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New York City Economic Development Corp.

Bloomberg Breaks Out the Elbow Grease for Wall Street

After Lehman Brothers collapsed last fall, it quickly became clear to the Bloomberg administration that the spiraling economic crisis was going to hit New York especially hard. The financial sector had been the city’s economic engine, driving real wages and estate prices up citywide.

So the Bloomberg administration did what it so often does Read More

Brodsky vs. Bloomberg Over Yankee Stadium Hearing

Assemblyman Richard Brodsky, on a nearly seven-month campaign to battle the issuance of $430 million in additional tax-exempt bonds for the new Yankee Stadium, wants a hearing next week on the project, but the city is not eager to attend.

This morning, Mr. Brodsky sent out a press release announcing that he was holding a Read More

Former EDC Official Fined for Accepting Honeymoon from Contractor

A former official at the city's Economic Development Corporation has been fined for accepting gifts worth thousands of dollars from a private contractor that worked on jobs under his supervision. The city's Conflicts of Interest Board today announced that Nazir Mir, a former vice president for capital construction at the EDC, has been fined $11,500. Read More

Council Majority Drafts Opposition Letter to Bloomberg’s Willets Plan

A majority of the City Council signed a letter firmly opposing the Bloomberg administration's proposed redevelopment plan for Willets Point today, demanding more commitments to below-market rate housing and the creation of a broad relocation plan for the existing workers and employers. The letter, signed by 30 members of the Council, marks the planned 61-acre Read More

At Willets Point, Unusual Uncertainty Over Political Path Ahead

The road to approving a mega-project in New York City often follows a similar formula, with a months-long political dance carried out between the city or developer and local member/members of the City Council. Last-minute compromises and agreements are routine, and once a project starts the city's land-use approval process, defeats are almost without precedent. Read More

City Gets Third Buyout at Willets Point

The city today announced a third deal to buy land at Willets Point, agreeing to acquire 22,000 square feet from Met Metals if the area is rezoned by the City Council. However, the deal leaves a long road left for the city in terms of acquisitions and relocation deals at the 61-acre site next to Read More