New York City Sandy Neighborhood Game-Changer Investment Competition

New York City economic Development Corp. is requesting proposals from qualified firms or individuals to establish programs to “catalyze significant long-term economic growth” in five areas impacted by Hurricane Sandy. See here.

The RFP process is described by the EDC as:

“NYCEDC is requesting proposals from qualified individuals, organizations or companies to execute projects and/or programs that will catalyze significant long-term economic growth in one of the following five areas impacted by Hurricane Sandy: the East and South Shores of Staten Island, Southern Manhattan, Southern Brooklyn, the Brooklyn-Queens Waterfront, and South Queens (collectively, the “Impact Areas”).

Respondents selected by NYCEDC will receive an award of up to $18 million in Community Development Block Grants for Disaster Relief to support their proposed project. It is anticipated that projects funded in connection with the competition would take place on privately-controlled sites within the identified Impact Areas. A successful proposal should demonstrate the respondent’s capacity to execute the proposed project and meet the following goals:

  • Leverage Award Funds to attractive significant private investment for a capital-intensive project that benefits the Impact Areas;
  • Generate significant economic activity in the Impact Areas by increasing demand for goods and services, improving accessibility to the Impact Areas, expanding the customer base for local businesses, or by other means;
  • Support small businesses in the Impact Areas;
  • Create jobs, particularly for low- and moderate-income individuals; and
  • Complement community goals and City efforts to grow local industries and anchor industry clusters in the Impact Areas.

NYCEDC plans to select multiple respondents on the basis of factors stated in the RFP which include, but are not limited to: the quality of the proposal, the economic impact of the proposed project, job creation that would result from the proposed project, respondent team qualifications and project feasibility.”

Proposals are due in September.

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The opinions expressed on this blog are those of the author and are not to be construed as legal advice.

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