Post on 07-Feb-2018
T H E U P P E R M A N H A T T A N E M P O W E R M E N T Z O N E
Creating Economic Opportunities for Upper Manhattan
R E P O R T O N O P E R A T I O N S1 9 9 6 – 1 9 9 9
An Alliance for Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Chairman’s and President’s Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Summary of Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
The Upside of Manhattan—Is Above 96th Street . . . . . . . . . . . . . . . . . . . . . . . . 10
The Path to Sustainable Economic Expansion . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Upper Manhattan at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Auditor’s Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Benefits of Investing in the Empowerment Zone . . . . . . . . . . . . . . . . . . . . . . . . 34
Information About UMEZ Funding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
UMEZ Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
UMEZ and BRISC Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Board of Directors and Staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
T A B L E O F C O N T E N T S
2.
3.
A L L I A N C E F O R G R O W T H
AN ALLIANCE FOR GROWTH
After a community-based effort to create a strategic plan for economic
development, New York City was awarded one of six coveted urban
Empowerment Zone designations in 1993, following legislation introduced in
Congress by Representative Charles B. Rangel. The ten-year designation was
accompanied by a federal grant of $100 million and $250 million in federal tax
credits. New York Governor George E. Pataki and New York City Mayor
Rudolph W. Giuliani matched the federal commitment, creating a total public
investment pool of $300 million, the largest in the nation.
Upper Manhattan comprises 83% of the New York Empowerment Zone;
the balance is in the South Bronx. The Upper Manhattan Empowerment Zone
Development Corporation (“UMEZ”) is a private, not-for-profit organization
charged with igniting the economies of Central, East and West Harlem,
Washington Heights and Inwood. UMEZ leverages federal, state and city
Elected and appointed officials at the January 19, 1996 signing of the New York EmpowermentZone’s Memorandum of Understanding. (L to r) Randy Daniels, Empire State DevelopmentCorporation (ESDC); Former Deputy Mayor Fran Reiter; Charles Gargano, Chairman,ESDC; Governor George Pataki; U.S. Representative Charles Rangel; Mayor RudolphGiuliani; HUD Secretary Andrew Cuomo; Manhattan Borough President C. Virginia Fields;and Councilmember Guillermo Linares.
4. resources to facilitate private investments that expand economic activity,
enhance the ability of local residents, businesses and institutions to benefit
from EZ economic opportunities, and improve the quality of life for residents,
employees and visitors.
Three years ago, the Upper Manhattan Empowerment Zone embarked on
an ambitious phase as it began to translate the community’s vision for a
revitalized community into a working strategy for investment. In moving from
drawing board to reality, we aimed high: to reclaim Upper Manhattan’s mantle
as the Urban Capital of the World. Today, momentum toward achieving that
goal is unmistakable.
A L L I A N C E F O R G R O W T H
5.
S T A T E M E N T F R O M
T H E C H A I R M A N A N D T H E P R E S I D E N T
UPPER MANHATTAN, THE FUTURE’S LOOKING UP!
Despite its status as an international icon, Harlem and much of Upper
Manhattan, in 1996, bore evidence of three difficult decades. Like most
inner cities around the nation, our community has been scarred by the
transition from an industrial to a service economy. From the early 1960’s to the
late 1980’s Upper Manhattan experienced unprecedented levels of de-popula-
tion, concentrated poverty and crime. As businesses followed the middle class
migration to the suburbs, jobs, basic shopping amenities, and private invest-
ment in housing and other real estate declined precipitously.
As the Board of Directors and staff faced the monumental challenge of
turning around the community, we analyzed the competitive strength and
weaknesses of the local economy in relation to the New York region.
Upper Manhattan’s largely residential economy is simply not generating
enough jobs for its residents, who are not equipped to take advantage of jobs
throughout the region. Upper Manhattan’s highest economic potential lies in
building on its distinctive assets, mobilizing private capital, and achieving
greater integration with one of the world’s most powerful economic engines—
New York City. A tall order? You bet. But there’s ample precedent. New York’s
public and private sectors have mobilized to create success stories in Times
Square, Lower Manhattan, Downtown Brooklyn and Jamaica Center. Now is
the time for Upper Manhattan.
Richard D. Parsons, Chairman Terry C. Lane, President
Upper Manhattan’spotential lies inbuilding on itsdistinctive assets,mobilizing privatecapital, andachieving greaterintegration with apowerful economicengine—New YorkCity.
6. In order to improve the quality of life in Upper Manhattan, we must first
break down the barriers that prevent access to capital and jobs. The UMEZ
action plan’s first focus is recruiting businesses in high growth industries
likely to create the greatest number of jobs for EZ residents. A staggering
12,000 Empowerment Zone residents need jobs to bridge the gap between
unemployment rates in the Empowerment Zone and New York City. If all of
Upper Manhattan were included, the gap grows to 23,000 residents!
Second, we must prepare small business owners, who make up nearly
75% of commercial businesses in Upper Manhattan, for competition in the 21st
Century. Small businesses are important contributors to the community and
the economy, and a critical element of the expansion and retention of local
wealth.
Third, we must invest in our neighborhood’s core infrastructure—its
people, institutions and physical infrastructure. Upper Manhattan is more than
a collection of commercial activities; it is made up of many distinct neighbor-
hoods, families and the more than 1,000 institutions that serve them.
The early results are encouraging. Our funding commitment of over $115
million is expected to leverage $2.64 from private and other sources for every
$1.00 of UMEZ funds. These investments are expected to generate over 4,200
direct jobs, nearly 1,000 construction jobs and countless others through
increased commercial activity. The impact on Upper Manhattan residents,
businesses and institutions is already apparent. Our investment in Harlem
USA, a 275,000 square foot retail complex, has shattered the notion that
mainstream retail cannot succeed in the inner city. Both Harlem USA and
Pathmark, a 51,000 square foot supermarket, have altered the face of 125th
Street forever, expanding quality goods and services and providing over 800
jobs. Additional retail and entertainment venues are on the drawing board and
will soon cement 125th Street’s status as a regional destination for shopping.
And new corporate partners are investing in our residents and commu-
nity. Consider Broadway Video. A UMEZ loan guarantee helped Broadway
Video, owned by Lorne Michaels, producer of Saturday Night Live and a leader
Our fundingcommitment of$115 million isexpected toleverage $2.64 fromprivate and othersources for every$1.00 of UMEZfunds.
