Schumer, Clinton Outline Economic Recovery Plan For Downtown Manhattan
Senator Charles Schumer and Hillary Rodham Clinton on have sketched out a five (B) billion dollar plan to help the downtown Manhattan economy by creating a special recovery zone. The plan is similar to the ``Liberty Zone'' Governor George Pataki proposed as part of his 54 (B) billion dollar rebuilding plan. Schumer and Clinton say their proposal is still being formulated and key elements, especially dollar figures, could change.
The New York Democrats hope to get their proposal attached to the economic stimulus package in the Senate. The 100 (B) billion dollar plan approved by the House on Wednesday contains no specific provisions for New York. The main components of the Schumer-Clinton plan are: -- Three thousand dollar annual tax credit per employee for businesses south of Canal Street that agree to stay or relocate there. -- Residential tax credits for residents whose primary residence is south of Canal Street to give downtown residents incentives to stay. -- Authority to issue triple tax exempt bonds for redevelopment through the city, state and federal government, which would reduce interest rates for rebuilding. As currently envisioned the bonding authority would apply to all of Manhattan but could be scaled back just for downtown.
(1 posted on 10/26/01 6:16 AM Central by areafiftyone )