The New York City Economic Development Corporation (NYCEDC)
“Leveraging Assets and Driving Development”
The New York City Economic Development Corporation (NYCEDC), was formed in 1991, after the consolidation of two major not-for-profit corporations. The first was the Public Development Corporation (PDC), which was established in 1966 to preclude the City’s economic deterioration, by leasing industrial spaces, selling City properties and administering a number of constructions in the five-boroughs. Subsequently retaining, revitalizing the economy and proliferating employment. The second was The Financial Service Corporation (FSC), established in 1980, and their primary objective was to administer and implement government financed programs that promotes the expansion of business in New York City. In 2012 the New York City Economic Development Corporation (NYCEDC), merged with New York City Economic Growth Corporation.
NYCEDC is the central part of the City’s driving vehicle for promoting economic development and growth in the five boroughs. There objective is centered around stimulating and increasing upward growth, expansion and redevelopment programs, one that will influence investments, generate a prosperous City and strengthen the economy. NYCEDC, Mayor Bill de Blasio, IBM, and Gust recently unveiled a private-public partnership to createDigital.NYC, an invaluable tech ecosystem for the City.
Having NYCEDC and the Mayor’s Office included in the partnership has yielded an enterprise level internet platform, a private sector team focused and dedicated to the improvement that would provide an invaluable benefit that would accelerate the City’s economic development.