Establishes an economic grant program for the Second Avenue Subway construction project area

Showing the cosponsors who are on Agora, A to Z. The official record may list more.

• Democratic4

Shown in neutral colors by design; Agora is non-partisan.

◆ The sponsor's argument

Why José M. Serrano says this is needed

The East Side of Manhattan is currently undergoing one of the most significant construction projects in decades -- the creation of the long-awaited Second Avenue subway. The construction has begun and will eventually run through parts of eight Assembly Districts. While the Second Avenue Subway will eventually bring much needed transportation improvements to the East Side, it is currently having a substantially negative effect on local businesses. Some establishments in the heart of the initial construction area have lost 20 to 30 percent of business, while others have closed permanently. The businesses that are still around continue to cling on to the limited amount of business that is scarcely around. With the subway construction still underway, all busi- nesses in the area are facing financial hardship. This bill would create a Second Avenue Subway construction economic development grant program for the purpose of providing financial and technical assistance to small and micro businesses located within the area where construction is taking place. Assistance would be provided for projects such as capital improvements, marketing and advertising, as well as emergency funds for endangered businesses. Thus, any grants from this program would be funneled right back into the New York City econo- my. The completion of the Second Ave. subway line is projected to be completed within the next five years. Financial assistance to these businesses will help assure that these businesses may still be around to enjoy the spike of customers that the new subway line is projected to attract.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.