Dept of small business services to require in its contracts with certain not-for-profit corporations that provide economic development services for the city of NY that, before any economic development project is commenced or submitted for approval, such

A Local Law to amend the New York city charter and the administrative code of the city of New York, in relation to requiring the department of small business services to require in its contracts with certain not-for-profit corporations that provide economic development services for the city of New York that, before any economic development project is commenced, such corporations must submit a project description to the speaker of the council; including reporting requirements in such contracts; and repealing paragraphs b and b-1 of subdivision 1 of section 1301 of the New York city charter relating to such reporting requirements and related recommendations

The entity that administers economic development benefits on the City’s behalf is currently the New York City Economic Development Corporation (NYCEDC). Operating under contract with the City of New York, the NYCEDC is the City’s primary engine for economic development for a variety of projects. NYCEDC facilitates investments for major infrastructure upgrades, capital projects and real estate development; manages city-owned properties, and works to boost the City’s major business sectors. This work aims to increase capacity, jobs, employment opportunity within the city. This bill would require that NYCEDC submit a project description and budget for covered economic projects to the Speaker for review and comment at least 30 days before holding a public hearing on the project or, for projects which do not require a public hearing, before the project agreement is executed. This bill also would move these requirements for the City’s contract with EDC from the Charter to a new subchapter of the Administrative Code.