitalize areas such as Downtown Brooklyn.

The hearing also covered EDC's capital budget, tax incentive programs, and contributions to the city's general fund.

Features testimony from the Economic Development Corporation (EDC) and the public.

Meeting chapters

Read summaries and watch videos for short segments that matter to you.

REMARKS

Council Member Amanda Farías opens hearing on NYC Economic Development Corporation's budget

Council Member Amanda Farías opens the hearing on the fiscal year 2026 preliminary budget for the New York City Economic Development Corporation (EDC). She outlines the purpose of the hearing, …

0:00:08

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4 min

AGENCY TESTIMONY

Introduction and overview of EDC's mission and role

Andrew Kimball, President and CEO of the New York City Economic Development Corporation (EDC), introduces himself and provides an overview of EDC's mission and role in the city's economic development. …

0:04:49

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70 sec

AGENCY TESTIMONY

New York City's economic recovery and job growth

Andrew Kimball presents recent economic statistics and job growth figures for New York City, highlighting the city's strong recovery and positive economic trends. - New employment record of 4,800,000 jobs …

0:06:00

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84 sec

AGENCY TESTIMONY

EDC's focus on high-wage, high-growth sectors and capital program

Andrew Kimball outlines EDC's strategy of focusing on high-wage, high-growth sectors to bolster the city's economy and create job opportunities for New Yorkers. - Attraction of job-creating businesses and academic …

0:07:01

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104 sec

AGENCY TESTIMONY

Tech sector growth and AI initiatives in New York City

Andrew Kimball highlights New York City's position as a global tech hub and outlines EDC's initiatives to support the growth of the tech sector, with a particular focus on artificial …

0:08:45

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91 sec

AGENCY TESTIMONY

Life sciences sector development in New York City

Andrew Kimball discusses the growth and importance of the life sciences sector in New York City, highlighting EDC's investments and initiatives in this area. - Life sciences sector described as …

0:10:07

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46 sec

AGENCY TESTIMONY

Green economy initiatives and job growth

Andrew Kimball outlines EDC's vision for growing New York City's green economy and creating sustainable job opportunities for New Yorkers. - Release of the Green Economy Action Plan in February …

0:10:46

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46 sec

AGENCY TESTIMONY

EDC's equity pillars: diverse entrepreneurship, workforce development, and MWBE utilization

Andrew Kimball details EDC's commitment to equity through three main pillars: supporting diverse entrepreneurship, expanding workforce development, and improving access for Minority and Women-Owned Business Enterprises (MWBEs). - Founder Fellowship …

0:11:26

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3 min

AGENCY TESTIMONY

Overview of the harbor of the future vision

Andrew Kimball introduces EDC's bold plan to reimagine New York City's waterfront, dubbed the 'harbor of the future', to fuel 21st-century growth and innovation. - Plan to create 53,000 temporary …

0:14:34

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80 sec

AGENCY TESTIMONY

Staten Island development projects

Andrew Kimball outlines major development projects planned for Staten Island's North Shore and West Shore, highlighting their potential impact on the borough's economy and quality of life. - North Shore …

0:15:45

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67 sec

AGENCY TESTIMONY

Brooklyn waterfront developments and initiatives

Andrew Kimball details various development projects and initiatives along the Brooklyn waterfront, showcasing EDC's efforts to revitalize and modernize these areas. - Brooklyn Army Terminal (BAT): Home to over 100 …

0:16:48

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148 sec

AGENCY TESTIMONY

Brooklyn Navy Yard and Harbor Climate Initiative

Andrew Kimball highlights the Brooklyn Navy Yard's transformation and introduces the Harbor Climate Initiative, a collaborative effort to make New York City a global capital of climate innovation. - Brooklyn …

0:19:06

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70 sec

AGENCY TESTIMONY

Coney Island redevelopment project

Andrew Kimball outlines the ambitious new vision for Coney Island, detailing plans for housing development and infrastructure improvements in the area. - Plan to deliver 1,500 new homes - Investment …

