• $4 million secured in FY 96 New York City capital grants including $294,000 committed by the Manhattan Borough President
• $300,000 secured in pre-development grants and investments by HRP from private, foundation, Federal, and State sources and HRP revenues
• Proposed $750,000 Empowerment Zone contribution

Detailed feasibility study prepared by Steven M. Schwartz, Inc.

• Architectural and engineering feasibility study
• Financial analysis
• Market research and analysis
• Funded by UDC

Tenant rents at $8 per square foot on average

• Significantly below Harlem rental market
• Shortage of suitable small space in Harlem
• Other subsidies built-in, including property tax abatements, utility cost reductions and benefits of shared services and facilities

The incubator is designed to serve both light manufacturing and office users

• Market research reveals demand from both sectors
• Manufacturing creates more high paying jobs and economic multipliers, but fewer new manufacturing businesses in Harlem
• Market focus on construction-related, garment, and craft-related industries, as well as service and high tech businesses

Model Incubator units of 1,500 square feet

• Each unit can be shared by two or more businesses
• Up to three units can be combined for a single business
• Each unit will have its own entrance, sink, ventilation system, electric submeter and basic finishes

The incubator will be operational 18 months from the commitment of the last funding

• Project approved through ULURP including Community Board 9
• Environmental review and mediation completed
• EDC prepared funding and leasing documents and is ready to disburse first funds
• 6 month design process, 12 month construction process

Tenant selection will involve community input and be based on applicants meeting more than one of the following criteria

• Businesses owned by Harlem residents
• Businesses which create high numbers of jobs for Harlem residents
• Businesses which exhibit immediate growth potential
• Businesses serving Harlem residents and businesses

Tenant outreach to commence on securing final funding

• Tenant outreach and marketing will commence once the project is in final design
• Funding secured for outreach and marketing from HUD John Heinz grant
• The outreach and marketing plan calls for strong linkage with other EZ and Harlem-based organizations including TAP centers, State Employment Office and BMCC Small Contractor Assistance Program

The Incubator will help create 250 new jobs in the first phase alone

• 50 construction jobs
• 256 permanent jobs
• Expansion space for HRP offices and thrift stores will lead to additional employment
• All hiring for Incubator management, construction and tenant hiring will emphasize hiring Harlem residents

The Incubator has received substantial private sector support

• $57,000 in direct cash grants
• Substantial in-kind support including donations of furniture, copying services and other items
• Pledges of support for Incubator in operation

The Architectural team has been selected and is ready to commence the design of the Incubator

• The team, comprising Roberta Washington Architects and Kapell and Kostow Architects, was selected through a competitive process