S T A T E M E N T F R O M
T H E C H A I R M A N A N D T H E P R E S I D E N T
7.in entertainment and video production, to identify and establish a second
facility in West Harlem. We introduced them to STRIVE, a nationally ac-
claimed workforce development provider based in East Harlem. Kyschia
Frederick, an East Harlem resident who lost her job after two years of
employment as a receptionist, is one of 12 initial employees of Broadway
Video’s uptown facility. She was recently promoted as part of its management
team. You’ll read more of the many heartwarming stories we could share
through the pages of this report.
We’ve had lots of help along the way. First, the UMEZ Board of
Directors, made up of residents and other citywide leaders, has made a
tremendous investment of time and commitment. Every UMEZ-approved
initiative is vetted through committees and Board members interview each
applicant.
Among the members who are no longer with us is Eugene McCabe, our
vice chairman, and former president of North General Hospital who died on
September 30, 1998. We miss him but are thankful for his leadership, which
is evident throughout our community and beyond.
Second, we have received an outpouring of support from the city’s private
sector, from consulting firms to law firms to advertising agencies. And last, but
not least, we are grateful for support from our partners in government: Vice
President Al Gore, HUD Secretary Andrew Cuomo, Governor George Pataki
and Mayor Rudolph Giuliani and their respective staffs.
While there is much more to be done, we are proud of our early
accomplishments together and anticipate more successes going forward. We
hope you’ll agree that for Upper Manhattan, The Future’s Looking Up!
The UMEZ Board ofDirectors is made upof residents andother citywideleaders.
Richard D. ParsonsChairman
Terry C. LanePresident
S T A T E M E N T F R O M
T H E C H A I R M A N A N D T H E P R E S I D E N T
8. In fiscal years 1996–1999, the UMEZ Board approved 56 initiatives. These initia-
tives represent an Empowerment Zone commitment of $115 million and together
create or retain 4,278 jobs.
Our investments were made in the following priority areas:
S U M M A R Y O F I N V E S T M E N T S
EZ Initiatives 1996–1999Business Recruitment and Retention $42,238,940Tourism & Cultural Industry Development $38,044,880
Small Business Development $18,222,813
Workforce Development & Human Capital Development $16,221,527
Total $ 114,728,160
Summary of Investments 1996–1999
Small Business Development
16%
Business Recruitment &
Retention
37%
Workforce & Human Capital
Development
14%
Tourism & Cultural Industry
Development
33%
9.
All
36%
CB #9
5%CB #10
25%
CB #11
25%
CB #12
9%
0
50
100
150
200
250
300
350
400
EZ Investments Other Funds Total Cost
S U M M A R Y O F I N V E S T M E N T S
In addition to the above investments, we have leveraged another $303 million in
private and other public resources. This means that for every EZ dollar we leveraged
$2.64 dollars in other funds.
Breakdown of EZ Projects by Community Board
A total of 56 EZ projects were funded.
Every EZ Dollar Leveraged $2.64 in Other Funds
Mill
ions
of
dolla
rs
10.
T H E U P S I D E O F M A N H A T T A N
THE UPSIDE OF MANHATTAN…IS NORTH OF 96TH STREET
Upper Manhattan has many advantages to call upon. First, booming
national and city economies. In 1999 New York City recovered 97% of
the private sector jobs lost in the 1989-1992 recession. Second, thanks to the
New York City Police Department, local residents and advocates, crime has
fallen dramatically—more so in Upper Manhattan than the City as a whole.
Third, following the tremendous investment of community development
organizations, led by the faith-based community, with the support of tremen-
dous public and private investments, housing is being renovated, drawing
immigrants and others to the community. This re-population of Upper Manhat-
tan reversed a devastating three-decade trend. Finally, businesses led by
retailers, are recognizing these trends as they seek new markets in an intensely
competitive era and saturated suburban markets. Professor Michael Porter of
Harvard Business School estimates the United States inner city retail market
to be $85 billion—larger than Mexico!
Harlem’s yesterday was glittering, but its future is brighter. And Upper
Manhattan is Harlem and so much more, encompassing East, Central and West
Harlem, Washington Heights and Inwood. One of the last untapped areas of New
York City, Upper Manhattan is poised for explosive growth. Among its rich assets are:
Over 520,000 residents who live within just 7.2 square miles. On a stand-
alone basis, Upper Manhattan would be America’s 22nd most popular city—
larger than Seattle. And for the first time in decades the area’s population is
growing, and at rates exceeding New York City overall. This growth is fueled
by immigration and housing redevelopment. Our residents also represent an
underutilized labor force, of which more than a quarter is bilingual.
World-class institutions in education and health. Upper Manhattan
counts Columbia University, City College, Boricua College and Yeshiva
University among its 27 colleges and universities. The area’s vibrant health
care cluster comprises six major hospitals, including New York Presbyterian
Hospital and NYU/Mount Sinai Medical Center. Apart from being first-class
centers of research and education, these institutions are part of two dynamic
One of the lastuntapped areas ofNew York City,Upper Manhattan ispoised for explosivegrowth.
11.citywide business clusters, generating $4 billion in annual spending and significant
employment.
$2.5 billion in retail purchasing power.
Upper Manhattan’s dense consumer market
represents a significant market opportunity.
First, as many as 70% of local residents shop
outside the community due to limited avail-
ability of high quality goods and services—
an estimated $1 billion in retail sales lost to
the community. This is even more evident
when added to spending by tourists and
local institutions. Second, the community’s youthful and ethnically diverse
consumers are acknowledged innovators who set national trends in fashion,
music and the arts, making Upper Manhattan an attractive window into
America’s future retail markets today.
A rich historical legacy and cultural institutions that keep the legacy alive.
Arguably the most fabled African-American community worldwide, and a
community increasingly recognized for its diverse Latino cultures, Upper
Manhattan boasts unparalleled historical and cultural assets. Hundreds of
thousands of city, national and international tourists visit the community’s rich
cultural attractions, houses of worship and architectural treasures and seek jazz
and other entertainment venues. Tourists represent a rich, yet largely untapped
source of revenue for uptown businesses and a link to a citywide business
cluster which is booming globally.
Location. Location. Location. A “gateway” to one of the world’s most
vibrant and densely concentrated markets, Upper Manhattan is a hub of New
York City’s excellent public transportation infrastructure. Proximate to key
highways, and commuter and local trains and buses that lead south to midtown
and north to suburban communities, Upper Manhattan is a clear advantage for
industries that require time sensitive movement of people and goods to regional
destinations.
