Testimony last updated December 19, 2006
Testimony to New York City Council Committee on Economic Development Oversight Hearing on Economic Development Incentive Packages
Marnie McGregor
Policy and Communications Specialist, Pratt Center for Community Development
December 19, 2006
Chairman White, Jr. and Committee members, my name is Marnie McGregor from the Pratt Center for Community Development.
First we would like to commend the Committee for convening this oversight hearing, and the leadership of Speaker Quinn. We particularly applaud the Council for passing Local Law 48 last year which significantly helps policy makers and the public better understand the fiscal and employment impacts of economic development deals negotiated outside of the budget process by the IDA & EDC.
In addition, many improvements have been made by the IDA over the past year to make the public process for subsidy proposals more meaningful. In addition, stronger clawback provisions now generally require commercial companies to meet job growth targets in order to receive subsidies.