0:20:07

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49 sec

AGENCY TESTIMONY

Broadway Junction and East New York development

Andrew Kimball details plans for improving the Broadway Junction Station Complex and supporting the East New York Industrial Business Zone. - $500 million public investment for Broadway Junction Station Complex …

0:20:46

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62 sec

AGENCY TESTIMONY

Heliport transformations and EV aircraft initiatives

Andrew Kimball outlines plans to transform New York City's heliports to support new technologies like electric vertical takeoff and landing (eVTOL) aircraft and create sustainable transportation hubs. - Plans for …

0:21:32

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59 sec

AGENCY TESTIMONY

Lower Manhattan coastal resiliency project

Andrew Kimball highlights the importance of protecting Lower Manhattan from climate change impacts and outlines the ongoing coastal resiliency project. - Focus on protecting Lower Manhattan from rising sea levels …

0:22:21

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36 sec

AGENCY TESTIMONY

SPARK Kipps Bay life sciences hub development

Andrew Kimball details the transformation of an entire city block into the state-of-the-art Science Park And Research Campus (SPARK) Kipps Bay, focusing on life sciences and health tech innovation. - …

0:22:50

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78 sec

AGENCY TESTIMONY

Long Island City community engagement and planning

Andrew Kimball outlines EDC's efforts to address the growth and development challenges in Long Island City through community engagement and long-term planning. - Recognition of Long Island City's enormous growth …

0:23:59

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41 sec

AGENCY TESTIMONY

Cornell Tech partnership and tech ecosystem growth

Andrew Kimball highlights the ongoing partnership with Cornell Tech and its role in transforming New York City into a major global tech ecosystem. - Cornell Tech founded in 2012 as …

0:24:35

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47 sec

AGENCY TESTIMONY

East Midtown Greenway and waterfront projects

Andrew Kimball outlines progress on the East Midtown Greenway project and other waterfront initiatives aimed at improving public access and connectivity along Manhattan's waterfront. - East Midtown Greenway described as …

0:25:09

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39 sec

AGENCY TESTIMONY

Willets Point development project

Andrew Kimball details the ambitious Willets Point development project, highlighting its scale and potential impact on the surrounding area. - Described as a once-in-a-lifetime public-private partnership - Plan to build …

0:25:42

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67 sec

AGENCY TESTIMONY

Kingsbridge Armory redevelopment (El Centro Kingsbridge)

Andrew Kimball outlines the plans for redeveloping the historic Kingsbridge Armory into El Centro Kingsbridge, a mixed-use development aimed at creating new economic opportunities in the Bronx. - Ambitious plan …

0:26:28

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42 sec

AGENCY TESTIMONY

Hunts Point Food Distribution Center upgrades

Andrew Kimball details the ongoing upgrades and improvements to the Hunts Point Food Distribution Center (FDC), highlighting its importance to New York City's food supply chain. - Hunts Point FDC …

0:27:04

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52 sec

AGENCY TESTIMONY

Blue Highway network and waterway freight transportation

Andrew Kimball outlines EDC's vision for a Blue Highway network, emphasizing the importance of waterways in creating a sustainable freight transportation system for New York City. - Focus on moving …

0:27:47

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76 sec

Q&A

IDA projects' tax revenue impact on New York City

Council Member Amanda Farías inquires about the tax revenue impact of NYC IDA (Industrial Development Agency) projects for FY '25. Andrew Kimball explains that all EDC development projects undergo a …

0:29:26

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82 sec

Q&A

Return to city analysis and OMB incorporation of EDC project tax revenues

Council Member Farías inquires about OMB's incorporation of tax revenue projections from EDC projects into the city's budget. Andrew Kimball explains the timeline of tax revenue realization from development projects …

0:30:49

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74 sec

Q&A

M-CORE projects and their long-term tax impact on New York City

Council Member Farías discusses the tax impact of M-CORE (Manhattan Core) projects, highlighting the significant net positive impact projected over a 20-year period. Andrew Kimball explains the timeline for realizing …

0:32:05

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65 sec

Q&A

EDC's investment in educational projects as economic development

Andrew Kimball explains EDC's perspective on educational investments as a crucial part of economic development in New York City. He highlights the significant economic impact of colleges and universities and …

