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:
“A great proportion of the inhabitants of the Cape are always thus abroad about their teaming on some ocean highway or other, and the history of one of their ordinary trips would cast the Argonautic expedition into the shade.”
—Henry David Thoreau (1817–1862)
“What is most interesting and valuable in it, however, is not the materials for the history of Pontiac, or Braddock, or the Northwest, which it furnishes; not the annals of the country, but the natural facts, or perennials, which are ever without date. When out of history the truth shall be extracted, it will have shed its dates like withered leaves.”
—Henry David Thoreau (1817–1862)
“Racism is an ism to which everyone in the world today is exposed; for or against, we must take sides. And the history of the future will differ according to the decision which we make.”
—Ruth Benedict (1887–1948)