MAYOR GIULIANI SIGNS LEGISLATION EXPANDING THE BOUNDARIES OF STATEN ISLAND'S NORTH SHORE ECONOMIC DEVELOPMENT ZONE
The next bill before me, Introductory Number 978, was sponsored at my request by Council Members O'Donovan and Fusco. Introductory Number 978 would amend the Administrative Code in the City of New York to revise and expand the boundaries of the North Shore Economic Development Zone (EDZ) located in the Borough of Staten Island.
The EDZ program was established to benefit certain areas of New York that faced long-term unemployment and poverty. The program was designed to stimulate private investment, business development and job creation through a variety of tax and other financial incentives, including wage tax credits, investment tax credits, sales tax exemption, and other incentives. Currently, New York City has eight EDZs, including North Shore.
The revisions to the North Shore EDZ include the removal of territory under public domain totaling 97 acres -- as these properties were not eligible to qualify for EDZ benefits -- and the addition of 296 manufacturing and commercially zoned properties. This legislation will allow additional North Shore area businesses to take advantage of the EDZ benefits and increase business and job opportunities for Staten Island residents.
I will first turn to the bill's sponsors and then to any other elected official wishing to be heard.
There being no one else to be heard, and for the reasons stated previously, I will now sign this bill.
Contact Us | FAQs | Privacy Statement | Site Map