FOR IMMEDIATE RELEASE
December 5, 2007
MAYOR BLOOMBERG SIGNS LEGISLATION AUTHORIZING REGIONALLY SIGNIFICANT PROJECT DESIGNATION FOR BIMMY'S LLC
Remarks by Mayor Bloomberg at a Public Hearing on Local Laws
"The final bill before me is Introductory Number 626, sponsored by Council Members Comrie, Gioia, Gonzalez, James, Nelson, Reyna, Weprin, White and Gennaro. This bill will authorize the designation of Bimmy's LLC as a Regionally Significant Project.
"The Empire Zones Program was created by the New York State Legislature in 1986 to stimulate private investment and job creation through a variety of State tax incentives, including wage tax credits, investment tax credits and real property tax credits. The State Legislature adopted legislation in April 2005 that extended the Empire Zones Program until June 30, 2011 and created a provision allowing for the Regionally Significant Project designation. This designation allows local businesses outside the geographic boundaries of an Empire Zone to tap into valuable State tax credits. In order for the Empire State Development Corporation to authorize a Regionally Significant Project, the local government must enact a local law authorizing such application.
"Introductory Number 626 will authorize an application for Bimmy's LLC as a Regionally Significant Project in New York City. Bimmy's is a Long Island City-based food manufacturer which currently employs approximately 120 New Yorkers and projects the creation of 100 new, full time jobs and significant investments in production equipment. With the Regionally Significant Project designation, Bimmy's will continue to support our City's manufacturing job base.
"I would like to thank Small Business Services Commissioner Rob Walsh and his staff for his work on this bill. I would also like to thank the Council for approving this legislation."
Stu Loeser/Matthew Kelly (212) 788-2958
Watch the video in low or high bandwidth