“The sixth bill before me today is Introductory Number 940, sponsored at the request of the Administration by Council Members White, Comrie, Garodnick, Liu, Sears and Weprin.  Introductory Number 940 expands the Chinatown/Lower East Side Empire Zone to include the East River Science Park.

“The Empire Zones Program was established in 1986 to benefit certain areas of New York State that face long-term unemployment and pervasive poverty.  Empire Zones are designed to stimulate private investment, business development and job creation through a variety of incentives offered by New York State in the form of wage, real estate, sales and investment tax credits among others.     

“When completed, the East River Science Park will be the City’s first commercial bio-science research facility, providing lab space for our growing biotech industry and creating 2,000 permanent and 1,800 construction jobs, all while serving to diversify the local economy.

“By extending the boundaries of the Chinatown/Lower East Side Empire Zone to include the East River Science Park, businesses that locate there will have the opportunity to participate in the Empire Zone Program, providing essential benefits to keep the City competitive relative to bio-science parks in other cities.

“New York City’s assets for building a commercial biotech industry are unmatched by any other region, but the lack of available wet lab space and the high cost of real estate have been impediments to facilitating this growth.  With this expansion of the Chinatown/Lower East Side Empire Zone, the East River Science Park will address both of these barriers while providing benefits to the surrounding community and existing Empire Zone.

“I would like to thank Economic Development Corporation President Seth Pinsky and Mayor’s Office of Industrial & Manufacturing Executive Director Leslie Ramos and their staff for their work on this bill.  I would also like to thank the Council for approving this legislation.”