City to launch $150M fund for manufacturing projects
Developers are being invited to compete for a slice of a $150 million pie for industrial projects run by the New York City Economic Development Corporation.
The agency on Thursday will launch the NYC Industrial Developer Fund, which will combine $60 million in taxpayer money with $90 million in private financing that an agency spokesman said would be secured as projects get approved.
The fund is intended to create 400,000 square feet of new or renovated industrial space, with an emphasis on nonprofit developers who are looking to build in the outer boroughs, the spokesman, Anthony Hogrebe, said.
A formal solicitation seeking bidders will be issued on Thursday.
The fund is part of the de Blasio administration's broader push to expand manufacturing spaces throughout the city. EDC anticipates the program will create up to 1,200 jobs by 2020.
The agency also announced the six winners of another project, known as Futureworks NYC Growth Initiative. That funding — $30,000 for each of the winners — will go to the cost of financing manufacturing space in the city.
"The industrial and manufacturing sectors provide quality jobs for a wide range of New Yorkers and are critical for a dynamic and inclusive 21st century economy," EDC president Maria Torres-Springer said in a prepared statement. "The Industrial Development Fund and Futureworks NYC ensure that the city's producers have the space, talent, and resources they need to generate an advanced manufacturing revolution in new York."
Overall, the mayor hopes to create more than 20,000 jobs through these initiatives.
The six winners are: Adam Frank Incorporated, Bot Factory, Crated, Inc., Pensa, Poursteady and Sun house.