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The NYCRC has provided over $1.5 billion of capital to fund a wide variety of real estate and infrastructure projects in New York City. To date, 21 economic development projects have successfully utilized NYCRC financing to assist in the construction of over 3.5 million square feet of new development and renovation as well as infrastructure upgrades. [1]
Tax increment financing subsidies, which are used for both publicly subsidized economic development and municipal projects, [2]: 2 have provided the means for cities and counties to gain approval of redevelopment of blighted properties or public projects such as city halls, parks, libraries etc.
On December 15, 2011, that $511 million from the TIGER grant program would fund 46 transportation projects in 33 states and Puerto Rico. [ 6 ] In 2012, the fourth round of TIGER funding—close to $500 million—went to 47 transportation projects in 34 states and the District of Columbia . [ 7 ]
Also in 2017, New York Republican John Faso introduced a bill, H.R. 3977: The Infrastructure Bank for America Act of 2017, which would have established a federally chartered bank to invest in infrastructure projects throughout the country.
The Lower Manhattan Development Corporation was formed in November 2001 by then-Governor George Pataki and then-Mayor Rudolph Giuliani. [2]The LMDC is a joint State-City corporation governed by a 16-member Board of Directors, half appointed by the Governor of New York and half by the Mayor of New York.
In 2002, Congress allocated $132 million for infrastructure projects in New York State, including $14.7 million for East Side Access. [34] A final design for the project was approved in 2002, and the first properties for it were acquired in 2003.
Stonepeak (also known as Stonepeak Partners and Stonepeak Infrastructure Partners) is an American investment firm headquartered in New York City. The firm focuses on investments in infrastructure and more recently real estate. The firm has additional offices in Hong Kong, Houston, London, Sydney and Singapore.
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]