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
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“History takes time.... History makes memory.”
—Gertrude Stein (1874–1946)
“Regarding History as the slaughter-bench at which the happiness of peoples, the wisdom of States, and the virtue of individuals have been victimized—the question involuntarily arises—to what principle, to what final aim these enormous sacrifices have been offered.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“In front of these sinister facts, the first lesson of history is the good of evil. Good is a good doctor, but Bad is sometimes a better.”
—Ralph Waldo Emerson (1803–1882)