ESD supports Brooklyn Marine Terminal redevelopment amid funding and tourism discussions

The New York State Assembly's Ways and Means Committee convened on February 26, 2025, for a Joint Legislative Budget Hearing focused on Economic Development and the Arts. The meeting addressed several key topics, including local redevelopment projects, funding allocations, and strategies to enhance tourism and support small businesses.

The session began with discussions surrounding the redevelopment of the Brooklyn Marine Terminal. A committee member inquired about the role of the Empire State Development (ESD) in this project, particularly in light of the current uncertainties at City Hall. ESD representatives confirmed their active involvement, stating they are collaborating with the city to support both local and state objectives related to the redevelopment.

The conversation then shifted to the financial aspects of economic development programs. A committee member requested information on the cumulative amount of unspent funds allocated to ESD, emphasizing the need for transparency regarding these resources. ESD officials acknowledged the request and committed to providing a detailed accounting of the unspent funds, noting that the fate of these funds varies by program.

Assemblywoman Griffin raised concerns about the distribution of tourism funds, advocating for a more localized approach to marketing initiatives that could benefit Long Island municipalities. ESD representatives responded that they are already working with various destination promotion entities in Long Island and have provided funding to support local tourism efforts.

The discussion also highlighted the importance of small businesses in the state's economy. Assemblywoman Griffin expressed a desire for more programs aimed at revitalizing downtown areas, suggesting that while large transformative projects are beneficial, smaller initiatives could significantly impact local economies. ESD confirmed that small communities could access funding through the New York Forward program, which is primarily aimed at rural areas.

Senator Chan addressed the challenges New York faces in attracting businesses, particularly in comparison to states like Texas, which are often viewed as more business-friendly. ESD officials emphasized the advantages of operating in New York, including tax incentives for manufacturing businesses, and reiterated their commitment to supporting companies throughout the project lifecycle.

The meeting concluded with a commitment from ESD to follow up on the inquiries raised, particularly regarding unspent funds and the potential for increased support for small businesses and local tourism initiatives. The discussions underscored the ongoing efforts to balance economic development with the needs of local communities across New York State.