City launches power program

Real Estate Weekly, Oct 23, 2002

New York City Economic Development Corporation (EDC) president Andrew M. Alper announced the launch of 'Power Downtown,' a three-year electricity discount program created by the City of New York and Con Edison to help small businesses hurt by the World Trade Center disaster. EDC will manage the program on behalf of the City. Non-retail businesses in lower Manhattan that. qualified for the City's and State's Business Recovery Grants and/or the Small Firm Attraction and Retention Grants are eligible for the program.

"Small businesses play a crucial role in the lower Manhattan business community," said EDC President Alper. "The City continues to find ways to help these businesses recover from the terrible tragedy of Sept. 11. 'Power Downtown' is another important program intended to help more than 2,300 qualified businesses reduce their electricity costs by as much as 15% for three year."

'Power Downtown' reduces electricity costs by about $1 per SF of space occupied during the three years of the program. Businesses must be located on or south of Houston Street in lower Manhattan and have electricity usage between 10 and 400 kilowatts. Businesses that receive electricity through their landlords will have to obtain cooperation from them to participate in the program.

"Con Edison is committed to fostering economic growth in the city and we believe that our support of this program will help ensure the long-term vitality of lower Manhattan. Linking Con Edison's business, incentive rates to governmental programs for businesses affected by the disaster will help to facilitate the full recovery of the downtown area," said Kevin Burke, Con Edison's president and chief operating officer.

EDC will soon notify businesses qualified for this program. Business owners who have any questions or need further assistance can contact 'Power Downtown' representatives at (866) 227-0458,: or visit EDC's website at www.newyorkbiz.com. Business owners can also obtain more information and drop off applications at the City and State Business Assistance Centers in lower Manhattan. Copies of recent electric bills must be included with the application.

The City's World Trade Center Business Rebuilding Center is located at 140 William St. and the State's World Trade Center Business Recovery Center is located at 2 Rector St. Both centers are open Monday, Tuesday, Thursday and Friday from 9 a.m. to 5 p.m. and on Wednesdays from 9 a.m. to 8 p.m., and offer assistance in multiple languages.