Adams releases economic development plan

Mayor Eric Adams on Thursday unveiled an economic development plan aimed at accelerating the city’s development plans, providing increased support for small businesses and marketing the city as a tourist destination.

The plan accompanied the announcement of a $140 million investment in the Hunts Point Cooperative Market, the Bronx’s wholesale hub that supplies much of the city’s meat and produce.

Adams said the plan — called “Rebuild, Renew, Reinvent: A Blueprint for New York City’s Economic Recovery” — was part of his administration’s effort to examine how the city’s economy will perform in the wake of the the pandemic, as patterns of travel and commerce change.

“We’re going to take this opportunity to reboot our entire system,” Adams said, speaking at the market.

The plan aims to “significantly increase” the flow of municipal contracts to minority and women-owned businesses, known as M/WBEs, primarily by improving the city’s tracking of such businesses and supporting an existing state proposal to increase the size of a contract the city can award to an M/WBE is $500,000 to $1.5 million.

The plan also states that the city will create a $75 million loan fund for small businesses and increase support for business initiative districts with budgets under $500,000.

The plan also calls for the creation of a municipal task force that will issue recommendations in three months to eliminate inefficiencies in the city’s development process.

“We have to do this because we have to make sure we don’t slow down our economic recovery,” said Deputy Mayor Maria Torres-Springer, who drafted the plan.

The plan also addresses and expands on efforts begun in the last mayor’s administration to improve city services to small businesses, expand worker training and attract investment from large industries like life sciences.

The investment in Hunts Point, made over five years, will direct $100 million to upgrade the 55-year-old facility and $40 million for local infrastructure and open spaces, according to the mayor’s office.

In 2015, former Mayor Bill de Blasio announced a 12-year, $150 million investment in Hunts Point. The city has also applied for federal grants to fund climate resilience projects in Hunts Point, including market flood protection.

Adams’ plan proposes to cut opening hours for small businesses in half, launch an online portal for business needs and add a one-stop ‘concierge’ service for people opening new businesses. – proposals identical to an initiative announced under de Blasio in June 2021.

Adams, who has advocated for office workers to return to city malls and pushed business leaders to accelerate their plans to return to the office, appeared to soften his stance on what future habits might look like. of work.

“It’s going to take us some time to define what” a post-COVID city looks like, Adams said, adding that the city needs to look at the plan’s initiatives, “five-day workweek or not.”