ABO Developments - Fall 2014 - (Page 8)

EDC President Kyle Kimball Talks to ABO Members Everything You Wanted Know About the Economic Development Corp. K EDC president Kyle Kimball speaks at the ABO June Luncheon BY S T E V E N C U T L E R yle Kimball, president of the Economic Development Corporation, explained at ABO's June luncheon the EDC's broad plans for economic revitalization and real estate development in New York City. He also detailed how EDC will work with developers to fulfill Mayor de Blasio's goal of creating 80,000 new units of affordable housing. Kimball has served with the Economic Development Corporation since 2008. He was named EDC president in 2013 by Mayor Bloomberg and was reappointed by Mayor de Blasio. Introducing Kimball, Alan Friedberg, a longtime EDC board member and ABO director, said, "Kyle's efforts have included overseeing billions and billions of dollars in capital investments, improving and creating new parks, area-wide redevelopment projects and bringing new housing, infrastructure and job opportunities to neighborhoods in the five boroughs." The Scope of the EDC Beginning with an overview of the workings of the vastly complicated Economic Development Corporation, Kimball said, "We have our fingerprints on just about everything going on in the city." The EDC's capital construction group performs some $1 billion in city-funded construction, he said, "everything from 8 | A B O D E V E L O P M ENTS * www.abogny.com helping the DEP with modernizing its sewer system to different tree pits, to renovating the Loew's Kings theater in Brooklyn, to a park in Queens. You name it, we have been involved on the capital construction side." "We are a real estate developer," said Kimball. "We buy and sell land on behalf of the city to stimulate economic development - the best cases being Willets Point and the High Line. And we also work to retain and grow companies, for example, moving Jet Blue to Long Island City, helping them discover a new neighborhood and to brand their company so they can grow here in the city." actually a profit center for the city. Every year we give back about $90 million of our gross revenues." The construction and asset management groups pay for the corporation's operating expenses and finance its third business, the Center for Economic Transformation, a think tank and consulting group focusing on ways to revitalize the city's economy. "We are a real estate developer. We buy and sell The land on behalf of the city to Management stimulate economic development Group The EDC's Asset - the best cases being Willets Point Management Group and the High Line. And we also work manages about 60 million square feet to retain and grow companies, for of space on behalf of example, moving Jet Blue to Long Island the city, said Kimball, "predomina ntly City, helping them discover a new industrial space used neighborhood and to brand their for modern manufacturing and in some cases company so they can grow here old-fashioned manufacturin the city." ing and industrial uses." The EDC does not receive - Kyle Kimball any money for its operation from the city, said Kimball. "Instead we are http://www.abogny.com

Table of Contents for the Digital Edition of ABO Developments - Fall 2014

A Message from ABO Executive Director Dan Margulies
EDC President Kyle Kimball Talks to ABO Members
Rick Chandler Named Head of the DOB
New Labor Rules Affecting Builders: The Living Wage Act
The Fair (?) Housing Act: When Laws Collide
New Member Profile: Tom Szczepaniak
Index of Advertisers

ABO Developments - Fall 2014