FOR IMMEDIATE RELEASE
August 2, 2007
MAYOR BLOOMBERG SIGNS LEGISLATION EXTENDING INDUSTRIAL AND COMMERICIAL INCENTIVE PROGRAM
Remarks by Mayor Bloomberg at a Public Hearing on Local Laws
"The next bill before me is Preconsidered Introductory Number 606, sponsored at the request of the Administration by Council Members Weprin, White, Felder, Gentile and Nelson. This legislation would extend the Industrial and Commercial Incentive Program (or ICIP) for one year, until June 30th, 2008.
"ICIP is an important commercial incentive that confers property-tax benefits on certain commercial and industrial buildings when they are constructed, modernized, rehabilitated, expanded or otherwise physically improved. Started in 1976 to spur commercial and retail development, particularly outside of Manhattan, ICIP has grown into the City's largest commercial incentive program - saving property owners some $410 million in Fiscal Year 2007.
"This past spring, the City's Economic Development Corporation working with the Office of Management and Budget and Department of Finance, completed a study that identified ways to strengthen ICIP. These agencies made several suggestions for restructuring and streamlining the program to better target the types of development that are most in need of incentives.
"While ICIP has usually been subject to three-year extensions, we supported this shorter one-year extension of the current program in order to prepare for the more comprehensive reforms EDC began to discuss this year. Our Administration looks forward to working closely and cooperatively with our colleagues in the State legislature and the City Council, as well as with business leaders and leaders in the real estate and construction industries, to craft a new longer-term ICIP law that will help spur development and create jobs that will keep our great City working.
"I would like to thank EDC President Bob Lieber, Budget Director Mark Page, Finance Commissioner Martha Stark and their staffs for their work on this bill. I would also like to thank the Council for approving this legislation."
Stu Loeser/Matthew Kelly (212) 788-2958