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Ted Renz is hoping what he fought so hard for won’t soon end.
Just last November, Renz, director of the Ridgewood Local Development Corporation, was at the forefront of the fight to get the neighborhood included in the Industrial Business Zone (IBZ) program.
But only three months later, the IBZ may be in jeopardy, as Mayor Bill de Blasio didn’t include $1.1 million in funding in his preliminary budget for the program, an initiative left over from the previous administration to save manufacturing jobs.
“We are disappointed that it wasn’t in the mayor’s budget,” Renz said. “We thought that he was a big supporter of manufacturing jobs. We hope that it will be reinstated (in his final budget).”
IBZs were created to stabilize industrial areas and spur growth in the manufacturing sector by offering tax credits of up to $1,000 per employee for businesses that relocated to them, and additional services to help companies grow.
Former Mayor Michael Bloomberg allocated nearly $4 million to 16 IBZs in 2006.
However, since its inception, funding decreased to about $1.1 million in 2013. Bloomberg himself hasn’t allocated money to the initiative since 2010, but the City Council has restored it every year, according to the New York City Economic Development Corporation.
The move could mean de Blasio, who supported manufacturing jobs during his campaign, will engage a different strategy to assist the sector, although his administration has not come up with any specifics.
“The de Blasio administration is committed to making smart, impactful investments that will help industrial business thrive in New York City, and is working with our agency partners to take a fresh look at the suite of programs that support this critical part of the city economy,” a spokesperson for the mayor said. “Spending differences in one program do not speak to the overall commitment to industrial firms and their jobs.”
“It enables us to promote businesses more in that area and advocate for businesses, and provide programs for manufacturing,” said Renz, who is a member of CB 5.
In March, the city council will review the preliminary budget, and some are touting the IBZ’s signficance. “I am committed to restore it,” Councilmember Elizabeth Crowley said. “I know it is important not just to Maspeth and Ridgewood, but the rest of the city. It is something that the council treasures.”