T H E U P S I D E O F M A N H A T T A N
ColumbiaUniversity isjust one ofmany institu-tions of higherlearninglocated inHarlem.
12.
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Creating jobs is ourfirst priority. Weaccomplish this bygrowing smallbusinesses andrecruitingbusinesses thatbuild on UpperManhattan’s assets.
Upper Manhattan’s Assets Are Accompanied By Significant, YetSurmountable Challenges
Upper Manhattan has all the ingredients to become the Urban Capital of
the World: world-class universities and hospitals, cultural attractions
and location in the heart of the most exciting city in the world. Yet, consistent
with inner cities across the nation, the transition from an industrial to service
economy, has produced a number of structural dislocations. While our re-
sources alone cannot address all of our community’s challenges, we are
working in concert to surmount the principal challenges limiting economic
opportunities for our residents in four significant areas.
Unemployment
The most glaring result of the three decades between the end of the 1950’s
and the end of the 1980’s is stubborn and increasingly concentrated unemploy-
ment and poverty—seemingly unconnected to city and national business
cycles. With an unemployment rate of 18.2% and more than twice the citywide
proportion of residents receiving public assistance, an estimated 12,000 jobs
deficit exists in EZ census tracts alone. This remains true despite a 1990’s
economy increasingly constrained by the lack of qualified employees. Why?
Imbalanced Economy
In sum, Upper Manhattan’s economy is not generating sufficient jobs for
its residents. Approximately 43% of jobs in Upper Manhattan are in the
government and non-profit sectors, compared to 26.9% in New York City as a
whole. As these sectors decline, the lack of economic diversity and depen-
dence on the public sector compounds the magnitude of the EZ’s employment
challenge. Additionally, one-third of all jobs in Upper Manhattan are concen-
trated in seven large non-profit hospitals and one university, while less than
10% of these jobs are held by Empowerment Zone residents. Significant
commercial opportunities created by these institutions are not captured locally.
T H E U P S I D E O F M A N H A T T A N
13.An important corollary is the relative weakness of Upper Manhattan’s
private sector. Only 8 companies have 100 or more employees and 75% of all
for-profit companies have less than 5 employees. The vast majority of these
companies serve the local residential community only, exporting limited
goods and services beyond its borders. These businesses are not connected to
the “new economy”, e.g., information and technology based industries, and are
inherently low growth, low profitability opportunities with limited job and
wealth creation possibilities.
Skills Gap
In addition, 75% of jobs created are not locally captured by residents.
And residents are ill prepared to compete in the larger job marketplace. While
high school graduates hold 80% of all New York City jobs, 51% of Upper
Manhattan residents do not have a high school diploma.
Unsafe Image
New York City’s crime reduction strategies have produced a startling
boost in its economy and its image that has been recognized across the nation,
and crime has fallen faster in Upper Manhattan than the City as a whole. Yet,
despite tremendous gains, negative perceptions linger due to the lag between
reality and perception, particularly in America’s number one media market and
the signals created by scarred and dilapidated blocks.
T H E U P S I D E O F M A N H A T T A N
14.
UMEZ investmentsare designed toexpand sustainableeconomic activity,enhance the abilityof local residents,businesses andcommunityinstitutions tobenefit fromEmpowerment Zoneopportunities andimprove the qualityof life in UpperManhattan.
T H E P A T H T O S U S T A I N A B L E
E C O N O M I C E X P A N S I O N
THE PATH TO SUSTAINABLE ECONOMIC EXPANSION
To convert our community assets into sustainable economic expansion,
UMEZ adopted an integrated investment strategy. Among our fundamen-
tal premises: Upper Manhattan’s highest economic potential lies in building on
its distinctive assets, mobilizing private capital, and achieving greater
integration with one of the world’s most powerful economic
engines—New York City.
Business Recruitment
Identifying, targeting and recruiting leading companies
in New York City’s high-growth industries to Upper Manhat-
tan, is a leading component of maximizing job creation for EZ
residents. With the assistance of McKinsey & Company, UMEZ
analyzed a wide range of industries and identified four with the
greatest potential impact on employment and the best “fit” with Upper
Manhattan’s strategic assets. Each represents opportunities to connect to key
regional business clusters, thereby boosting local job creation and providing
opportunities for local businesses to export goods and services beyond the
local market. These industries are:
Tourism and Entertainment. Tourism is booming in New York City,
across the nation and the world. According to the New York Convention and
Visitors Bureau, an estimated 34 million tourists visited New York City in 1998
and generated over 134,200 jobs.
With unparalleled historical and cultural assets, Upper Manhattan is well
positioned to expand the more than 500,000 tourists who visit uptown each
year. A significant opportunity exists to expand the community’s limited
entertainment, eating and shopping venues and to attract larger businesses
such as hotels.
Retail. Pent-up demand for consumer goods and services has been
documented in virtually every retail and service category of an estimated
market opportunity of over $1 billion. This industry provides opportunities for
15.both larger retailers and niche businesses offering distinctive goods.
Health Services. Upper Manhattan’s vibrant healthcare cluster is driven
by six major hospitals. With managed care driving a transformation of the
health services industry, growth opportunities exist in home health care,
doctors’ offices, nursing and other out-patient services, assisted living and
other entrepreneurial ventures.
Business Services. Upper Manhattan’s base of businesses, institutions
and residents is growing, yet it is vastly underserved in areas such as private
security, employment agencies, delivery and warehouse services, and com-
puter related goods and services.
Small Business Development
While large employers are critical to increasing employment and expand-
ing availability of efficiently priced goods and services locally, improving the
competitiveness of existing small businesses, as well as increasing business
formation generally, is critical to capture the wealth generated by the
community’s revitalization. Mirroring national trends, very small firms (up to
19 employees) have been the only net job-creators in New York City since the
1989 recession. However, the vast majority of Upper Manhattan’s businesses
are micro businesses in need of capital, technology and technical assistance to
grow and retain greater levels of wealth. An urgent priority is to diversify the
base of businesses beyond those serving primarily local residential markets,
and support those in high growth emerging industries capable of exporting
goods and services to the broader New York region.
Workforce and Infrastructure Development
Jobs and entrepreneurial opportunities are two hallmarks of successful
communities. However, other critical investments are required to create the
baseline conditions that attract businesses and provide a high quality of life for
residents, workers and visitors. Businesses need workers with 21st Century
skills. Workers need access to support services to enable their participation in
the city’s competitive workforce. Residents, workers and visitors need a
T H E P A T H T O S U S T A I N A B L E
E C O N O M I C E X P A N S I O N
Improving thecompetitiveness ofsmall businesses iscritical to capturingwealth locally.
