The mayor’s office hopes to entice new industrial development to the city with a $150 million fund for nonprofit and for-profit developers in an attempt to stem the gradual loss of industrial real estate and jobs throughout New York.
Two representatives from the city Economic Development Corporation presented details of the newly established Industrial Developer Fund to the Queens Borough Board Tuesday night at Borough Hall. Borough President Melinda Katz, who heads the board, attended the meeting along with the heads of each community board.
The fund will be a combination of $60 million in taxpayer money with an additional $90 million from private financing. The city wants to encourage the development or renovation of 400,000 square feet of industrial real estate, and the EDC contends the developments will result in as many as 1,200 new industrial jobs by the close of the decade.
EDC Senior Vice President Jeffrey Lee said the fund would be a positive fit for developers who could ensure that opportunities for a living wage job with potential for advancement would be available to members of local communities, including those without a formal education.
How about not rezoning industrial areas for condos?