Second Avenue Small Business Tax Relief Bill Passes Assembly
June 25, 2008
Close to midnight last night, my Second Avenue Subway small business tax relief bill passed the New York State Assembly as we wrapped up the 2008 legislative session.
A.10924 offers a property tax abatement to property owners if they are able to sign or re-negotiate a reduced lease to current or prospective small business commercial tenants located in the construction area. The bill is sponsored in the State Senate by Senator José Serrano. While the bill has yet to pass there, the Senate bill has moved to committee and the Senate will reconvene in July.
Construction began on the most recent incarnation of the MTA’s Second Avenue Subway project in April 2007. Due to rising construction costs, the MTA recently announced that the first phase of the construction—from 96th Street to 63rd Street—will be delayed by two years, moving the completion date of this phase to 2015.
When the construction is finally complete and the new subway line opens for business, what kind of neighborhood will be there to greet it? Will we have driven Second Avenue’s small businesses into extinction or will we still have the same vibrant, family-friendly community we knew before the construction began? By passing this legislation, the Assembly has demonstrated its commitment to giving small business owners a fair shake and preserving the community we know and love.
New Legislation to Support Second Avenue’s Small Businesses
June 12, 2008
I’m a big supporter of the Shop 2nd Avenue campaign and its mission. Visit their website to find out more.
On May 5, I introduced A.10924 a bill to ease the burden of subway construction on Second Avenue’s hard-working small business owners. My bill is designed to help small businesses by offering property tax relief to landlords who agree to sign or re-negotiate reduced-cost leases for their small business commercial tenants. Senator José Serrano is sponsoring this bill in the State Senate.
I’m also proud to co-sponsor legislation (A.10594/S.8154) introduced by my colleagues, Assembly Member Jonathan Bing and Senator José Serrano, which would create an economic development grant program to provide financial and technical assistance to small businesses in the affected area.
The Second Avenue Subway will bring tremendous benefits to the East Side (and to the whole metropolitan area) in the long run. But during the lengthy construction period - which will last well over two and a half decades - residents, business, and property owners within the affected area will suffer. Already, small business owners along Second Avenue between 91st and 96th Streets have seen dramatic losses in business since construction began, as they face torn-up sidewalks, impeded pedestrian access, lost signage, revoked sidewalk café licenses, and interruptions in utility service.
These business owners have worked hard to overcome such challenges, and I’m proud to support their Shop Second Avenue campaign, which highlights all the many wonderful stores and restaurants Second Avenue has to offer. But I also believe that, since these New Yorkers are making a sacrifice for the betterment of the East Side and the entire region, it is important that New York State lend a helping hand.
