Tuesday, March 17, 2026, 12:30 p.m. (New York City time), 250 Broadway - 8th Floor - Hearing Room 3
Committee: Committee on Economic Development
The Committee on Economic Development, chaired by Council Member Virginia Maloney, held a hearing on the Fiscal Year 2027 preliminary budget for the New York City Economic Development Corporation (EDC). Interim EDC President and CFO Jeannie Pac testified alongside staff on major projects including the Kingsbridge Armory, Hunts Point Produce Market, Willets Point, Brooklyn Marine Terminal, modular public bathrooms, city-owned grocery stores, the FIFA World Cup, the NYC Ferry system, and helicopter electrification. Council members questioned EDC on tax incentive efficiency, the discount rate used for multi-year tax breaks, MWBE award rates, ferry ridership, public markets, and the Tin Building food hall. No formal votes were taken; the hearing concluded with public testimony from food access, worker cooperative, labor, and hotel industry advocates.
0:21 Hear me good afternoon welcome
0:21 to the committee on economic
0:24 development at this time we
0:25 ask that you please silence
0:27 all electronics if you wish t
0:27 ofollow the parents card please
0:29 see one of the sergeant arms
0:30 in the back and at no point
0:33 please
0:33 . And at no point no cell
0:34 phones are allowed thank you
0:35 chair you begin all right good
0:44 afternoon and welcome t
0:47 otoday's hearing on the fiscal
0:50 20 27 preliminary budget for
0:51 the New York City economic
0:53 development corporation my
0:54 name is Virginia Maloney and
0:56 I'm honored to chair this
0:57 committee on economic
1:00 development we're joined today
1:02 by my esteemed colleagues.
1:04 Council Member
1:06 . Council Member furious
1:08 Council Member Riley and
1:09 Council Member chanel Thomas
1:12 Henry on zum thank you for
1:14 being here today we're hearing
1:16 from the New York City
1:18 economic development
1:19 corporation on their budget
1:21 including the preliminary
1:22 capital commitment plan and
1:23 updates to the 20 25
1:27 investment projects these
1:28 programs which utilized
1:29 taxpayer dollars should
1:30 support and be well integrated
1:31 with one another to properly
1:34 execute the city's economic
1:36 development and vital
1:37 infrastructure goals today we
1:39 plan to examine to what extent
1:41 that's occurring where
1:42 improvements can be made and
1:44 the overall feasibility of
1:47 preliminary plan e c is the
1:49 city's primary agent for
1:51 economic development and their
1:53 principal mandate is t
1:54 oencourage investment and t
1:56 oattract retain and create jobs
1:58 here in New York City as such
2:01 this committee is interested
2:02 in having a robust
2:03 conversation about how easy c
2:07 budget connects to that larger
2:09 goal of job creation and
2:10 economic development
2:11 strategies for the City while
2:14 maintaining equity and
2:17 equipping historically
2:17 underserved communities with
2:18 tools for long term success
2:19 one of the largest investments
2:24 in to be digging into the
2:26 investments there and how we
2:27 plan to bring growth t
2:29 obusinesses workforces cultural
2:31 organizations and community
2:32 organizations across our City.
2:35 One of the ways e c supports
2:37 the growth of the cities an
2:39 economy and job market is
2:40 through what it calls
2:43 tthe form of tax breaks and tax
2:49 exempt bond financing in
2:52 fiscal year 20 25 each
2:54 provided subsidies to 28 ne
2:57 winvestment projects totaling
3:01 in addition there were over
3:04 400 projects still active in
3:05 fiscal 20 25 some of which
3:08 started in the 90s
3:11 . Clearly these projects can
3:13 have costs that are borne by
3:14 the City over a long very long
3:16 timeframe so for that reason
3:18 it's important that we make
3:19 sure each project provides the
3:21 City and its residents a
3:23 worthwhile return.
3:23 I would also like to hear
3:24 some of the updates about the
3:28 recent investment projects and
3:29 their impact on the budget and
3:32 how their ability to provide
3:34 discretionary tax breaks going
3:37 forward.
3:37 The capital commitment plan
3:40 which will be digging digging
3:42 into includes key investments
3:44 that are that fund for City
3:47 owned grocery stores
3:48 redevelopment of the hunts
3:50 point produce market and
3:51 kingsbridge armory and
3:52 waterfront resiliency
3:54 infrastructure these projects
3:56 serve critical needs within
3:57 our communities from food
4:00 access to transportation t
4:02 osupporting small business and
4:04 workforce development so today
4:05 I would like ed provide the
4:07 committee with information on
4:08 how these investments will
4:09 benefit New York er's who are
4:11 most in need and how the
4:13 corporation has determined
4:14 that this is the most
4:15 effective use of our resources e
4:20 ongoing effort to find savings
4:21 within our City agencies.
4:23 And I would also like
4:28 regarding.
