Brooklyn's Progress
April/May 2006

The Greenpoint-Williamsburg Industrial Fund was created through an agreement between the Bloomberg Administration and the New York City Council during the rezoning of Greenpoint-Williamsburg in 2005. The Industrial Business Fund will provide industrial job retention and creation through direct assistance to manufacturing and industrial firms in the form of relocation grants, pre-development expenses, energy cost savings, enhanced production techniques, infrastructure improvements and other special projects.

“The recent creation of the new industrial business zones, coupled with the relocation incentives and the targeted assistance for Greenpoint-Williamsburg firms, represents a clear message of support for NYC’s manufacturing sector” said Randolph Peers, Brooklyn Chamber’s Vice President of Economic Development.  “The Brooklyn Chamber looks forward to working with the City and other stakeholders to ensure manufacturing continues to thrive in the appropriate areas of Greenpoint and Williamsburg.”

About $1.5 million of the Greenpoint-Williamsburg Industrial Fund will be used to help firms relocate. $800,000 will help existing manufacturers cut energy costs and pollution, and improve air quality. The initiative will also

• cover pre-development costs, infrastructure repairs and site preparation costs for nonprofit groups interested in developing real estate for industrial and manufacturing uses.
• $350,000 for area-wide improvements in the Greenpoint-Williamsburg industrial areas.
• $300,000 in business retention assistance for existing Greenpoint-Williamsburg firms.
• $200,000 for manufacturing and industrial firms to improve production techniques and re-configure factory floor layout to save time and money.
• $50,000 to create a showroom space for Greenpoint-Williamsburg furniture manufacturers. 

Businesses and organizations eligible for assistance will be able to find details posted on IMB’s Web site at www.nyc.gov/imb.