Businesses needworkers with 21stCentury skills.
16. quality physical environment. And many of the community’s 1,000 non-profit
institutions need to be strengthened through technical skills development,
technology and other resources if they are to continue to lead and sustain
Upper Manhattan’s transition to a new economy.
Marketing and Image Campaign
Myths and stereotypes die-hard. The Bozell Sawyer Miller Group, on a
pro bono basis, conducted research among leaders of key business sectors and
found that they lack accurate information about our community. Many believe
that Upper Manhattan is isolated and has little commercial activity. To
successfully recruit businesses and others to our community, a proactive
marketing campaign must be launched to ensure that accurate information and
messages reach desired audiences.
T H E P A T H T O S U S T A I N A B L E
E C O N O M I C E X P A N S I O N
To successfullyrecruit businessesand others to ourcommunity, aproactive marketingcampaign must belaunched to ensurethat accurateinformation andmessages reachdesired audiences.
17.Business Recruitment and Retention
T H E P A T H T O S U S T A I N A B L E
E C O N O M I C E X P A N S I O N
Attracting leading companies in high-growth industries is a critical
component of re-connecting Upper Manhattan to New York City’s
larger economic engine. Recruiting companies in growing industries creates
jobs in volume, attracts private investment and creates opportunities to export
goods and services beyond Upper Manhattan’s geographic boundaries.
Our strategy is to utilize our capital and federal and other public tax
incentives to energize new markets, making the lead investments required to
attract mainstream capital. We began with retail and evidence of follow up
investments is abundant (see below). We are making similar investments in the
development of quality office space and lodging—including our largest and
most recent investment in the development of a 300-room, 4-star hotel in
Washington Heights, operated by Doubletree Hotels.
The HarlemUSA site beforethe ground-breaking in1997.
Harlem USA: Establishing the Viability of Large Scale Retail on 125th Street
We provided a subordinated loan of $11.2 million, or 17% of the total
financing for Harlem USA, a $65 million, 275,000 square foot complex, that
will create 500 permanent jobs and increase the availability of efficiently
priced, quality goods and services from national retailers. Chase Manhattan
Bank is the lead lender, providing a construction loan of $47 million. The
18. developers, Grid Properties, The Gotham Organization, and Commonwealth
Local Development Corporation, a local non-profit agency that is also the
complex’s land owner, contributed the balance of 10% in equity.
The complex, tenanted by Disney Stores, Magic Johnson Theatres, HMV,
Old Navy and other quality retailers, is expected to open this Spring.
T H E P A T H T O S U S T A I N A B L E
E C O N O M I C E X P A N S I O N
Right: HarlemUSA underconstruction in1999.
Below: Artist’srendering ofthe future mall.
19.
T H E P A T H T O S U S T A I N A B L E
E C O N O M I C E X P A N S I O N
Broadway Video: Recruiting New Technology Jobs to Upper Manhattan
UMEZ assisted Broadway Video, an entertainment and video duplication
company located in midtown, to expand by helping them to locate a site in West
Harlem. We guaranteed 50% of a $900,000 loan required to build the new
facility. Citibank provided the loan. We also introduced Broadway Video to
STRIVE, a nationally acclaimed job training agency, to ensure that they would
have access to well-trained
local residents. They have
already created 16 of the
20 jobs projected. Ten of
the jobs, or 63%, are filled
by local residents. Three
of the STRIVE graduates
were recently promoted to
positions offering greater
responsibility and profes-
sional opportunity. These
jobs are in the fast growing
media industry and pay
more than twice the mini-
mum wage. In addition,
Broadway Video has made
a donation to the City Parks
Foundation to help fund the
greening of West Harlem.
KyschiaFrederick, anEast Harlemresident, wasrecentlypromoted tothe manage-ment team atBroadwayVideo.
20. Small Business Development
T H E P A T H T O S U S T A I N A B L E
E C O N O M I C E X P A N S I O N
Case Study: Verry Velma’s Party ShopVelma Saunders opened Verry Velma’s Party Shop at 139 West 116th Street
in December 1997 after getting her start at Mart 125. The shop offers greeting
cards, toys, gifts, personalized invitations, balloons, and other items for
parties and special occasions. Ms. Saunders also provides event coordina-
tion services. Her $25,000 BRISC Investment Fund loan has been used to
purchase equipment, inventory, leasehold improvements and to provide
working capital. Velma has also participated in BRISC’s Financial Advisory
Services and Commercial Information Technology programs.
21.
Capital Shop” for businesses to obtain capi-
tal, technology and technical assistance. To
date, BRISC has received over 6,000 visits
and hosted more than 50 business seminars.
BRISC operates an investment fund
for small businesses that need loans in
amounts ranging from $25,000–$200,000.
It also actively aids businesses in obtaining
bank loans and SBA loan guarantees, lever-
aging further resources for the community.
BRISC also operates as a technical
assistance intermediary by providing assis-
tance to small business owners interested in
expanding or relocating, as well as resi-
dents who want to start new businesses. For
example, through the SBA’s Business Infor-
mation Center, community residents can
access essential business information using
the latest in technology and telecommuni-
cations equipment, as well as a general
business information library.
BRISC is also a funder of small busi-
ness intermediaries in the community. To
speed the transition of more small busi-
nesses to obtain mainstream capital, BRISC
offers targeted pro bono legal assistance by
the city’s major law firms. In addition,
BRISC, through its Financial Accounting
Service Program, matches a business
owner’s costs to engage a certified public
Small Business Development
Bringing small businesses into the 21st
Century with a “tool kit” of capital,
technology and first rate business and tech-
nical advice is critical to creating and re-
taining local wealth. In addition to direct
investments in small businesses, UMEZ is
making targeted investments in key local
service industries—initially, restaurants and
dry cleaners—as well as vendors markets
and youth organizations, both of which are
incubating new businesses in the commu-
nity. Importantly, UMEZ is investing in
intermediaries who can provide the “hands
on” assistance that business owners and
future entrepreneurs need to raise the com-
petitive level of their businesses. These in-
stitutions are a critical “bridge” to main-
stream capital and expert advice and are
therefore key to sustaining the community’s
economic momentum.
