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FOR IMMEDIATE RELEASE
Press Release # 510-08
Monday, December 29, 2008


MAYOR BLOOMBERG SIGNS LEGISLATION DESIGNATING REMAINS LIGHTING AS A REGIONALLY SIGNIFICANT PROJECT IN NEW YORK CITY

Remarks by Mayor Bloomberg at a Public Hearing on Local Laws

“The final bill before me today is Introductory Number 848, sponsored by Council Members Reyna, Comrie, James, Palma, White, Yassky, Gerson, Martinez and Weprin.  Introductory Number 848 authorizes the designation of Aesthetonics Inc, doing business as Remains Lighting, as a Regionally Significant Project.

“The Empire Zones Program was created by the 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 designation.

“Introductory Number 848 will authorize the designation of Remains Lighting as a Regionally Significant Project in New York City.  Remains Lighting manufactures and distributes high-end lighting fixtures and will create 67 new jobs and invest approximately $4 million in capital improvements to their facility in Brooklyn.  In addition to the 67 new jobs, they will relocate 26 existing jobs from Rockland County for a total of 93 new jobs to the City.  With the Regionally Significant Project designation, Remains Lighting will continue to support our City's manufacturing job base.

“I would like to thank Small Business Services Commissioner Rob Walsh and Office of Industrial and Manufacturing Businesses Director Leslie Ramos and their staff for his work on this bill.  I would also like to thank the Council for approving this legislation.



  Contact: Stu Loeser/Evelyn Erskine (212) 788-2958  

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