4:28 Revenue contributed by e t
4:29 othe general fund and net
4:32 revenue generated post
4:32 contributions to the general
4:34 fund
4:34 . It is essential that the
4:35 budget that we adopt is
4:38 transparent accountable and
4:39 reflective of the priorities
4:40 and interests of the council
4:41 and the people we represent
4:43 this hearing is a vital part
4:44 of that process I look forward
4:47 to an active engagement with
4:48 the administration over the
4:49 next few months as well t
4:51 oensure that the upcoming
4:53 fiscal 20 27 adopted budget
4:55 meets the goals that the
4:56 council has outset.
4:58 I want to thank the e for
5:00 staff for being here today
5:05 were all hoping that we would
5:06 have a president of the New
5:08 York City economic development
5:10 corporation here and I urge
5:11 the administration to fill
5:13 that position as economic
5:15 development is so critical for
5:16 the future of our City but I'm
5:18 grateful for you all to be
5:20 here today I also want to
5:23 thank the e who's been
5:24 consistently consistently
5:25 responsive to so many of our
5:27 requests we would not be able
5:29 to analyze the city's budget
5:30 at such a detailed level
5:32 without your cooperation so
5:34 thank you and before we begin
5:35 I would like to thank the
5:38 finance staff spencer kun
5:42 hector daniel kroon emory and
5:44 dev and shima overshare for
5:45 their work on this hearing as
5:46 well as the committee staff
5:49 alex polen off and william
5:51 hoenig for their support and I
5:53 would also like to thank
5:55 sophie sekar from my team and
5:57 shelby garner my chief for all
5:58 their work to prepare for this
6:00 hearing and I will now turn it
6:02 over to the committee counsel
6:04 to administer the oath t
6:05 omembers of the administration.
6:07 Thank you chair alex poulain
6:08 ofthe committee council will
6:10 all members of the
6:11 administration testifying
6:12 today please raise your right
6:14 hands.
6:14 Do you swear or affirm to
6:16 tell the truth the whole truth
6:17 and nothing but the truth in
6:18 your testimony today and t
6:20 orespond honestly t
6:21 ocouncilmember member questionsn
6:26 ready good good afternoon chef
6:28 Maloney and members of the
6:30 economic development committee y
6:32 everyone and we really
6:34 appreciate being here my name
6:36 is jeanie pac and I'm
6:37 currently serving as the
6:39 interim president and of the
6:40 New York City economic
6:41 development corporation as
6:42 well as its chief financial
6:43 officer I am here today with
6:45 my chief of staff jen montalvo y
6:50 and community impact josh
6:52 kraus chief infrastructure
6:53 officer and anton frederickson
6:55 and heads of ports waterfront
6:57 and transportation.
6:57 I am excited to share the
6:59 progress we have made over the
7:00 last year we know that to make
7:02 our City more affordable and
7:04 livable livable New York City
7:05 needs a vibrant inclusive and
7:08 globally competitive economy
7:10 at e d c r mission is to build
7:12 just that our work touches
7:13 every corner of the fiv
7:15 eboroughs driving economic
7:16 development and growth we are
7:18 incredibly excited to continue
7:19 and advance this work under
7:22 Mayor mamdani deputy Mayor for
7:24 economic justice Julie sue and
7:25 all of our agency partners in
7:28 City government.
7:28 E d c has maintained a
7:30 strong dedication to promoting
7:32 equitable economic development
7:33 across the five boroughs
7:34 working to ensure that our
7:36 prosperity reaches every New
7:37 yorker who calls our City home d
7:41 principles of economic justice
7:43 through our projects and
7:45 initiatives from developing
7:46 and building thousands of
7:47 units of affordable housing to
7:50 supporting increased economic
7:51 mobility mw b e s and diverse
7:54 entrepreneurship to helping
7:55 businesses open their doors
7:57 and hire locally to creatin
7:59 gjobs that pay well and offer
8:01 security to redeveloping
8:02 assets and neighborhoods so
8:03 New yorkers have cleaner safer
8:06 and greener livable spaces are
8:07 projects have sought to expand
8:11 opportunity and growth across
8:11 the five boroughs we continue
8:14 this work today why my while
8:16 my title be interim we have
8:18 already hit the ground running
8:18 on a number of different
8:21 initiatives initiatives under
8:22 the mamdani administration
8:24 including launching an rfp
8:25 last month for modular
8:26 restrooms across New York City t
8:31 opublic bathrooms
8:31 . We are also in conversations
8:33 with the administration and
8:34 how ed can support the public
8:37 groceries initiative across
8:38 the five boroughs increasing
8:40 food affordability to all New
8:42 yorkers all of our efforts are
8:44 guided by and implemented
8:45 through four strategic pillars g
8:49 neighborhoods as places t
8:51 olive learn work and play
8:52 . At e d c we are committed t
8:55 omaking neighborhoods places
8:56 where New yorkers can live
8:57 learn work and play this means
8:59 everything from planning
9:00 affordable housing projects
9:01 that support families staying
9:02 in New York City fostering
9:05 industries of the future t
9:06 opromote job growth through the
9:09 five boroughs constructing
9:10 open spaces for children t
9:11 oplay and partnering with local
9:12 communities and cultural
9:14 organizations to grow
9:16 community oriented facilities
9:18 and programming
9:19 . At e d we do projects big
9:20 and small through the fiv
9:22 eboroughs I will now take you
9:24 through a quick tour of the
9:25 five boroughs and hit on some
9:26 of the work we are doing for
9:28 New York.
