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New NYC Non-Profit Industrial Fund
By: Benjamin Dulchin
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The de Blasio Administration has made a major commitment to preserve and expand the City's industrial sector, a key source of good jobs throughout the five boroughs, and an important part of the Mayor's forwarding-thinking vision for equitable economic development. With low barriers to entry and real career pathways, industrial and manufacturing jobs, whose average wages are twice that of the retail sector, are a crucial avenue of opportunity and equitable economic development for low-income communities.
City Launches Innovative Financing Program to Expand Quality Industrial Jobs with Not-for-Profit Developers
The de Blasio Administration has made a major commitment to preserve and expand the City's industrial sector, a key source of good jobs throughout the five boroughs, and an important part of the Mayor's forwarding-thinking vision for equitable economic development. With low barriers to entry and real career pathways, industrial and manufacturing jobs, whose average wages are twice that of the retail sector, are a crucial avenue of opportunity and equitable economic development for low-income communities.
Now, the City's Economic Development Corporation (EDC) has released an important new tool to achieve this vision by issuing a Request for Proposals for a Not-for-Profit Industrial Developer Fund. This Fund aims to increase the capacity of not-for-profit organizations to develop industrial real estate and support the growth of a more robust mission-driven industrial development ecosystem. 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 Not-for-Profit Industrial Developer Fund is an innovative program model and an important achievement for de Blasio Administration. The fund will allocate up to $41 million of City capital - and $150 million of total support - for not-for-profit developers that plan to acquire, construct, and/or renovate industrial real estate in the city. Not-for-profit developers share the Mayor's values of equitable economic development, and because they are mission-driven to create the greatest benefit for the community, not-for-profit developers are uniquely positioned to use the Fund to increase the supply of affordable industrial real estate with an intentional strategy of maximizing the number of quality jobs for the communities that most need them.
The Fund's goal is to catalyze private-sector financing by providing three financing tools: 1) City capital, 2) a credit-enhancing guarantee backed by EDC, and 3) a low-interest subordinate loan from EDC. Because EDC is building a new program model, it has created an especially flexible approach with this RFP. Responses to the RFP will be reviewed by EDC on a rolling basis, beginning on March 29, 2016. EDC recognizes that the respondent may not have a signed contract of sale with a property seller or an existing vacant industrial property to renovate at the time of proposing. EDC will consider other sites and properties identified by selected respondents within the same geographic bounds or a similar size, scope and purpose should the original sale or identified property fall through. The timeframe to identify a new property project will be one year.