0:33:11

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3 min

Q&A

Evaluation metrics for EDC projects beyond economic impact

Andrew Kimball discusses additional metrics used to evaluate EDC projects beyond traditional economic impact measures. He emphasizes the importance of diverse entrepreneurship and creating local employment networks. - Diverse entrepreneurship …

0:36:42

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150 sec

Q&A

Local hiring, community impact, and union jobs in EDC projects

Council Member Farías inquires about the evaluation of local hiring and community impact in EDC projects. Andrew Kimball discusses the importance of measuring these impacts and highlights EDC's commitment to …

0:39:12

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136 sec

Q&A

NYC Ferry ridership trends and expectations

Council Member Farías inquires about NYC Ferry ridership trends and future expectations. Andrew Kimball discusses the recent increase in ridership and the factors contributing to this growth. - NYC Ferry …

0:41:29

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172 sec

Q&A

NYC Ferry system expansion and fleet management

Andrew Kimball discusses potential expansion of the NYC Ferry system and current fleet management strategies. He emphasizes the financial considerations involved in expanding the service and highlights ongoing environmental initiatives. …

0:44:22

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3 min

Q&A

NYC Ferry on-time performance and service frequency

Council Member Farías inquires about the NYC Ferry's on-time performance and potential improvements in service frequency. Andrew Kimball provides information on current performance and factors affecting it. - On-time performance …

0:48:02

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73 sec

Q&A

High school student ridership program for NYC Ferry

Council Member Farías follows up on the implementation of her bill to provide reduced-cost ferry service for high school students. Andrew Kimball reports on the program's progress since its implementation …

0:49:17

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41 sec

Q&A

NYC Ferry rider feedback and common complaints

Andrew Kimball addresses rider feedback and common complaints about the NYC Ferry service. He notes that while there are some issues, the overall feedback is generally positive. - The most …

0:49:58

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65 sec

REMARKS

Council Member Salamanca acknowledges positive relationship with EDC

Council Member Rafael Salamanca begins by acknowledging the good working relationship between his office and the Economic Development Corporation (EDC). He expresses appreciation for the open lines of communication and …

0:51:03

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28 sec

Q&A

Update on Blue Highways project and waterway transportation initiatives

Council Member Salamanca inquires about the status of the Blue Highways project, and EDC President Andrew Kimball provides a comprehensive update on the initiative's progress and related waterway transportation efforts. …

0:51:32

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110 sec

Q&A

Hunts Point produce market redevelopment plans and land use concerns

Council Member Salamanca raises concerns about the Hunts Point produce market redevelopment, particularly regarding land use and EDC's plans. Andrew Kimball explains the current state of the project and addresses …

0:53:23

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135 sec

Q&A

Addressing funding challenges for fish and meat market projects

Council Member Salamanca seeks assistance from EDC in ensuring accurate cost estimates for fish and meat market projects to avoid funding shortfalls. Andrew Kimball explains the challenges and potential solutions. …

0:55:39

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124 sec

Q&A

Council Member Restler and President Kimball discuss Downtown Brooklyn office market concerns

Council Member Lincoln Restler expresses concerns about the weak office market in Downtown Brooklyn, including high vacancy rates and the potential loss of job opportunities due to residential conversions. President …

0:58:04

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3 min

Q&A

Council Member Restler inquires about EDC funding for Box Street Park project

Council Member Lincoln Restler discusses the Box Street Park project with President Andrew Kimball, highlighting a potential funding gap and seeking EDC's assistance. The project is nearing the groundbreaking stage …

1:01:13

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75 sec

Q&A

Council Member Restler and President Kimball debate helicopter issues and electric alternatives

Council Member Lincoln Restler raises concerns about helicopter noise and environmental disruptions in Lower Manhattan, while President Andrew Kimball discusses the potential for electric vertical takeoff and landing aircraft (eVTOLs) …

1:02:29

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165 sec

REMARKS

Council Member Avilés greets EDC and inquires about community engagement

Council Member Alexa Avilés greets the EDC team and makes a light-hearted comment about wanting office space in an EDC property. She then inquires about the community engagement process for …

