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FOR IMMEDIATE RELEASE
PR- 187-03
July 14, 2003

MAYOR MICHAEL R. BLOOMBERG SIGNS LEGISLATION EXTENDING INDUSTRIAL AND COMMERCIAL INCENTIVE PROGRAM

Remarks by Mayor Bloomberg at a Public Hearing on Local Law

“The first bill before me today is Introductory Number 520, sponsored at my request by Council Members Weprin, Comrie, Davis, Felder, Seabrook and Stewart.  This bill would extend, for four years, the existing Industrial and Commercial Incentive Program.  The new deadline for applications will be June 30, 2007.  The Industrial and Commercial Incentive Program is one of New York City’s most important economic development tools.  By providing as-of-right real property tax exemptions and abatements, the program encourages building renovations and new construction, which helps to protect and expand the City’s tax base and to retain and create private sector employment.

“The program was created in the mid-1980s and has been modified periodically to address the needs arising from a constantly changing economy and real estate environment. 

“This legislation extends the current program, which provides the deepest benefits in the outer boroughs and for industrial construction.  It also maintains the present benefit schedule for new construction of SMART buildings in Lower Manhattan, while revising the boundaries of the new construction exemption area to exclude the area encompassing the World Trade Center site, which is owned by the Port Authority of New York and New Jersey.”





CONTACT:

Edward Skyler / Jonathan Werbell   (212) 788-2958


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