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Economic Development Incentive Packages

Testimony last updated December 19, 2006

Testimony to New York City Council Committee on Economic Development Oversight Hearing on Economic Development Incentive Packages

Marnie McGregor
Policy and Communications Specialist, Pratt Center for Community Development
December 19, 2006

Chairman White, Jr. and Committee members, my name is Marnie McGregor from the Pratt Center for Community Development.

First we would like to commend the Committee for convening this oversight hearing, and the leadership of Speaker Quinn. We particularly applaud the Council for passing Local Law 48 last year which significantly helps policy makers and the public better understand the fiscal and employment impacts of economic development deals negotiated outside of the budget process by the IDA & EDC.

In addition, many improvements have been made by the IDA over the past year to make the public process for subsidy proposals more meaningful. In addition, stronger clawback provisions now generally require commercial companies to meet job growth targets in order to receive subsidies.

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Building in Good Jobs

Report last updated December 7, 2006

In cities around the country, private sector development and public sector support have combined to create building booms in places that only a few decades ago were in seemingly irreversible decline. However, both working poverty and chronic unemployment in central cities remain disturbingly high.

Workforce "linkage" policies present an opportunity to help people make a lasting exit from poverty by tying economic development projects directly to the creation of quality jobs and training opportunities for people struggling to get ahead.

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New Markets Tax Credit: Issues and Opportunities

Report last updated December 9, 2004

The New Markets Tax Credit (NMTC) is the largest new federal subsidy for economic development in depressed areas created in the past thirty years. This report explores how NMTC works and provides some insight into the program, early in its implementation. It includes case studies of ten NMTC deals from around the country, highlighting projects where federal subsidies are making a real difference in low-income areas.

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