"In my first State of the City speech four years ago, I quoted President Kennedy's famous advice that 'the time to fix the roof is when the sun is shining,' " Quinn said Thursday. "Well, right now the sun isn't shining. But that doesn't mean that if the rain is pouring in, you just sit around getting wet. We can't afford to wait for more sunny days to continue strengthening the foundations of our economy."

Following the example of the successful CONNECT program in San Diego, Quinn proposed New York City High Tech Connect, which she described as "a one stop shop for entrepreneurs, and a catalyst for the high-tech industry." The High-Tech Connect program is intended to pair start-ups with experienced entrepreneurs, help them write a business plan and connect them to funding and workspace.

A second new program, Municipal Entrepreneur Testing Service, is intended to help new clean-tech companies get their start here, said Quinn. The METS program will allow tech startup companies to test products like solar panels and energy efficient light bulbs in city-owned buildings before bringing the products to market.

Quinn also announced a commitment from "some of the top investors in New York City" to invest in the renewable energy sector. It's part of the Renewable Energy Investment Initiative, which will be chaired by David Arena, chairman of the tristate region for Grubb & Ellis.

Additionally, Quinn proposed a tax credit that would exempt small retailers from the city's corporate tax. She said approximately 19,000 small retailers would be eligible for this credit, each saving up to $3,400 a year.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.