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

1:21:44

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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 a formal programmatic partnership.

EDC has no direct budget connection with Brooklyn Navy Yard or Trust for Governors Island
A formal programmatic partnership exists through the Harbor Climate Collaborative
The partnership involves piloting technologies across the three campuses (EDC, Navy Yard, and Governors Island)
The collaboration focuses on climate strategy, with each campus targeting different aspects of innovation and development
Companies can use physical assets across all three sites, fostering cooperation and innovation

Amanda Farías

1:21:44

Sure.

1:21:45

When EDC calculates its net loss or income, does it factor in expenses and revenue generated from programs at Brooklyn Navy Yard or other component units?

1:21:55

For example, the Brooklyn Navy Yard had an operating loss of 6,800,000.0, but a change in net position in 2024 of 21,400,000.0, driven largely by an increase in capital city contributions of 45,000,000.

1:22:10

Similarly, the trust for Governors Island had an operating loss of 28,300,000.0 in 2024 however city capital contributions were 35,600,000.0.

1:22:19

Are these kind of offsets in component units accounted for in contributions to the city's general fund?

Andrew Kimball

1:22:25

We have no interconnection from a budget point of view with the Navy Yard or with the Trust for Governors Island.

1:22:34

What we do have for the first time is a formal programmatic partnership.

1:22:39

So for years, EDC has invested in innovation projects at the Navy or particularly at the New Lab.

1:22:46

What we have now through the Harbor Climate Collaborative is a formalized MOU where we are partnering together piloting technologies across our three campuses.

1:22:57

I mean it's mind boggling how big these campuses are, 600 acres, 10,000,000 square feet of space, all of us targeting very similar pieces of the climate strategy.

1:23:13

Exchange is more research and development.

1:23:16

Navy Yard is more mature companies.

1:23:18

At the Climate Innovation Hub, we're going be targeting more early stage and start up.

1:23:23

But those companies have the ability to use our physical assets, our land, or our water to collaborate at each of the three different sites.

1:23:31

So for instance, there's a company called Playant at the Navy Yard right now that does underwater robots.

1:23:37

And so they're working both at Land at Bat Underwater Navy Yard and at the climate exchange.

1:23:45

You know, it seems like a very simple thing, but in the past, that kind of level of cooperation was not happening.

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EDC's contributions to the general fund and revenue sources

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Discussion on EDC's high net income in fiscal 2016