The plan creates support initiatives including a new tax incentive program to preserve manufacturing space in the Garment Centre, supports a public-private partnership to acquire a building dedicated to garment production, and institutes a special permit to curb hotel development in the district, according to a press release from New York City Economic Development Corporation.
In addition, the plan includes a proposal for targeted zoning changes that will have a positive impact on the Garment District.
The Garment Centre IDA program is a tax incentive package through the New York City Industrial Development Agency (NYCIDA), which will allow property owners to offer long-term, affordable leases to fashion manufacturers, including companies that provide a service that supports the garment production supply chain, such as pattern-making, embroidery, embellishment, dyeing services and more.
The program requires property owners to offer 15-year leases with a maximum gross rent of $35 per square foot, which includes utilities and other expenses, and are subject to a penalty schedule and annual compliance review.
In exchange, the participating property owners will receive discretionary tax benefits from the NYCIDA.
In addition to the IDA program, the present New York City administration has committed up to $20 million in city capital to facilitate the acquisition of a building in the Garment District, the press release added. (DS)
Fibre2Fashion News Desk – India
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