NYC Development Officials Tout Excelsior Program In Creating Jobs

NEW YORK CITY-As municipalities, counties and state agencies continue to tighten their belts, city and state officials are beginning to accelerate pay-for-performance development plans as a means to create jobs and capital investments in the New York region.

Evidenced by deals like Fresh Direct moving from Long Island City to the South Bronx, Cornell and Technion University’s new Roosevelt Island campus and the redevelopment of Homeport on Staten Island’s North Shore, local leaders at the Real Estate Board of New York’s members luncheon on March 8 said more companies are getting public money to establish businesses and new facilities in New York State in exchange for promises of job and tax ratable growth over a sustained period of time – or else, they lose those dollars.