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.
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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