Business Resource & Investment Service
Center (BRISC)
The first and most comprehensive of
UMEZ’s small business initiatives is the
Business Resource and Investment Service
Center. As an initiative of the Upper Man-
hattan Empowerment Zone and the U.S.
Small Business Administration (SBA),
BRISC is Upper Manhattan’s “One Stop
T H E P A T H T O S U S T A I N A B L E
E C O N O M I C E X P A N S I O N
BRISC has receivedover 6,000 visitsand hosted morethan 50 businessseminars.
22. accountant to develop solid record-keeping practices and initial financial
statements. Similarly, through the Commercial Information and Technology
Initiative, BRISC provides 50% of the cost of a first rate technology package
including assessment, equipment, software and training to area small businesses.
Finally, strong intermediaries to support local businesses and assist in
developing and maintaining quality commercial corridors is required to
sustain economic momentum. That’s why we created the Commercial Revital-
ization Initiative. This initiative provides micro loan pools for merchants on
key commercial corridors—116th, 125th, 181st, 207th Streets, Broadway and
Amsterdam Avenue, to upgrade local stores. In addition, administrative
support is provided to key intermediaries such as merchants associations and
Business Improvement Districts, so that they can provide day-to-day support to
merchants.
Neighborhood Trust Federal Credit Union
UMEZ funded a start-up community development financial institution
serving Washington Heights, a community vastly underserved by mainstream
financial institutions. Credit Where Credit is Due, a local nonprofit agency,
launched Neighborhood Trust Federal Credit Union, which has attracted over
$3 million and 1,300 members in only 2 years. Two-thirds of these members
did not have a bank account prior to joining the credit union. More importantly,
40% of Neighborhood Trust’s 375 loans totaling $900,000, have been made to
small business owners. Our investment of
$296,250 was part of the $1.2 million required to
launch the credit union. Our funds were used to
renovate the facility, an abandoned bank in the
George Washington Bus Terminal, and provide
capitalization required to make loans and finan-
cial literacy training for depositors. UMEZ re-
cently approved a second investment to assist
Credit Where Credit is Due to launch a second
branch in West Harlem.
T H E P A T H T O S U S T A I N A B L E
E C O N O M I C E X P A N S I O N
After just twoyears, CreditWhere Credit isDue alreadyhas over 1,300members.
23.Small Business Development
T H E P A T H T O S U S T A I N A B L E
E C O N O M I C E X P A N S I O N
Case Study: Carlos Hidalgo—A Neighborhood Trust Federal CreditUnion Success StoryCarlos Hidalgo, a Washington Heights resident, plays several different
musical instruments. He is also an entrepreneur. Three years ago, he
opened Live Records Recording Studio in Washington Heights to capture
on tape the up-and-coming young talent in salsa, merengue, bachata and
Latin rock. A micro-loan from the Neighborhood Trust Federal Credit
Union in Washington Heights made it all possible, helping him to acquire
state-of-the-art recording equipment. A UMEZ investment enabled Credit
Where Credit Is Due, Inc. to establish the credit union, increasing capital
availability to local residents in Washington Heights and Inwood. “This
studio is a good way to get young people in the community involved in
the arts,” said Carlos.
24. Workforce Development and Human Capital Initiatives
We identify selected investments in
people, institutions and places—
those investments most likely to connect
residents to the opportunities now being
created in our community. A healthy busi-
ness environment and a superior quality of
life require that we address the barriers that
prevent access to opportunities for local
residents and businesses.
People
We work in concert with others
to assist employers and prospective
employees close the gap of opportu-
nity by providing access to informa-
tion, critical support services, and
closing skills gaps. Our lead invest-
ment is creating three EZ Career Cen-
ters, managed by experienced local
workforce development providers,
and funding other providers in tar-
geted industries. This $6 million ini-
tiative is expected to train and place
2000 local residents over the next
three years. We are also making in-
vestments to train family childcare
providers, creating technology cen-
ters for public school students, their
teachers and community residents, expanding
literacy among third-grade students, and to
expanding health care delivery by primary
care providers.
Institutions
Community building requires strong
local institutions. They are the vital link to
residents and their ability to translate the
standards required in the new economy.
Recognizing the critical role these in-
stitutions play in the fabric of community
life, UMEZ is investing resources in capac-
ity building to strengthen these institutions
as they build capacity for the future. As a
first step, we created, with the help of
Barnard/Columbia University and City Col-
lege of New York, a business plan manual
and series of workshops to assist non-profit
organizations and small businesses to de-
velop an important tool for raising funds
from both UMEZ and other funders. We
have also substantially expanded our tech-
nical assistance efforts to include ongoing
business plan/proposal development work-
shops in English and Spanish, scholarships
to managerial and other technical class-
room programs and conferences sponsored
by others, as well as one-on-one expert
advice.
In addition, we are seeding new institu-
tions where required, and commissioning ex-
T H E P A T H T O S U S T A I N A B L E
E C O N O M I C E X P A N S I O N
UMEZbusiness planmanuals.
25.tensive research necessary to economic de-
velopment and institution building.
Places
Upper Manhattan is an historic com-
munity whose architectural treasures
abound. Yet its structures and street aes-
thetic evidence the wear and tear of decades
of disinvestment. This must change if we
are to reclaim our world class status. Yet
many capital investments cannot be made
through mainstream capital due to signifi-
cant gaps between current market values
and costs of the extensive upgrades required.
UMEZ targets these gaps to fill.
T H E P A T H T O S U S T A I N A B L E
E C O N O M I C E X P A N S I O N
Examples of uses of our funds include
creation of an Historic Preservation Fund to
provide low cost loans and, where neces-
sary, grants to upgrade the community’s
significant historic religious and commer-
cial structures. In addition, we are funding
a Mixed-Use Initiative to upgrade struc-
tures which provide vibrant commercial ac-
tivities on the ground floor yet are vacant
above. We are also launching an Adopt-An-
Avenue program to enhance the corridors
that connect major destinations.
St. Martin’sChurch, homeof one of twoCarrillons inNew York City.
26.
UMEZ projects that entertainment and
tourism can generate 4,000–6,000
jobs in Upper Manhattan through 2004 or
up to 50% of our 12,000 total jobs goal.
However, this significant target cannot be
reached without stabilizing and expanding
Upper Manhattan’s core attractions. In rec-
ognition of the critical role that cultural
attractions play in tourism worldwide, the
UMEZ Board recently approved the cre-
ation of a $25 million Cultural Industry
Investment Fund, which will make invest-
ments to increase the competitive advan-
tage of local arts and cultural groups.
