New York City Economic Development Corporation (NYCEDC) is a nonprofit corporation whose stated mission is to "leverage the city’s assets to create beneficial jobs that drive growth. This ensures equitable and sustainable development across all five boroughs." NYCEDC was formed in 1991 as the result of a merger of two major not-for-profit and a handful of minor corporations which performed economic development services for the City. One of the major merger partners was the Public Development Corporation (PDC), formed in 1966 to rescue the City from its then-deteriorating economy by selling City property and leasing industrial space. PDC was responsible for construction of the Nassau Street Mall, the Brooklyn Army Terminal, Jamaica Center, and the South Street Seaport, among other activities. The second major merger partner was the Financial Services Corporation (FSC) originally formed in 1979 as the NYC Economic Capital Corporation to administer government financing programs that promote business expansion in New York City. Formation of the NYCEDC followed recommendations from the consulting firm McKinsey & Company, who had been engaged in mid-1990 to "advise on the reorganisation of the NYC development system. More information...
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