Statement from the Partnership for New York City in Support of Governor Cuomo’s Proposal to Give State Control of MTA Board

Resource Type: News, Statements

“Although we have not seen the legislation, New York City’s major employers and business leaders welcome the Governor’s proposal for the state to assume control of the MTA board in order to address immediate transit emergencies and to establish clear accountability for the management, maintenance and financing of what has become an unwieldy and overly bureaucratic authority,” stated Kathryn Wylde, President and CEO of the Partnership for New York City.

New York Building Congress and the Partnership for New York City Unite Industry Leaders to Support Design-Build

Resource Type: News, Press Releases

Proposed Legislation Would Save Approximately $158 Million and Over 18 Months Per Project

NEW YORK, June 19, 2017—The Partnership for New York City and the New York Building Congress have sent a letter signed by over 15 industry leaders asking the New York State Legislature to support design-build authorization for New York City.  They reflect the broad-based support for giving city agencies the procurement and contracting tools they need to save time and money on major capital projects.

As this year’s legislative session concludes, the group’s letter highlights the urgency of passing legislation sponsored by Assemblyman Benedetto and Senators Lanza and Golden (A.8134/S.6427) to authorize a procurement method that would expedite much-needed infrastructure improvements while also saving taxpayer dollars. The design-build project delivery model would allow New York City to construct several highly-anticipated projects across the city, including rehabilitating the Brooklyn-Queens Expressway Triple Cantilever and constructing the NYPD training facility at Rodman’s Neck.

“Design-build is the best practice for infrastructure improvements and has become the industry standard,” said Carlo A. Scissura, President & CEO of the New York Building Congress. “When designers and contractors collaborate in the earliest stages of a project, we all win. It’s time for New York to join the federal government and virtually every state already benefiting from the efficiencies of design-build.”

“This legislation has been blocked for three years by defenders of a status quo that is not working for taxpayers and is depriving us of badly needed public infrastructure,” said Kathryn Wylde, President and CEO of the Partnership for New York City. “We call upon the legislature to rise above this obstructionism and give city agencies the tools they need to bring us needed improvements in public facilities.”

The letter from the New York Building Congress and the Partnership for New York City also points out that lack of design-build authority for New York City hinders the city’s ability to be competitive nationally. The anticipated one trillion dollar federal plan to rebuild the nation’s infrastructure will be geared toward states and municipalities that are able to build better, faster and cheaper.

For full text of the letter, click here.

Over 100 Business Leaders Call for Extending Mayoral Control

Resource Type: News, Press Releases

CEOs Stephen Schwarzman and Charles Phillips Join Mayor de Blasio to Urge Albany to Reauthorize Mayoral Control

 Mayoral Control of New York City schools will lapse at the end of June if the legislature does not act to extend it. Today, the Partnership for New York City released a letter signed by 105 business leaders urging Governor Cuomo and leaders of the State Senate and Assembly to make the current governance system permanent, so that it is no longer subject to political uncertainty and horse-trading.

Partnership Co-Chair Stephen Schwarzman of Blackstone, Executive Committee Member Charles Phillips of Infor and President & CEO Kathryn Wylde will join Mayor de Blasio and Chancellor Farina at a press conference at City Hall to announce the business community’s strong support of the current system and to highlight the accomplishments in education achieved with mayoral control under Mayors Bloomberg and de Blasio.

“Mayoral control is working, as demonstrated by the consistent improvement in graduation rates and student performance since its enactment. However, we still have more work to do to strengthen our public schools and to support our city’s students and teachers. We urge Albany to extend mayoral control permanently so we can continue building on that progress,” said Steve Schwarzman, Co-Chair of the Partnership for New York City and Chairman, CEO, and Co-Founder of Blackstone.

“Technology is the city’s fastest growing industry, but its continued success depends on our schools producing the talent we need to fill the jobs of the future. Mayoral control has enabled the school system to respond quickly and effectively to rapidly changing workplace demands and must be continued,” stated Charles Phillips, Chairman & CEO of Infor and a member of the Executive Committee of the Partnership for New York City.“If the legislature fails to extend mayoral control before the close of session, the resulting disruption of the school system would be a terrible setback for education in New York City. Albany will, hopefully, not be that irresponsible,” stated Kathryn Wylde, President & CEO, Partnership for New York City.

“If the legislature fails to extend mayoral control before the close of session, the resulting disruption of the school system would be a terrible setback for education in New York City. Albany will, hopefully, not be that irresponsible,” stated Kathryn Wylde, President & CEO, Partnership for New York City.

Full text and all signatories may be found here.

Partnership for New York City Calls on State Lawmakers to Address Mayoral Control, Charter Schools and Design-Build Legislation

Resource Type: News, Press Releases

City’s Business Leaders Demand Action on Education Policies and Procurement before Legislative Session Wraps in June

NEW YORK, MAY 16, 2017 – The  Partnership for New York City, which represents the city’s largest private sector employers, investors and leading entrepreneurs, called on the New York State Legislature to permanently extend mayoral control, lift the charter school cap and grant design-build contracting authority to New York City agencies before this legislative session concludes.

