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Q&A
Questions about EDC's capital funds and project-specific allocations
1:35:08
·
94 sec
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 currently active, and EDC's capital projects are now typically funded on a project-specific basis.
- Kimball provides examples of current capital allocations, such as $500 million for CUNY schools at Spark and $400 million for the North Shore project.
- He emphasizes that capital funding is now allocated project by project rather than through general funds.
- The discussion clarifies EDC's current approach to capital funding and project management.
Amanda Farías
1:35:08
I'd like to ask some questions about capital funds.
1:35:11
EDC has several funds in its capital plan.
1:35:14
Historically, these funds were used in the future for various projects based on city priorities.
1:35:19
As the recipients of these funds are decided later, the city council is not always aware of all the projects when the budget is adopted.
1:35:25
The current capital commitment plan shows that the housing fund, tenant improvement fund, and the manufacturing and industrial investment fund are not funded.
1:35:34
Do you have plans to bring them back?
1:35:37
And can you help us understand the governance structure of these funds?
Andrew Kimball
1:35:42
Can you say it again?
1:35:43
The tenant fund?
Amanda Farías
1:35:44
Yeah.
1:35:45
We have the sorry, housing fund, tenant improvement fund, and manufacturing and industrial investment funds.
Andrew Kimball
1:35:53
Yeah, I think those are funds that may have been active way in the past but have not been active for some time.
1:36:02
Typically our capital projects, our capital funds are specific to projects.
1:36:10
So as an example, at Spark there's $500,000,000 for the CUNY schools that will be helping to build, dollars 164,000,000 for SCA, and then additional funds for OCME and H and H to move into the private development campus.
1:36:27
We have $400,000,000 on the North Shore.
1:36:31
We have an ask in, it hasn't been funded yet, on our Coney West project.
1:36:36
So it tends to happen project by project as opposed to sort of general funds.