1:05:23

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67 sec

Q&A

Discussion on investment disparities between Brooklyn Marine Terminal and other NYC projects

Council Member Avilés questions the disparity in investment between Brooklyn Marine Terminal (BMT) and other NYC projects, highlighting the relatively small $80 million commitment to BMT compared to larger investments …

1:06:29

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142 sec

Q&A

Discussion on state and federal funding for Brooklyn Marine Terminal

Council Member Avilés and Andrew Kimball discuss additional funding sources for Brooklyn Marine Terminal (BMT), including state contributions and potential federal grants. They explore the possibility of increased state investment …

1:08:52

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112 sec

REMARKS

Council Member Avilés expresses concerns about BMT investment and planning process

Council Member Avilés articulates her concerns about the Brooklyn Marine Terminal (BMT) project, focusing on the inadequate investment level and the rushed planning process. She emphasizes the discord between the …

1:10:44

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102 sec

Q&A

Update on EDC investments in Sunset Park's wholesale meat market

Council Member Avilés inquires about the progress of EDC's investments in properties including the King Solomon and the meat distribution area in Sunset Park. Andrew Kimball provides a brief update …

1:12:28

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61 sec

Q&A

Council Member Sandy Nurse questions EDC on Broadway Junction, basement ADUs, and OpenAI partnership

Council Member Sandy Nurse engages in a Q&A session with Andrew Kimball of the Economic Development Corporation (EDC) about various projects and initiatives. The discussion covers the status of plaza …

1:13:35

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3 min

Q&A

City of Yes infrastructure investments and EDC's capital plan

Council Member Amanda Farías inquires about EDC's involvement in the City of Yes initiative's $2 billion infrastructure investment commitment. Andrew Kimball explains that while he doesn't believe EDC's capital plan …

1:16:53

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79 sec

Q&A

EDC's role in affordable housing development under City of Yes

Council Member Amanda Farías inquires about EDC's anticipated role in financing or developing affordable housing as a result of City of Yes zoning changes. Andrew Kimball explains EDC's approach to …

1:18:12

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93 sec

Q&A

EDC's contributions to the general fund and revenue sources

Council Member Amanda Farías inquires about EDC's declining contributions to the general fund and its revenue sources. Andrew Kimball explains the primary sources of EDC's revenue and the factors affecting …

1:19:45

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119 sec

Q&A

EDC's relationship with Brooklyn Navy Yard and Trust for Governors Island

Council Member Amanda Farías inquires about EDC's financial relationship with Brooklyn Navy Yard and Trust for Governors Island. Andrew Kimball explains that while there's no direct budget interconnection, there is …

1:21:44

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126 sec

Q&A

Discussion on EDC's high net income in fiscal 2016

Council Member Amanda Farías inquires about EDC's unusually high net income of $100 million in fiscal 2016. Andrew Kimball provides a brief response. - EDC had a significantly higher net …

1:23:50

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29 sec

Q&A

World Cup preparations and EDC's $20 million budget allocation

Council Member Amanda Farías inquires about the $20 million allocation in EDC's budget for World Cup fan events. Andrew Kimball explains the rationale behind this investment and its expected economic …

1:24:21

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151 sec

Q&A

Potential hotel occupancy tax evaluation for FIFA World Cup

Council Member Amanda Farías inquires about potential hotel occupancy tax evaluations in anticipation of the FIFA World Cup. Andrew Kimball provides a brief response regarding EDC's involvement in such discussions. …

1:26:52

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66 sec

Q&A

EDC's support for minority and women-owned business enterprises (MWBEs)

Council Member Alexa Avilés inquires about EDC's support for MWBEs, and Andrew Kimball provides details on their initiatives and achievements in this area. - EDC awarded $235 million to MWBE …

1:28:09

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109 sec

Q&A

Discussion on business concerns at Brooklyn Army Terminal

Council Member Alexa Avilés and EDC President Andrew Kimball discuss concerns about a party boat business at Brooklyn Army Terminal, focusing on scheduling conflicts and the impact on the business's …

