Mayor Bloomberg Signs Legislation to Reflect Structural Changes at the City’s Economic Development Corporation

November 19, 2013

Remarks by Mayor Michael R. Bloomberg at a Public Hearing on Local Laws

“The final bill before me is Introductory Number 1166-A, sponsored by Council Members Koslowitz, Chin, Comrie, James, Koo, Rose, Gennaro, Barron and Williams. Introductory Number 1166-A amends the New York City Charter to reflect technical changes made to the structure of the New York City Economic Development Corporation and sets reporting requirements in the event that EDC makes expenditures for lobbying activities to a person or organization.

“Last November, to ensure greater clarity in EDC’s role to advance economic development activity throughout the City, EDC restructured its corporate form. Under the restructuring, the New York City Economic Development Corporation remained a non-for-profit corporation and a second entity, the New York City Land Development Corporation, was created to purchase and lease city-owned real property for the benefit of EDC. This corporate structure allows for EDC to continue its economic development activities while also being given the ability to advocate and promote projects before elected officials and the general public.

“Introductory Number 1166-A requires that in the event EDC makes expenditures to a person or organization to engage in lobbying before the Council or other public bodies, the details of these expenditures must be included in quarterly reports submitted to the City Council. The legislation makes a clear exemption for any expenditures made for professional services such as urban planning, scientific, technical, or legal advisement. In addition, the legislation updates the New York City Charter to reflect the changes made to EDC’s corporate structure.

“I would like to thank EDC President Kyle Kimball, New York City Corporation Counsel Michael Cardozo, and their staff for their work on this bill along with my Office of City Legislative Affairs. I also want to thank the City Council for approving this legislation.”

Contact: Marc LaVorgna/Evelyn Erskine (212) 788-2958