By providing a path breaking commit-
ment, UMEZ hopes to draw significant con-
tributions from other major funders to sup-
port stabilization and expansion of existing
large cultural institutions, small and emerg-
ing organizations, as well as locally based
artists. These funds are needed for a range
of purposes including long-term capacity
building, development of earned income
projects such as merchandising and gift
shops, capital projects, programming, mar-
keting and training, and job placement.
In addition to the Cultural Industry
Investment Fund, UMEZ has previously
made grants to individual organizations to
boost specific initiatives such as expansion
of rehearsal and performing space at Aaron
Davis Hall. We also seed expansions, such
as development of the RAICES Archive of
Latin Music and new organizations, such as
the National Museum of Jazz in Harlem.
Pre-development work has begun and these
efforts are expected to yield positive returns
for the community in future years.
Tourism and Cultural Industry Development
T H E P A T H T O S U S T A I N A B L E
E C O N O M I C E X P A N S I O N
Left: Theworld-famousApollo Theater.Right: TheCloistersmuseum, hometo art from theMiddle Ages.Bottom: JumelTerrace.
27.
Our Heritage Tourism Init iat ive ar-
ticulates how each element of our invest-
ment strategy comes together. Tourism is one
of the top five industries in New York City.
UMEZ projects that up to 6,000 jobs can be
created in sectors ranging from cultural in-
stitutions and eating establishments, to lodg-
ing and transportation companies. Beyond
the economic potential, heritage tourism pro-
vides a vehicle through which community building
and civic pride can be fostered by building on the unique
cultural and historic attractions of communities, while preserving
their distinct character. However, while Upper Manhattan is well positioned to
benefit from a booming tourism industry, numerous obstacles prevent the
community from realizing its full economic potential. Among them:
◆ Fragmented and dispersed offerings (e.g., no cluster or critical mass of
attractions)
◆ Lack of critical services and quality facilities, such as information, trans-
portation and security
◆ Image of high crime and perceptions of community mistrust
◆ Unorganized local tourism infrastructure
Given UMEZ’s limited resources, both financial and organizational,
UMEZ is taking a lead role in seeding key elements required to launch and
implement a comprehensive Heritage Tourism Initiative. As both an architect
and catalyst, we hope to build focused “destinations”; link individual destina-
tions by enhancing the critical corridors between them; and support local
organizations to lead the tourism effort long-term. Here’s how.
T H E P A T H T O S U S T A I N A B L E
E C O N O M I C E X P A N S I O N
Case Study: Heritage Tourism
Success inentertainment/tourismrequiresfocusing onthree keysuccess factors.
28. Building Destinations
Visitors are drawn to a “destination”
when a cluster of distinctive activities and
attractions are available in a reasonably
limited geographic area. Our analysis sug-
gested that we initially start on 125th Street
because of its existing attractions, Apollo
Theatre, Studio Museum of Harlem, and
Victoria 5 Theater, accessibility, and world-
wide popularity.
Tourism Friendly Infrastructure
Destinations need to be easily acces-
sible to visitors. This goal requires ameni-
ties including adequate transportation, in-
formation, security and convenient facili-
ties. We have begun to make key catalytic
investments in these areas. For example, we
funded the 125th Street Business Improve-
ment District to expand sanitation services
by purchasing street cleaning machines and
to develop security kiosks on key street
corners. And we are near completion of a
study to de-
velop a state-
of-the-art Visi-
tor Informa-
tion Center
(VIC) Net-
work that will
help residents
and tourists become well oriented to the
attractions of Upper Manhattan. We started
in summer 1999 with Visitor Information
Carts, staffed by local student interns and
coordinated by Union Settlement Associa-
tion. The VIC was funded jointly with the
Office of Manhattan Borough President C.
Virginia Fields.
Significant investments also have been
made in the physical infrastructure of our
community. A Historic Preservation Fund
was created to improve and enhance the
physical condition of some of Manhattan’s
most stunning historical treasures. In addi-
tion, investments in “heritage corridors”
through an Adopt-an-Avenue Program will
begin with streetscape enhancements to
Lenox Avenue, one of Harlem’s premier
tourist corridors, and one that intersects two
historic districts. In addition to new street
lamps, benches, directional signage and
plantings, these corridors will feature trib-
utes to some of the community’s many he-
roes, providing an educational resource to
residents and visitors alike. The Cityscape
Institute, a citywide non-profit dedicated to
improving the city’s environment, is spear-
heading these improvements. UMEZ is
funding two local organizations to partici-
pate in and maintain these improvements
over time: the Mount Morris Park Commu-
T H E P A T H T O S U S T A I N A B L E
E C O N O M I C E X P A N S I O N
Our UptownAmbassadorsprovide visitorswith informa-tion on theplaces to goand sites tosee.
29.nity Improvement Association and the Har-
lem Gateway Committee.
Finally, we hope that our $25 million
investment in Washington Heights Plaza for
a planned 300-room Doubletree Hotel at
West 165th and Fort Washington Avenue,
will create a new lodging market in Upper
Manhattan, drawing further investment,
while serving the visitor and resident popu-
lation in this dynamic community.
Integration with New York City’s
Entertainment/Tourism Industry
Upper Manhattan’s tourism industry
can benefit greatly from the significant tour-
ism infrastructure that already exists in New
York City. To do so, it must connect with
key industry players through marketing/
advertising and development of other tour-
ism resources. Driving this process takes
full time leadership and resources. Yet no
one entity is responsible for doing so in
Upper Manhattan—unlike the city’s Con-
vention and Visitors Bureau (recently re-
named New York & Co.) downtown.
As such, UMEZ recently approved a
seed investment for the creation of a new
institution to coordinate tourism in the fu-
ture. The Tourism Advisory Council—a
concept borrowed from the successful model
in Charleston, South Carolina—will be a
representative body of residents, businesses
in each of our community’s neighborhoods,
tourism industry professionals as well as
the city at large. The Council will focus on
T H E P A T H T O S U S T A I N A B L E
E C O N O M I C E X P A N S I O N
addressing the expectations of local resi-
dents while balancing the economic and
cultural objectives of developing a strong
local tourism industry.
UMEZ commissioned a Tourism
Market Research Study to capture, for the
first time, trends in tourist demographics,
interests and spending impact on local
businesses and attractions. The results will
assist the community in devising strate-
gies to expand its attractions and pinpoint
critical markets to target expansion of
tourist visits. In the summer of 1998, we
launched a modest Marketing and Promo-
tions effort to help increase awareness and
visitation at local restaurants and cultural
venues. This successful effort will be repeated.