1:29:58

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99 sec

Q&A

Community hiring efforts and NYCHA resident employment in EDC projects

Council Member Alexa Avilés inquires about EDC's implementation of community hiring efforts, particularly for NYCHA residents, in its economic development projects. Andrew Kimball explains EDC's approach and initiatives. - EDC …

1:31:38

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119 sec

Q&A

Local hire reporting and data collection for EDC projects

Council Member Alexa Avilés inquires about EDC's reporting on local hire data, particularly for NYCHA residents employed at Sunset Park and Red Hook assets. Andrew Kimball explains the current data …

1:33:38

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88 sec

Q&A

Questions about EDC's capital funds and project-specific allocations

Council Member Amanda Farías inquires about EDC's capital funds, particularly the housing fund, tenant improvement fund, and manufacturing and industrial investment fund. Andrew Kimball explains that these funds are not …

1:35:08

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94 sec

Q&A

Discussion on Willets Point development capital commitments

Council Member Farías questions the front-loaded nature of the capital commitment plan for Willets Point development. Andrew Kimball explains the current status of the project and the rationale behind the …

1:36:56

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79 sec

Q&A

RFP for 100 Gold Street mixed-income housing development

Council Member Farías inquires about the recently released RFP for the development of 100 Gold Street, a city-owned site. Andrew Kimball explains EDC's role in issuing the RFP and the …

1:38:17

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134 sec

Q&A

Future residential RFPs on city-owned assets

Council Member Farías inquires about the possibility of EDC issuing more RFPs for residential projects on city-owned assets in the near future. Andrew Kimball provides a brief response. - Kimball …

1:40:31

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18 sec

Q&A

Update on Climate Innovation Hub at Brooklyn Army Terminal

Council Member Farías requests an update on the status of the Climate Innovation Hub at Brooklyn Army Terminal, for which EDC issued an RFP last March. Andrew Kimball provides information …

1:40:49

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59 sec

REMARKS

Introduction and greetings between Council Member Bottcher and Andrew Kimball

Council Member Erik D. Bottcher and Andrew Kimball, President and CEO of the New York City Economic Development Corporation, exchange brief greetings at the start of the meeting. - The …

1:41:50

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3 sec

Q&A

Discussion on shore power implementation for Manhattan Cruise Ship Terminal

Council Member Bottcher inquires about the implementation of shore power at the Manhattan Cruise Ship Terminal, emphasizing its importance for reducing toxic emissions in Hell's Kitchen. Andrew Kimball responds by …

1:41:53

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4 min

Q&A

Timeline estimation for cruise ships to plug in at Manhattan Cruise Ship Terminal

Council Member Bottcher asks for a ballpark estimate of when cruise ships will be able to plug in at the Manhattan Cruise Ship Terminal. Andrew Kimball provides a tentative response …

1:46:00

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82 sec

Q&A

Capital projects for waterfront improvements and EDC's decision-making process

Council Member Amanda Farías inquires about EDC's decision-making process for capital funds allocation to waterfront improvements. Andrew Kimball explains the scope and nature of these projects. - The capital commitment …

1:47:27

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59 sec

Q&A

Query about low commitment for waterfront improvements in FY '26 budget

Council Member Farías questions the low commitment of only $1.4 million for waterfront improvements in the FY '26 budget. Andrew Kimball expresses surprise at this figure and promises to investigate …

1:48:25

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19 sec

Q&A

Discussion on the efficiency of existing economic development tax incentives

Council Member Farías raises concerns about the efficiency of the city's existing economic development tax incentives, which amount to over $3.3 billion annually. She questions whether all these incentives are …

1:48:46

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31 sec

REMARKS

Overview of various economic development tax incentive programs and their impacts

Andrew Kimball provides a comprehensive overview of various economic development tax incentive programs, emphasizing their positive impact on the city's economic recovery and growth. - Kimball asserts that most tax …

