EDC defends fiscal 2027 priorities as council presses on World Cup, housing and MWBE reporting

Jeannie Pac, interim president and CEO of the New York City Economic Development Corporation, told the Council's Committee on Economic Development that EDC's fiscal 2027 preliminary plan focuses on four strategic pillars — building neighborhoods, growing innovation industries, delivering sustainable infrastructure and strengthening business competitiveness. "Our work touches every corner of the five burrows," Pac said in opening testimony, and she highlighted projects from Kingsbridge Armory to the Hunts Point produce market and the Willits Point redevelopment.

Pac noted recent progress on several large developments: the Kingsbridge Armory redevelopment backed by $216 million in city, state and federal investments that she said will deliver 500 permanently affordable units; a planned all‑electric Hunts Point produce market intended to preserve thousands of jobs and remove diesel refrigerated trucks from neighborhood streets; and the Willits Point program that she described as the city's largest affordable housing project in 40 years. On workforce and equity, Shahila Stevens, EDC's executive vice president for equity and community impact, said programs such as Construct NYC and Waterfront Pathways help MWBEs access EDC contracts and create pipelines to middle‑ skill jobs.

Council members pressed EDC for specifics. Chair Virginia Maloney and others sought clarity on a $15 million FY26 preliminary allocation tied to FIFA World Cup activations; Pac said EDC is working with the mayor's office and the tournament zone on how that money will fund fan activations, community programming and small‑business engagement and reiterated EDC estimates that World Cup activity could generate about $3.3 billion in economic activity for the city. Council members also asked for EDC's assessment of Moody's recent bond rating action; Pac pointed to monthly economic snapshots EDC produces and said the agency's analysis indicates resilient fundamentals.

Lawmakers probed EDC's use of discretionary tax incentives and the organization's discount rate for present‑value calculations. Pac described the Industrial Development Agency (IDA) as EDC's primary discretionary tool and said discretionary IDA awards represent only a portion of the $3.3 billion in total tax expenditures cited in citywide figures. EDC said it aligns its discount rate with OMB (6.25%) to permit apples‑to‑apples comparisons across projects and will follow OMB guidance on revisions.

The council also sought updates on capital projects and program implementation. On Hunts Point, EDC said the new all‑electric facility will be built next to the existing market using a design‑build contract to avoid decanting and to speed delivery, and that construction jobs will be generated while market operations continue. On the Brooklyn Marine Terminal redevelopment and Sunset Park investments, EDC officials confirmed some previously budgeted capital — including a preordered all‑electric crane — remains in the plan and said they will provide further itemized details on contractors and staffing plans for the newly created Brooklyn Marine Terminal Development Corporation.

MWBE reporting and data were a recurring concern. Council Member Lee pressed EDC about a discrepancy in the Mayor's preliminary management report; EDC said the PMMR captured only four months and that the full mayor's management report will include a complete annual view, noting a 35% MWBE construction award rate in fiscal 2025 amounting to about $240 million. Members asked for follow‑up information and supporting documentation.

The hearing produced a number of follow‑ups EDC pledged to provide, including timing for specific site redevelopments, a contractor breakdown for certain capital work, more detail on World Cup spending plans and data on MWBE participation by age cohort. The committee did not take votes; EDC officials said they would return with the requested details as the budget process continues.