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City Announces First Step to Expand Manufacturing Jobs With Innovative Not-For-Profit Industrial Development Fund
Mayor de Blasio took an important step towards more equitable economic development policy last year with the creation of the innovative Not-for-Profit Industrial Developer Fund. Today, the New York City Economic Development Corporation (NYCEDC) announced the selection of the first awardee under this model program, and the project demonstrates how the Mayor’s initiative can have an important impact on expanding quality manufacturing jobs.
Mayor de Blasio took an important step towards more equitable economic development policy last year with the creation of the innovative Not-for-Profit Industrial Developer Fund.
Today, the New York City Economic Development Corporation (NYCEDC) announced the selection of the first awardee under this model program, and the project demonstrates how the Mayor’s initiative can have an important impact on expanding quality manufacturing jobs. With the project, the not-for-profit Greenpoint Manufacturing and Design Center (GMDC) will develop 90,000 sq. ft. of industrial space in Ozone Park, Queens, which will provide new space for 24 businesses that can support 80 living-wage jobs.
ANHD commends Mayor de Blasio and NYCEDC President Springer-Torres for this important step towards equitable economic development policy. GMDC is an exemplary recipient of the Industrial Development Fund because, as a non-profit developer, GMDC is mission-driven to create the maximum public benefit for its community by ensuring the generation of living-wage jobs and fulfilling the full impact of the Fund.
[pullquote]ANHD commends Mayor de Blasio and NYCEDC President Springer-Torres for this important step towards equitable economic development policy.[/pullquote]
GMDC has a strong record of developing and managing industrial sites that allow light manufacturing firms to find a home in New York City, with jobs on GMDC’s sites paying an average salary of $51,000 a year. The new EDC Fund will allow more mission-driven developers to have the same impact, thereby benefiting more New Yorkers. The light-manufacturing sector provides essential job opportunities for many communities to share in the City’s economic growth by allowing economic sectors other than the professional and service sectors – with their stark demographic divide – to thrive.
The manufacturing and industrial sector has long been a ladder leading to equitable economic opportunity for immigrant populations, people of color, and low-income communities. A comprehensive industrial policy is a crucial piece of the puzzle in the City’s effort to reduce income inequality and develop safe, vibrant, and affordable neighborhoods. The City’s industrial policy proposal, with its inclusion of zoning changes and city investments to support this sector, is laying the groundwork for real equitable economic development.
[pullquote]The Industrial Development Fund is a crucial investment into the future of industrial manufacturing in the city, and today’s announcement is an important first step.[/pullquote]
The Industrial Development Fund is a crucial investment into the future of industrial manufacturing in the city, and today’s announcement is an important first step.