El Museo delBarrio collects,preserves,exhibits andpromotes theartisticheritage ofPuerto Ricansand LatinAmericansprimarily in theUnited States.
30. UPPER MANHATTAN AT A GLANCE
Area Description: 7.2 miles bounded on the east by the East River; onthe west by the Hudson River; on the south by East96th Street and West 110th Street; and on the northby 222nd Street. The EZ boundaries are a subset ofUpper Manhattan.
Land Use: The area is largely residential with such usescomprising 59.5% of all square footage; 18.9%public institutions; 6.8% commercial and industrial.7.4% of all square footage is vacant of which NewYork City owns 29%.
Population: 521,000*
Racial Composition: 38.2% African American; 45.9% Hispanic;13.1% White
Per Capita Income: $20,028
Unemployment Rate: 14.1%
High School Graduatesand Higher: 55.8%
Industry# of jobs 123,813By Category Government 21.5%
Non-Profit 21.4%For-Profit 51.4%
Major Industries: Health, Education, Retail
*(157,569 are Empowerment Zone residents)
U P P E R M A N H A T T A N A T A G L A N C E
31.
L E T T E R F R O M T H E A U D I T O R
To The Board of Directors:
The financial statements of the Upper Manhattan Empowerment Zone
Development Corporation have been audited by us for each fiscal year ended
June 30, since inception. The following Statements of Financial Position and
Activities for the fiscal years ended June 30, 1997, 1998 and 1999 are a part
of the basic financial statements prepared for each of the aforementioned fiscal
years, and, in our opinion, are fairly stated, in all material respects, in relation
to the basic financial statements taken as a whole.
Vargas & Ghigliotty, LLP, CPAs
New York, NY
32.
F I N A N C I A L S T A T E M E N T S
1999 1998 1997
ASSETS
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $921,235 $960,888 $404,982
Grants Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1
Loans Receivable - Initiatives . . . . . . . . . . . . . . . . . 12,629,722 12,144,024 675,000
Security Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,750 38,097 8,348
Loan Guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 523,200 538,500 –
Prepaid Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,541 – –
Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,550 79,057 2,087
Property and Equipment . . . . . . . . . . . . . . . . . . . . . . 250,311 257,440 154,659
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $14,435,310 $14,018,007 $1,245,077
LIABILITIES AND NET ASSETS
LIABILITIES
Accrued Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . $151,314 $138,127 $91,461
Due to Initiatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,605 113,302 104,499
TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . $218,919 $251,429 $195,960
NET ASSETS
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,216,391 13,766,578 1,049,117
TOTAL LIABILITIES AND NET ASSETS . . . . . . . . . $14,435,310 $14,018,007 $1,245,077
33.
F I N A N C I A L S T A T E M E N T S
1999 1998 1997
REVENUE
Closing Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ – $119,828 $ –
Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 635,516 52,762 6,894
Donated Services . . . . . . . . . . . . . . . . . . . . . . . . . . . 296,141 920,871 –
Other Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,865 317 13,993
TOTAL REVENUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 933,522 1,093,778 20,887
SUPPORT
Government Grants . . . . . . . . . . . . . . . . . . . . . . . . . . 6,911,477 17,883,314 3,221,778
NET ASSETS RELEASED FROM RESTRICTIONS – – –
TOTAL REVENUE AND SUPPORT . . . . . . . . . . . . . . $7,844,999 $18,977,092 $3,242,665
EXPENSES
Programmatic Initiatives . . . . . . . . . . . . . . . . . . . . . . 3,938,155 2,858,379 763,468
Program Services . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,131,798 2,416,110 1,185,061
General & Administrative Expenses . . . . . . . . . . . . 1,264,660 936,682 462,057
Depreciation/Amortization . . . . . . . . . . . . . . . . . . . . 60,573 38,461 19,441
TOTAL EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,395,186 6,249,632 2,430,027
CHANGE IN NET ASSETS . . . . . . . . . . . . . . . . . . . . . . 449,813 12,727,460 812,638
NET ASSETS, BEGINNING OF YEAR . . . . . . . . . . . . 13,766,578 1,049,117 249,079
Net Asset Adjustment . . . . . . . . . . . . . . . . . . . . . . . . – (9,999) (12,600)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,766,578 1,039,118 236,479
NET ASSETS, END OF YEAR . . . . . . . . . . . . . . . . . . . $14,216,391 $13,766,578 $ 1,049,117
34. BENEFITS OF INVESTING IN THE EMPOWERMENT ZONE
There are a number of federal tax benefits for new and existing businesses
located in the Upper Manhattan Empowerment Zone. In addition to
federal benefits, there are several other State and City benefits available to
businesses in Upper Manhattan. Federal programs include:
1. The Employer Wage Credit allows employers to claim credit of up to
$3,000 each year for employees who are Empowerment Zone (EZ) residents.
Each year, the credit is based on a percentage of the first $15,000 in wages:
20% through 2001, 15% in 2002, 10% in 2003, and 5% in 2004. It is
unavailable after 2004.
2. Increased Section 179 Deduction benefits are available to businesses
located in the EZ, which may deduct as much as $38,500 ($39,000 in 1999;
$40,000 in 2000; $44,000 in 2001 & 2002; $45,000 in 2003 & 2004) of the cost
of depreciable property in the year the property is placed in service.
3. Tax Exempt Bond Financing is available for qualified EZ businesses to
facilitate financing of new facilities and renovation or expansion of existing
facilities. Private activity bonds in amounts of up to $3 million per zone
business may be issued.
4. Work Opportunity Tax Credit provides businesses with a two-year
credit of up to $2,400 for the first year and up to $1,500 the second year per
“targeted” employee hired after September 1996. Wages used to claim EZ
wage credit cannot be applied to the work opportunity credit. Note: Extended
through expiration date through December 31, 2001.
5. Welfare-to-Work Credit provides businesses with a two-year credit of
up to $3,500 for the first year and up to $5,000 the second year per “long-term
family assistance recipient” hired after December 1997. Wages used to claim
EZ wage credits cannot be applied to the welfare-to-work credit. Businesses
cannot claim both the work opportunity credit and the welfare-to-work credit.
