NYC to launch $150M fund for manufacturing projects

By Sally Goldenberg, for Politico

Mar 04, 2016

Developers are being invited to compete for a slice of a $150 million pie for industrial projects run by the New York City Economic Development Corporation.

The agency on Thursday will launch the NYC Industrial Developer Fund, which will combine $60 million in taxpayer money with $90 million in private financing that an agency spokesman said would be secured as projects get approved.

The fund is intended to create 400,000 square feet of new or renovated industrial space, with an emphasis on nonprofit developers who are looking to build in the outer boroughs, the spokesman, Anthony Hogrebe, said. A formal solicitation seeking bidders has been issued.

The fund is part of the de Blasio administration's broader push to expand manufacturing spaces throughout the city. EDC anticipates the program will create up to 1,200 jobs by 2020.

The agency also announced the six winners of another project, known as Futureworks NYC Growth Initiative. That funding — $30,000 for each of the winners — will go to the cost of financing manufacturing space in the city.

Overall, the mayor hopes to create more than 20,000 jobs through these initiatives.

Read more about Futureworks award winners.

 

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