History
NYCEDC was formed in 1991 as the result of a merger of two not-for-profit corporations – the Public Development Corporation (PDC) and the Financial Services Corporation (FSC) – which had performed economic development services for the City.
PDC was initially formed in 1966 as an effort to rescue the City from its deteriorating economy by selling City property and leasing industrial space. PDC was responsible for many well-known development projects between 1966 and 1991, including Nassau Street Mall, 42nd Street Development Project, Brooklyn Army Terminal, Jamaica Center, and South Street Seaport.
The FSC was a not-for-profit local development corporation that formed in 1980 to administer government financing programs that promote business expansion in New York City.
Following a 1991 merger, NYCEDC assumed all of the responsibilities of its predecessors and also acquired two new divisions—Maritime Contracts and Business Services and Economic Development.
Read more about this topic: New York City Economic Development Corporation
Famous quotes containing the word history:
“the future is simply nothing at all. Nothing has happened to the present by becoming past except that fresh slices of existence have been added to the total history of the world. The past is thus as real as the present.”
—Charlie Dunbar Broad (1887–1971)
“History is more or less bunk. It’s tradition. We don’t want tradition. We want to live in the present and the only history that is worth a tinker’s damn is the history we make today.”
—Henry Ford (1863–1947)
“The thing that struck me forcefully was the feeling of great age about the place. Standing on that old parade ground, which is now a cricket field, I could feel the dead generations crowding me. Here was the oldest settlement of freedmen in the Western world, no doubt. Men who had thrown off the bands of slavery by their own courage and ingenuity. The courage and daring of the Maroons strike like a purple beam across the history of Jamaica.”
—Zora Neale Hurston (1891–1960)