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.
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.
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