MAYOR GIULIANI WORKS WITH MANAGEMENT AND UNIONS TO CREATE JOBS FOR NEW YORK CITY
-- Announces Retention and Promotion of Union Jobs --
Mayor Rudolph W. Giuliani and Deputy Mayor Randy Levine were joined by local Management and Union leaders today at City Hall to announce the retention and promotion of Union-related jobs in New York City.
The Mayor announced that Eagle Electric Company, one of Queens' largest employers, has committed to retaining its operation in Long Island City, Queens, thereby preventing almost 1,000 Union jobs from leaving the City. Eagle Electric had explored relocating its New York operations to North Carolina. Instead, the company expects to bring more manufacturing business to New York and build on this economic development momentum with the move of a major production plant from North Carolina to Long Island City.
Through the Industrial and Commercial Incentive program, Eagle Electric will be eligible for a 50 percent per year reduction in land and building taxes for an initial four year period, followed by an eight year phasing out period which will bring $2.05 million in net present value (NPV) to the company. In addition, through the Industrial Development Agency (IDA) Eagle Electronic will receive an additional $1.7 million NPV in real estate tax benefits. Full taxes will eventually resume as the abatement is fully phased out at ten percent every two years.
With prior assistance from the Economic Development Corporation (EDC), Eagle Electric had already received $2.4 million in NPV benefits over a 15-year period that began in 1992. EDC will now be providing additional benefits to the company through the Energy Cost Savings Program, which could provide more than an additional $1.6 million in NPV benefits over the next 12 years. Through the IDA Eagle Electric will also be exempt from paying sales tax when purchasing construction materials, equal to an 8.25 percent savings. The amount will be determined once Eagle Electric provides EDC with an estimate of planned expenses.
If Eagle Electric qualifies, through its Employee Training Grant the Empire State Development Corporation (ESDC) will provide up to 50 percent of the cost of trainers and training materials used to retrain current employees who would have been otherwise terminated due to improved plant automation. In addition, if Eagle Electric creates up to 300 jobs it may qualify for a grant of up to $1 million through the Jobs Now Program administered by the ESDC. This is a major victory for the City, and the latest manifestation of its intelligent, sensible, and creative approach to business retention.
Following the intervention of Mayor Giuliani the dispute between WSA Equities and the Building and Construction Trade Unions was resolved last month. As a result of the agreement, WSA Equities has agreed to four years of union participation in construction of their properties under section 421. The agreement benefits both parties and allows for construction at 80 John Street to be completed. WSA Equities' conversion of this address in lower Manhattan into a luxury high-rise apartment building is part of Lower Manhattan's historic resurgence. 80 John Street is contributing to lower Manhattan's status as not only the financial capital of the world and the hub of new media, but also as a budding new residential area.
Finally, the Mayor announced that the filming of "The Joe Torre Story," previously scheduled to be filmed in its entirety in Toronto, Canada, will now be filmed for eight and a half days in New York City. Following concerns from the Film Production Unions the Mayor worked with Showtime and the New York Yankees to ensure that a portion of the filming would take place in the City. Over the past four years film production shooting days have increased by 142%, increasing from 1,715 in 1993 to 4,147 in 1996. Television production shooting days have increased 79% from 3,598 in 1993 to 6,439 in 1996. In 1996 alone, film and television productions spent over $2.2 billion in the New York City. This increase has brought millions of dollars to the City and has often acted as the City's best public relations tool, drawing thousands of tourists each year to see in person what they've seen on television or in the movie theater.
"Today is Labor Day in New York City," said Mayor Giuliani. "Following the efforts of Deputy Mayor Levine we have ensured that jobs previously slated for North Carolina and Canada will remain in New York. Since 1993 we've created over 170,000 new private sector jobs. Total City employment for the first seven months of 1997 is up 45,200 -- compared to 29,700 jobs increase during the same period last year. If this rate of growth continues, in 1997 New York City will experience its largest increase in employment in 13 years. Today's announcements continue to reinforce our commitment to creating and retaining jobs for all New Yorkers."
Contact Us | FAQs | Privacy Statement | Site Map