Committee on Economic Development meeting
March 17, 2026, 12:30 PM
The Committee on Economic Development held its FY2027 preliminary budget hearing on the Economic Development Corporation. The committee took testimony and recorded no votes.
What was discussed
- Opening and swearing in for the EDC budget hearing Chair Virginia Maloney opened the Committee on Economic Development's FY2027 preliminary budget hearing on the Economic Development Corporation, and committee counsel swore in the EDC witness panel.
- Interim President Jeanny Pak's opening testimony on EDC's preliminary budget EDC Interim President and CEO Jeanny Pak gave an overview of the corporation's work and FY2027 preliminary budget, describing EDC as a self-sustaining nonprofit that manages city assets and economic-development programs.
- Are any EDC projects being deprioritized, and how is EDC tracking the economy and its M/WBE targets? Chair Virginia Maloney asked about delayed projects and performance metrics; Interim President Jeanny Pak said no projects are being deprioritized, that EDC's research group publishes a monthly economic snapshot (last issued in January), and that EDC remains on track for its 35% M/WBE award-rate
- Are EDC's tax incentives effective, and how was the project discount rate set? Finance Chair Linda Lee questioned tax-expenditure efficiency and the discount rate; Interim President Pak said EDC reviews every transaction, uses a 6.25% discount rate to stay aligned with OMB, and would follow up on whether the rate should be reviewed on a regular schedule.
- How is EDC implementing the Chief Savings Officer and PEG savings target? Council Member Linda Lee asked about the citywide savings mandate; Interim President Pak said EDC, like other agencies, appointed a Chief Savings Officer with a 1.5% target for FY26, and is not changing tax expenditures or counting revenue loss as part of the savings effort, noting EDC is
- Why is the modular public bathroom program funded as expense rather than capital, and what will it cost? Chair Maloney and Council Member Kevin C. Riley pressed on the $4 million modular bathroom procurement; Interim President Pak said modular bathrooms are not capital-eligible under strict requirements, that the $4 million one-year contract covers bathrooms across all five boroughs, and that siting is
- When will helicopter traffic be replaced by electric eVTOL flights, and what's the plan for the East 73rd Street site? Council Member Gale A. Brewer pressed on helicopter noise and the East 73rd Street site; Senior Vice President Anton Fredriksson described demonstrated piloted electric eVTOL flights and a joint NY/NJ effort with potential progress by year's end, while Interim President Pak said EDC will redevelop
- How much revenue does the 34th Street heliport generate, and who funds its rehabilitation? Senior Vice President Anton Fredriksson told Chair Maloney that the city owns the 34th Street heliport and EDC manages it through the maritime contract, that fees are structured as the greater of a flat or per-use amount, and that operator Atlantic Aviation is responsible for investment in the
- How is EDC supporting small business and phasing the $405M Hunts Point produce market modernization? Council Member Kevin C. Riley asked about small-business engagement and Hunts Point; Interim President Pak said small businesses are the backbone of the economy and that the roughly $405 million Hunts Point produce market will be rebuilt as an all-electric facility, with Chief Infrastructure Officer
- How is EDC preparing sites and partnerships for the FIFA World Cup? Chair Maloney asked about World Cup readiness; Interim President Pak said EDC is working closely with the city's World Cup czar and the Mayor's Office to activate sites, estimated about $3.3 billion in economic activity, and said EDC had not done its own independent projection.
- What is EDC doing on equity, the tech sector, and childcare access? Responding to questions on equity and economic growth, Executive Vice President Shehila Stephens and Interim President Pak described EDC's equity and community-impact commitments, the importance of the tech sector to diversifying the economy, and affordable childcare as essential to the city's
- What is the status of Willets Point Phase 2 and the Sunnyside Yard redevelopment? Council Member Shanel Thomas-Henry asked about Willets Point and Sunnyside Yard; Interim President Pak said Phase 2 includes a public school and committed to follow up on the timeline and the remaining privately held acreage, and described Sunnyside Yard as a generational redevelopment, taking note
- How is NYC Ferry ridership trending and what new routes are planned? Council Member Shanel Thomas-Henry and Chair Maloney asked about ferry service; Chief Infrastructure Officer Josh Kraus said new routes have already been implemented, ridership has reached record highs, and EDC is studying new terminal sites and federal Highway funding while weighing a two-day
- How is EDC supporting Brooklyn and East New York development, battery storage, and M/WBEs? Council Member Chris Banks asked about Brooklyn investment; Interim President Pak said East New York battery-storage projects are incentivized through EDC's IDA, that EDC supports small businesses through its assets, and that EDC sets a 30% M/WBE goal on projects it manages, committing to follow up
- Is EDC meeting industrial tenants' needs, and what's the plan for the Brooklyn Marine Terminal? Council Member Alexa Avilés questioned industrial tenancy and the Brooklyn Marine Terminal; Interim President Pak said one in three tenants at EDC's industrial assets fit its target profile, that EDC operates and maintains assets as a nonprofit, and that a new entity (BMTDC) would operate and
- How will the $70M City-owned grocery stores work, and will they need ongoing subsidies? Chair Maloney probed the city-owned grocery initiative; Interim President Pak said the $70 million funds five stores, one per borough, focused on food affordability, run by a third-party operator, and acknowledged the development plan, criteria, community-impact analysis and long-term subsidy
- How does EDC enforce development commitments at the Tin Building and Seaport? Chair Maloney asked about enforcement at the Seaport's Tin Building; Interim President Pak said the operator stayed within the original agreement, the food market will remain open seven days a week, and that EDC took a close look at changes such as the Balloon Museum, noting the Seaport
- Workforce, worker-justice and economic-empowerment advocates Advocates including Noah Meixler (Consortium for Worker Education), Ligia Guallpa and Jorge Xoyalta Rojas (Workers Justice Project), Yesmin Vega (Hispanic Federation) and others urged the committee to fund workforce development, protect immigrant and low-wage workers, and expand economic-empowerment
- Food-access and hospitality-industry testimony Francis Yu (Community Food Advocates), Sarah Bratko (American Hotel and Lodging Association) and Melat Seyoum testified on food-access programs and on policies affecting the hospitality and tourism economy ahead of major events.
Agenda
1 item
- T2026-1362 New York City Council Budget and Oversight Hearings on The Preliminary Budget for Fiscal Year 2027, The Preliminary Capital Plan for Fiscal Years 2027-2030 and The Fiscal 2026 Preliminary Mayor’s Management Report 12:30 p.m. Economic Development Corporation 2:00 p.m. Public Hearing Held by Committee