1:49:19

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3 min

Q&A

Responsibility for ensuring relevance and effectiveness of economic tax breaks

Council Member Farías inquires about who in the city is ultimately responsible for ensuring that economic tax breaks remain relevant and effective. Andrew Kimball explains the roles of different city …

1:52:31

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35 sec

PUBLIC TESTIMONY

Testimony by Julie Coker, President and CEO of New York City Tourism and Conventions, on the status of NYC's tourism and hospitality industry

Julie Coker, President and CEO of New York City Tourism and Conventions, provided testimony on the current state of New York City's tourism and hospitality industry, highlighting the progress made …

1:55:38

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3 min

PUBLIC TESTIMONY

Testimony by Michiko Grasso, Vice President of External Affairs at Nontraditional Employment for Women

Michiko Grasso from Nontraditional Employment for Women (NEW) testified about the organization's work in preparing, training, and placing women in skilled construction, utility, and maintenance trades. She emphasized the importance …

1:59:15

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152 sec

PUBLIC TESTIMONY

Testimony by Gregory J. Morris, CEO of New York City Employment Training Coalition on Workforce Development and Economic Growth

Gregory J. Morris, CEO of the New York City Employment Training Coalition, emphasizes the critical need to align workforce development strategies with economic development initiatives. He highlights the importance of …

2:01:53

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133 sec

Q&A

Collaboration between EDC and workforce development organizations

Council Member Amanda Farías asks representatives from NEW and NYCETC about their collaboration with the Economic Development Corporation (EDC) on workforce development initiatives. The panelists discuss their experiences working with …

2:04:06

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3 min

Q&A

Budget constraints and new funding needs for NYC Tourism & Conventions

Council Member Amanda Farías discusses the importance of tracking outcomes and metrics in development projects. She then asks Julie Coker from NYC Tourism & Conventions about the impact of budget …

2:07:06

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3 min

Q&A

Effects of budget reductions and request for additional funding

Council Member Amanda Farías and Julie Coker discuss the specific impacts of budget reductions on NYC Tourism & Conventions and the organization's request for additional funding. - Coker explains that …

2:10:12

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3 min

REMARKS

Importance of investing in workforce development and tourism

Council Member Amanda Farías concludes the panel by emphasizing the importance of investing in workforce development and tourism organizations. - Farías acknowledges that the panelists represent worthy investments for the …

2:13:13

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92 sec

PUBLIC TESTIMONY

Testimony by Melat Seyoum, Director of Political Affairs and Strategic Partnerships at New York City Network of Worker Owned Cooperatives

Melat Seyoum from the New York City Network of Worker Owned Cooperatives (NCNOC) testified to request continued support for the expansion of worker ownership in the city's budget. She highlighted …

2:14:45

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128 sec

PUBLIC TESTIMONY

Testimony by Catherine Murcek, Worker Owner at Samamkaya Yoga Back Care and Scoliosis Collective

Catherine Murcek, a worker owner at Samamkaya Yoga Back Care and Scoliosis Collective, testified to urge continued support for the Worker Cooperative Business Development Initiative (WCBDI) and to advocate for …

2:17:04

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146 sec

PUBLIC TESTIMONY

Testimony by Ofelia Salgado, Cooperative Business Developer at Sunset Park Center for Family Life

Ofelia Salgado from Sunset Park Center for Family Life testified to request continued support for the Worker Cooperative Business Development Initiative, asking for $5,100,000 in funding for fiscal year 2026. …

2:20:00

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127 sec

PUBLIC TESTIMONY

Testimony by Anh-Thu Nguyen, Director of Strategic Partnerships at Democracy at Work Institute, on Worker Cooperative Business Development Initiative

Anh-Thu Nguyen, representing the Democracy at Work Institute, testified about the success and importance of the Worker Cooperative Business Development Initiative (WCBDI) in New York City. She highlighted the initiative's …

2:22:24

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160 sec

PUBLIC TESTIMONY

Testimony by Christopher Leon Johnson, Member of the Public

Christopher Leon Johnson, a member of the public, provided testimony on various topics related to economic development and infrastructure in New York City. His testimony was somewhat disjointed and touched …

2:26:06

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75 sec

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