Mayoral control has restored the confidence of employers in the city’s K-12 public education system. Since mayoral control was first enacted in 2002, high school graduation rates have climbed to nearly 70 percent, from approximately 46 percent in 2005. There has also been a substantial reduction in the gap between city students and the rest of the state on other key performance metrics, including math and English proficiency, as well as average SAT scores.

Charter schools continue to provide a quality education option for students from school districts with high concentrations of poverty. If the current caps are not lifted, many New York City charters will have to turn away thousands of students. According to recent data, charter school students, 92 percent of whom are black and Hispanic, have achieved the highest English and math proficiency rates across several age groups.

“The highest priority of Partnership members, who employ more than a million New Yorkers, is an outstanding public education system that prepares students for jobs in the global economy,” said Kathryn Wylde, President and CEO of the Partnership for New York City. “We urge lawmakers to support permanent extension of mayoral control and to lift the charter school cap. Both measures contribute to expanded opportunities for the city’s public school students.”

Lawmakers must also move quickly before the end of the legislative session to modernize project procurement and delivery in New York City. Design-build is a contracting tool that has been adopted in 41 states. It allows public agencies to save money and time, while transferring construction risk to the private sector.“The city projects a savings of about $450 million on a pipeline of important projects,” said Kathryn Wylde. “Design-build allows public agencies to stretch their funds further and accomplish major projects with fewer delays and cost overruns.”

Click here to see the Partnership’s legislative memo.

CME Announces FinTech Innovation Lab Alum AlphaPoint as Technology Provider for New Gold Trading Initiative

Resource Type: Fund News, Partnership Fund

Recent FinTech Innovation Lab graduate AlphaPoint has provided a trading platform to the CME Group and The Royal Mint (TRM) for the first fully gold backed blockchain cryptocurrency. The coin is called “RMG” and is very similar to Bitcoin in technology. Users will be able to store the token themselves without the need for a bank or other custodian, they will also be able redeem the token for physically delivered gold. The new blockchain-based product is an entire trading eco-system for gold, providing speed, security as well as transparency of direct ownership.

Joint Statement from Business & Research Leaders on Commitment to Life Sciences in State Budget

Resource Type: News, Statements

Leaders of the downstate business and medical research communities are hailing a $620 million, ten-year plan to build a state-wide life sciences industry cluster that was put forward by Governor Cuomo and adopted by the legislature as part of the 2017-18 state budget this weekend. The Regional Economic Development Councils of Long Island, the Mid-Hudson Valley and New York City, as well as the Long Island Association, Partnership for New York City, and Business Council of Westchester, have been leading advocates for what they contend will be New York State’s next big industry, projected to add over $3 billion in annual economic activity and 24,000 new jobs.

The details of the plan include:

Capital Funds

  • $320 million for services and expenses, loans, and grants as well as costs associated with program administration for a life sciences initiative. Eligible costs may include, but are not be limited to lab space, equipment, technology, R&D, and venture capital investments in support of a comprehensive life sciences cluster strategy. $320 million includes $10 million annual cap on venture capital funding and $20 million for bioscience research labs and academic medical centers.

R&D Tax Credit

  • For a company that employs ten or more persons during a taxable year, a fifteen percent credit for qualified R&D expenses can be claimed;
  • For a company that employs less than ten persons during a taxable year, a twenty percent credit for qualified R&D expenses can be claimed;
  • Companies have a $500,000 annual tax credit limit. There is a three-year limit per company.
  • $10 million aggregate cap annually.

Kathryn Wylde, President and CEO of the Partnership for New York City said, “This forward-looking commitment to life sciences puts New York at the forefront of one of the world’s fastest growing industries, leveraging the enormous assets of our medical research institutions to generate new businesses and jobs.”

Kevin Law, President and CEO of the Long Island Association and Co-Chair of the LI REDC said, “New York has invested heavily in basic research over the years, but with Governor Cuomo’s new program, we are moving to support the growth of businesses that will generate a real return on that investment for the state and for our great academic medical centers and research institutions.”

Cheryl A. Moore, President and CEO of the New York Genome Center said, “This investment helps foster a more vibrant life science community in our region by creating jobs to attract talented researchers, entrepreneurs and innovators, and will allow the sector to ultimately gain insights leading to treatments, diagnostics and therapeutics for serious disease.  This investment benefits all New Yorkers, both by making us more competitive, and by leading in life science innovation.”

Marsha Gordon, President and CEO of the Business Council of Westchester said, “The Mid-Hudson region has Regeneron, which is a model for what can be accomplished: a homegrown company that today has 4000 employees. We have a base to build on, but state incentives are necessary to expand and accelerate the growth of our commercial life sciences cluster.”

Winston Fisher, New York City REDC Co-Chair said, “The New York City region is looking forward to partnering with other regional councils to leverage our widely varied assets into a powerful cluster of life sciences activity that diversifies our economy and creates good jobs.”