NYCEDC
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| Predecessor |
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|---|---|
| Formation | 1991 |
| Type | non-profit economic development corporation |
|
President
|
James Patchett (2017-present) |
| Website | www |
New York City Economic Development Corporation (NYCEDC) is a not-for-profit corporation that promotes economic growth across New York City's five boroughs. It is the City's official economic development corporation, charged with using the City's assets to drive growth, create jobs, and improve quality of life. The agency has its headquarters in Lower Manhattan.
As of November 2014[update], NYCEDC’s Board of Directors has 21 members. The Mayor directly appoints seven members, including the Chairperson. Ten additional members are appointed by the Mayor from nominees of the Borough Presidents and the Speaker of the City Council. Each Borough President nominates one member and the Speaker of the City Council nominates five. Ten members are appointed by the Chairperson from a list of persons approved by the Mayor. NYCEDC is not a City Agency.
NYCEDC Presidents
Through annual contracts with the City of New York, NYCEDC is a nonprofit organization that serves as the City’s primary entity for promoting and implementing economic development by leveraging the City’s assets to drive growth, create jobs, and improve quality of life.
As of 2007[update], the NYCEDC had a role in setting rates of business taxation, an alternative to the passing of tax legislation. Specifically, the Corporation was charged with negotiating firm-specific tax incentives with businesses as encouragement to either relocate to, or remain in, New York City.
The NYCEDC also:
NYCEDC was formed in 1991 as the result of a merger of two major not-for-profit and a handful of minor corporations which performed economic development services for the City. One of the major merger partners was the Public Development Corporation (PDC), which was formed in 1966 to rescue the City from its deteriorating economy by selling City property and leasing industrial space. PDC was responsible for construction of the Nassau Street Mall, the Brooklyn Army Terminal, Jamaica Center, and the South Street Seaport, among other activities. The second major merger partner was the Financial Services Corporation (FSC) which had been formed in 1980 to administer government financing programs that promote business expansion in New York City. Formation of the NYCEDC followed recommendations from the consulting firm McKinsey & Company, who had been engaged in mid-1990 to "advise on the reorganisation of the NYC development system.
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