Second Avenue Subway Construction

The East Side of Manhattan is currently undergoing one of the most significant construction projects in decades -- the creation of the long-awaited Second Avenue subway. The construction has begun and will eventually run through parts of eight Assembly Districts. While the Second Avenue Subway will eventually bring much needed transportation improvements to the East Side, it.,is currently having a substantially negative effect on local businesses. Some establishments in the heart of the initial construction area have lost 20 or 30 percent of business, and others have closed permanently. This bill would create a Second Avenue Subway construction economic development grant program for the purpose of providing financial and technical assistance to small and micro businesses located within the area where construction is taking place. Assistance would be provided for projects such capital improvements, marketing and advertising, as well as emergency funds for endangered businesses. Thus, any grants from this program would be funneled right back into the New York City economy.