A Community Board 5 (CB5) committee last week decided to support the proposal, which would convert the area between Cypress and Irving Avenues and west of the NY Connecting Railroad Bay Ridge Freight Line into an IBZ.
An IBZ would protect the manufacturing businesses in the region through a series of incentives.
“The committee is going to report back to the board that they are in favor of the IBZ,” said Vinny Arcuri, chair of CB5.
If approved by the IBZ Commission, businesses moving into the IBZ would receive a $1,000 tax credit for every employee on staff and the support of an IBZ board for a number of financial assistance matters.
“The IBZ would have a knowledgeable staff available to assist businesses in obtaining loans, financing grants if available and help with navigating the regulations related to city government,” said CB5 district manager Gary Giordano. “There would be, in most cases, somebody to have technical guidance and advice.”
The board was wary of previous consequences of IBZs in Brooklyn communities like Williamsburg and Greenpoint, according to Giordano, which brought an influx of bars and nightclubs. Therefore, CB5 is treading lightly as it moves forward with the proposal.
“It certainly was raised in the committee that in portions of Williamsburg and Greenpoint that too much of the businesses became bars and nightclubs,” he said. “I would certainly be concerned about that possibility.”
The committees will present their recommendations at the next board meeting scheduled for Wednesday, July 10, at Christ the King High School in Middle Village.