Background:
In December 2005, the Mayor established the Office for Industrial & Manufacturing Businesses (OIMB). This office is dedicated to addressing the needs of New York’s industrial and manufacturing businesses. Understanding the critical contribution of this sector to the City’s vitality, the Office coordinates implementation across City agencies of Citywide policies to retain and promote industrial and manufacturing firms.
At the core of the Administration’s industrial policy is the creation of Industrial Business Zones (IBZs). These geographic areas build upon the existing In-Place Industrial Parks to better reflect industrial land uses within the City.
Southwest Brooklyn IBZ Map
Function:
The IBZs represent areas in which the City will provide expanded assistance services to industrial firms in partnership with local groups. In addition, IBZs reflect a commitment by the City not to support the re-zoning of industrial land for residential use within these areas.
Benefits of the Industrial Business Zone
Creating Real Estate Certainty
In the IBZs, the Bloomberg Administration has guaranteed not to support the rezoning of industrial property for residential use. This will alleviate real estate uncertainty. In addition, the City is strengthening zoning enforcement through increased monitoring and inspection of illegally converted buildings, greater financial penalties for illegal conversion and issuing appropriate violations and rescinding permits for illegal activity at construction sites.
Relocation Tax Credit
A one-time tax credit of $1,000 per employee is available to help industrial firms that opt to move into an IBZ or the Brooklyn Navy Yard to defray relocation costs. The tax credit is refundable if the relocating business has a tax liability that is lower than the credit for which they are eligible.
The Southwest Brooklyn IDC, as part of its IBZ contract, will offer industrial firms free, quick and reliable answers to a broad range of business questions including accessing appropriate financial and business assistance programs, navigating and complying with regulatory requirements, developing workforces and ensuring the neighborhood is well maintained.
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