Community Update Newsletter

In this issue:
	THOMPSON CALLS FOR MORE TRANSPARENCY AT NYC INDUSTRIAL DEVELOPMENT AGENCY
	THOMPSON SPEAKS OUT AGAINST HATE
	THOMPSON TO HOST AFRICAN-AMERICAN HISTORY MONTH EVENT

THOMPSON CALLS FOR MORE TRANSPARENCY AT NYC INDUSTRIAL DEVELOPMENT AGENCY

View Letter (pdf)

Comptroller Thompson recently presented a plan calling for the New York City Industrial Development Agency (NYCIDA) to increase transparency and accountability, to address concerns over the selection of program beneficiaries. As an agency board member, the Comptroller made his suggestions in a letter to Robert Lieber, Chairman of the NYCIDA and newly appointed Deputy Mayor for Economic Development.

Thompson recommended measures to allow the NYCIDA to improve transparency and efficiency in its communications with board members, improve the application process, and enhance public involvement. The letter is available at www.comptroller.nyc.gov.

“The benefits that the NYCIDA provides to businesses play a vital role in promoting economic development around the city,” Thompson said. “However, we must take steps to ensure that the companies benefiting from these programs meet standards for paying living wages and controlling energy costs. By setting clear guidelines, as well as implementing improved standards of transparency and accountability, the NYCIDA can take steps towards achieving these goals.”

The agency provides financing and incentive programs to encourage and assist companies and not-for-profit organizations to remain and grow in New York City. These programs include providing access to triple tax-exempt bond financing or tax benefits that companies can use to acquire or create capital assets.

In Fiscal Year 2007, the NYC IDA provided over $2.2 billion in tax-exempt bonds on behalf of beneficiaries. These bonds are often coupled with other incentives, such as forgiveness of mortgage recording taxes. The direct cost to taxpayers of all the deals struck in Fiscal Year 2007 ultimately will be $725 million.

Thompson noted that some specific beneficiaries, such as private schools and non-profit organizations, are forced to adhere to socially responsible compliance criteria for living wages and reducing energy consumption, while others are not.

“If non-profit and private school beneficiaries are required to be socially responsible, we can certainly ask the same of for-profit firms,” he added.

THOMPSON SPEAKS OUT AGAINST HATE

Comptroller Thompson condemned recent hate crimes that have occurred in the city, including an attack on a Brooklyn Yeshiva student and the case of an African-American judge who was the subject of an epithet spray-painted in a Brooklyn courthouse.

Thompson also joined Assemblyman Dov Hikind at a press conference announcing the formation of the Black-Jewish Alliance, a coalition established to counter anti-Semitic and anti-Black hate crimes.

“Unfortunately, all too often lately we are hearing about these episodes of racism and hatred seeping into our world,” Thompson said. “These acts should not be allowed to run rampant without yielding the swiftest and harshest of repercussions. The person or persons responsible must be prosecuted to the fullest extent of the law.

“All of us must send a clear message that these deplorable actions—whether they are words spray-painted on our walls or beatings inflicted in our streets and on our subways—must stop now. We cannot let these actions breed fear and hatred. Instead, our words and our actions must build hope and promise.”

THOMPSON TO HOST AFRICAN-AMERICAN HISTORY MONTH EVENT

Comptroller Thompson will host his annual African-American History Month celebration on Thursday, February 28 from 5:30 to 7:30 p.m. at SEIU 32BJ Headquarters, located at 101 Avenue of the Americas (one block north of Canal Street), Manhattan.

To attend, please contact the Office of Special Events at (212) 669-4466 or email eventsrsvp@comptroller.nyc.gov. To arrange accommodations for people with disabilities, call (212) 669-4382. You must reply to be admitted.

Comptroller Thompson at his annual Las Octavitas celebration in January. Pictured (l to r) are City Councilmember Melissa Mark-Viverito; Carmen Villegas, Member/Advocate, Our Lady Queen of Angels Roman Catholic Church; Thompson; and Yolanda Sanchez, Chair, EL BAC–El Barrio Action Coalition.