Preparation of community impact reports for city-subsidized economic development projects.

A local law amending the New York City Charter and the administrative code of the city of New York, in relation to the preparation of community impact reports for city-subsidized economic development projects

The bill requires the Department of Small Business Services or the City’s contracted economic development entity (New York City Economic Development Corporation) to produce a report delineating a quantitative and qualitative analysis of the projected impact of a proposed economic development project on affected communities. Thirty days prior to the approval of the award of an economic development benefit for a project, a community impact report must be prepared and submitted to the Council.