Establishing a legacy business registry and preservation fund.

A Local Law to amend the administrative code of the city of New York, in relation to establishing a legacy business registry and preservation fund

This bill would require the Commissioner of Small Business Services (“SBS”) to establish a Legacy Business Registry to recognize businesses that have operated in New York City for a minimum of 20 years and that have significantly contributed to the history, identity or character of a neighborhood or community in the City. In order to be part of the Legacy Business Registry, a business would be required to be nominated by the Mayor, the Public Advocate, a Borough President, or a Member of the City Council. In addition, the Commissioner of SBS would consult with the relevant Community Board and the Landmarks Preservation Commission regarding whether a business meets the requirements to be designated as a Legacy Business. The bill would also require the Commissioner of SBS to carry out activities to recognize the contributions of Legacy Businesses to their communities, and to establish a Legacy Business Preservation Fund to award grants to Legacy Businesses and property owners who offer a 10-year lease to a Legacy Business, in cases in which a Legacy Business faces a significant risk of displacement.