B E N E F I T S O F I N V E S T I N G I N
T H E E M P O W E R M E N T Z O N E
35.INFORMATION ABOUT UMEZ FUNDING
UMEZ will consider any funding request for a loan, loan guarantee,
equity, recoverable grant and/or grant which can be demonstrated to
stimulate business development and economic revitalization in Upper Manhattan.
At present, we are particularly interested in proposals that fall within our current
industry priorities: Entertainment and Tourism, Retail, Business Services and
Health Care. In order to be considered for substantive review, an application must
be submitted to UMEZ that successfully meets all of the criteria listed below.
Feasibility. A funding request must demonstrate a sound and achievable
operating plan that takes into account existing market conditions, competition,
consumer and/or business demand and basic operating issues. Plans must include
documentation that shows proof of managerial and financial capacity and should
indicate other public and/or private investment being committed to the project and/or being
sought.
Impact. A funding request must propose to meet a vital community need or
provide products or services that are consistent with the UMEZ mission and
objectives. Plans must demonstrate the project’s ability to expand economic
activity, increase and/or retain local employment, strengthen local institutions and
businesses and improve overall quality of life for residents, employees and visitors.
Qualifications. The applicant and/or management staff must have a successful
track record and management experience relevant to the funding request. Financial
qualifications and resources commensurate with the scope of the project are
required and must be supported by financial statements. Applicants should dem-
onstrate a history of managerial stability, particularly in implementing projects
similar to that proposed.
Sustainability. The applicant must leverage additional public and/or private
investment and must demonstrate that the program, service and/or product can be
maintained beyond the UMEZ investment. Plans should demonstrate sustainability
over the time frame proposed for operation. The management and operating plan
must ensure that goals are sound and achievable, particularly after requested
UMEZ funds have been exhausted.
B E N E F I T S O F I N V E S T I N G I N
T H E E M P O W E R M E N T Z O N E
36.
37.
38.
39.
40.
41.
42.
43.
U M E Z A N D B R I S C P A R T N E R S
We are very grateful to the following organizations for their pro bono assistance to UMEZ, BRISC, local
businesses and community organizations.
UMEZBozell Sawyer Miller Group Development of a comprehensive marketing strategy and
marketing materials
Brobeck, Phleger & Harrison Legal assistance
Carter, Ledyard & Milburn Legal assistance
Chadbourne & Parke Development of Employee Handbook, Personnel Poli-
cies and other projects
Chase Manhattan Bank Executive on loan
Cleary, Gottlieb, Steen & Hamilton Legal advisor on Broadway Video transaction
Columbia Law School Assistance through Legal Clinic
Debevoise & Plimpton Legal assistance
ErgoTech Development of UMEZ website
Ford Foundation and Columbia University Creation and ongoing funding of the Empowerment
Zone Monitoring and Assistance Project
Fried, Frank Legal assistance
Latham & Watkins Legal assistance
Lawyers Alliance for New York Coordination of pro bono legal services
McKinsey & Company Development of integrated investment strategy, improv-
ing organizational effectiveness
N. Y. Lawyers for the Public Interest, Inc. Coordination of pro bono legal services
Proskauer, Rose, Goetz & Mendelsohn Trademark of UMEZ logo
Simpson, Thatcher & Barlett Legal advisor on Harlem USA transaction
Vargas and Ghigliotty, LLP. Accounting assistance
Watson & Rice Accounting assistance
BRISC
Paul, Weiss, Rifkind, Wharton & Garrison Not-for-Profit Filing with IRS, Legal advisor to BRISC loan
fund recipients and other clients
White & Case LLP. Legal assistance to BRISC Investment Fund
44.
B O A R D O F D I R E C T O R S A N D S T A F F
Upper ManhattanEmpowerment ZoneBoard of DirectorsMr. Richard D. Parsons, ChairMr. Jimmy BranchMr. Lloyd E. CampbellMr. Erik ClietteMr. William A. GarciaMr. George GoodwillRev. Dr. William JamesMr. David R. JonesDr. Rafael LantiguaMs. Rae LinefskyMs. Maria A. LunaMr. William LynchMr. Leigh MillerMr. Cesar PeralesDr. Muriel PetioniMs. Deborah R. QuiñonesMs. Mary D. ReddRev. Dr. Adolph RobertsMr. Jose SanchezRegent Adelaide L. SanfordProf. Walter W. StaffordMr. Barry F. SullivanMr. Charles E. Williams, IIIRev. Dr. Reginald Williams
UMEZExecutive StaffTerry C. LanePresident & Chief Executive OfficerJames H. SimmonsSenior Vice PresidentBusiness InvestmentsNancy M. DevineSenior Vice PresidentProgram & Nonprofit InvestmentJeffrey IrishSenior Vice PresidentFinance & AdministrationLucille M. McEwenGeneral Counsel & Chief of Staff
StaffTracey AllardMenelik AlleyneMaria AngelesMabel ArangoNelsa BattistaFranklin BonifacioWanda BoydBarbara BrooksDion BurowLauren CraniotesKelvin CruceyNikoa EvansFernando FernandezToni L. GriffinLori HarrisonGarnet LucombeHenry MaldonadoJeannine L. MellyJamal MurdockJervis NúñezTrevor PearsonMiriam Lewis RaccahJose B. RiveraVilma RiveraAlex SaavedraGranvel TateSonya WhiteShellie Williams
New York Empowerment Zone Boardof DirectorsGovernor George PatakiRepresented byCharles A. Gargano,Chairman, Empire State Devel-opment Corporation and theNYEZ Corp.
Mayor Rudolph GiulianiRepresented byRudy Washington,Deputy Mayor and Vice Chair ofNYEZ Corporation.
Charles B. RangelCongressman
Jose E. SerranoCongressman
Bronx Borough PresidentFernando FerrerRepresented by Jose L. Ithier
Terry C. LanePresident and CEO,Upper ManhattanEmpowerment Zone
Andrew M. Cuomo, Secretary,U.S. Department of Housing andUrban Development
Photo Credits:Photo Credits:Photo Credits:Photo Credits:Photo Credits: Cover–Photos by FranklinBonifacio & Ozier Muhammad, The NewYork Times. Collage created by FathomCreative. Page 3: Karl Crutchfield. Pages 7–29: Franklin Bonifacio. Page 18: HarlemUSA rendering provided by Grid Properties,Inc. Layout & Design:Layout & Design:Layout & Design:Layout & Design:Layout & Design: KIP Communications.PPPPPrinting:rinting:rinting:rinting:rinting: Patane Press, Inc.