9:29 Er's starting in the bronx
9:30 last our ambitious plan t
9:33 otransform kingsbridge armory
9:34 was approved by the City
9:36 council from a training ground
9:37 for troops during the first
9:39 world war to distributing
9:40 supplies after hurricane Sandy
9:41 and during covid-19
9:43 kingsbridge armory has served
9:44 216 million in City state ande
9:53 federal investments this
9:53 transformation of the
9:54 kingsbridge armory will
9:56 deliver 500 units of a hundred
9:58 hundred permanently affordable
9:59 housing so more families and
10:00 working people in the bronx
10:02 have an affordable home in
10:04 addition the redevelopment
10:05 will deliver a state of the
10:07 art venue space for
10:09 entertainment recreational
10:10 cultural community and
10:11 commercial spaces as well as
10:13 an industrial manufacturing
10:14 space to the neighborhood
10:16 making it a world class
10:18 destination for entertainment
10:19 work and play in our City.
10:21 And importantly it will
10:22 increase 3600 jobs with a
10:24 focus on local jobs delivering
10:26 good paying careers to bronx
10:29 residents moving to hunts
10:30 point in we announced an
10:32 historic agreement to advance
10:33 the redeveloped redevelopment
10:34 of the hunts point produce
10:36 market the redevelopment
10:37 envisions a New fully electric
10:40 and modernized facility which
10:41 will continue to bring
10:43 affordability and healthy food
10:44 to New York er's who need it
10:46 most as well as preserve
10:48 thousands of good paying jobs
10:50 and dramatically improve the
10:51 quality of life for an
10:53 environmentally overburdened
10:55 community by eliminating the
10:56 diesel fueled refrigerant
10:57 refrigerated trucks that sit
10:58 idle at the market hunt's
11:00 point is a critical component
11:01 of the city's food supply
11:03 chain and it's redevelopment
11:04 will help protect and
11:06 strengthen the city's food
11:08 security last we progressed
11:10 another key link in our blue
11:12 highway network while removing
11:14 a painful relic of the past
11:15 with a long awaited
11:17 dismantling of the vernon c
11:18 bang jail barge at hunts point
11:20 in its place we will build a
11:22 gateway to a cleaner future.
11:23 The hunts quaint marine
11:25 terminal which will move goods
11:27 like fish meat and produce
11:29 from ships onto barges and
11:31 ferries for last mile delivery
11:33 across the five boroughs both
11:34 bolstering our food security
11:35 while getting trucks off the
11:37 streets and getting healthy
11:38 food to New York er's faster
11:39 making the entire bronx area
11:42 more sustainable while also
11:44 generating good paying jobs in
11:46 maritime and the green economy
11:47 and we are expanding access t
11:49 ojobs that provide economic
11:50 security in the bronx through
11:52 the hunts point economic
11:54 mobility network last we named
11:55 the greater hunts point
11:57 economic development
11:58 corporation to lead this $1.
12:02 4Million investment that
12:03 connects the local workforce
12:04 to good paying jobs and future
12:05 focused industries like the
12:06 green economy and tech and
12:10 partners with countless local
12:11 businesses and organizations
12:13 turning to the world's borough
12:14 queens e d c is transforming
12:16 this valley of ashes at will
12:18 its to a place where New York
12:19 er's and families can thrive
12:20 for generations to come at the
12:22 core of this transformation is
12:24 the creation of 250100%
12:29 affordable homes the largest
12:30 affordable housing project New
12:31 York City has seen in over 4
12:33 0years.
12:34 We are re imagining and
12:35 rebuild rebuilding this
12:36 neighborhood into a vibrant
12:37 and modern urban hub with more
12:39 than 40000 square feet of
12:42 public open space a New public
12:44 school and more housing last
12:46 month the housing lobby for
12:47 the first 880 units closed and
12:50 we anticipate or anticipate
12:51 New yorkers to be opening the
12:52 doors to their New homes this
12:54 spring and soon the world
12:56 sports will come to the
12:57 world's borough with the fully
13:00 electric privately financed at
13:02 t stadium scheduled to be
13:03 ready to welcome the for the
13:07 20 27 ml l s season and open
13:09 to the world for the 202
13:12 8olympics
13:12 . And as I'm sure most of you
13:14 have seen recently the Mayor
13:15 took a trip down to washington
13:18 to discuss a transformative
13:20 housing project sunnyside yard g
13:24 conversations with the Mayor
13:24 and his administration about
13:27 the previous sunnyside
13:28 yardmaster master plan and we
13:29 are looking forward to
13:31 identifying important next
13:31 steps for this project with
13:34 City Hall and our federal
13:35 state and local partners we
13:37 were working closely with the
13:39 communities surrounding
13:40 sunnyside yard to ensure that
13:41 any future plans reflect and
13:43 uplift their needs and
13:44 priorities
13:45 . Moving to brooklyn last the
13:47 brooklyn marine terminal task
13:48 force after more than a year
13:51 of robust robust public
13:53 engagement advanced an