The Bronx stands on the brink of significant economic transformation, poised to benefit from the continuation of the Relocation and Employment Assistance Program (REAP) and the passage of the Relocation and Commercial Expansion Program (RACE). These programs will serve as critical tools for job creation and economic revitalization in our borough.
The Bronx has witnessed a surge of major economic development initiatives that will shape the future of our community. One example is the relocation of Great Performances, a premier catering and events company, which moved its headquarters to the Bronx several years ago. This move not only created jobs but also demonstrated the potential for businesses to thrive in our borough with the right incentives.
However, many underutilized commercial spaces still exist across the Bronx, awaiting investment and activation. Without incentives like REAP and RACE, these properties risk remaining vacant, contributing to economic stagnation and limiting opportunities for growth.
REAP and RACE provide essential tax incentives to businesses relocating from outside the five boroughs or lower Manhattan into the Bronx. By reducing financial barriers, these programs make it feasible for companies to invest in our community, create jobs and transform long-neglected properties into vibrant commercial hubs.
The impact of these programs has already been proven citywide. Thousands of businesses have found new homes through REAP, filling empty spaces and strengthening commercial corridors. In the Bronx, where economic opportunities have historically been limited, the potential benefits of these programs are even greater.
Imagine the revitalization that could take place if vacant industrial sites and neglected commercial properties were activated through REAP and RACE. These incentives could attract businesses in industries ranging from advanced manufacturing to creative arts, mirroring the success of Great Performances and ensuring that economic benefits reach all corners of the borough.
Beyond economic gains, revitalizing commercial spaces is critical for public safety and community vibrancy. Vacant storefronts and underutilized buildings can become magnets for crime and neglect, whereas thriving businesses create safer, more attractive neighborhoods.
The passage of REAP and RACE is essential to sustaining the Bronx’s economic momentum. Our leaders in Albany must act with urgency to pass this legislation, ensuring that the Bronx can continue to grow and build a stronger, more inclusive economy for all.
The time to act is now. With the right tools, the Bronx can transform underutilized properties into thriving commercial spaces, unlocking economic opportunities that benefit businesses and residents alike.
