 | |
| Company type | Subsidiary |
|---|---|
| Founded | November 2001; 23 years ago (2001-11) |
| Parent | Empire State Development Corporation |
| Website | renewnyc.com |
TheLower Manhattan Development Corporation was formed in November 2001,[1] following theSeptember 11 attacks, to plan the reconstruction ofLower Manhattan and distribute nearly $10 billion in federal funds aimed at rebuilding downtown Manhattan. It is a subsidiary of theEmpire State Development Corporation, which is aNew York state public-benefit corporation.
The Lower Manhattan Development Corporation was formed in November 2001 by then-GovernorGeorge Pataki and then-MayorRudolph Giuliani.[2] The LMDC is ajoint State-Citycorporation governed by a 16-memberBoard of Directors, half appointed by theGovernor of New York and half by theMayor of New York. As a result, Pataki and Giuliani appointees dominate the LMDC. Its original chairman wasJohn C. Whitehead, a former Deputy Secretary of State and head ofGoldman Sachs. One of its first projects was the granting of more than $40 million for parks and green space.[3]
In February 2003, the LMDC choseDaniel Libeskind's master plan for the reconstruction of theWorld Trade Center complex. The organization also sponsored theinternational design competition for theWorld Trade Center Memorial, which resulted inMichael Arad and Peter Walker'sReflecting Absence being chosen as the winning design in January 2004.
Having distributed its funds, the LMDC in July 2006 announced plans to dissolve and transfer its responsibilities to other existing agencies and foundations, including theW.T.C. Memorial Foundation, and the Lower Manhattan Construction Command Center. However a settlement following the fire at theDeutsche Bank Building allowed them funding for future projects including theWest Thames Street pedestrian bridge.[4]
In 2023, LMDC announced plans for the final wind down in early 2024 after years of discussion and staff cuts. It will remain in existence as a conduit for grants, however, including for thePAC NYC, and waterfront rehabilitation efforts.[5]
LMDC does not own theWorld Trade Center site although it partners with the Port Authority on some elements of development.[6]
The LMDC was funded through the disbursement ofCommunity Development Block Grants-amounting to $2.783 billion—approved by the federal government in the aftermath of the 9/11 attacks and resultant destruction of much of lower Manhattan's economic and structural base. It was not listed in theNew York State Authorities Budget Office's 2018 annual report, but remains in operation as of 2019 as plans for the future5 World Trade Center continued to develop.[7]
Two members of the LMDC's board have asserted that up to $45 million allocated to the LMDC from a "community enhancement" fund in May 2005 has not been directly accounted for, and that up to $15 million from that stipend might have been spent in areas other than those it had been explicitly stipulated for.[8]
Former Attorney GeneralEliot Spitzer became governor in 2007, rethought his condemnation, and announced a "reinvigorated LMDC" that would continue the revitalization of Lower Manhattan. Mayor Bloomberg welcomed the Governor's renewed interest at the time. However, in September 2008, Mayor Bloomberg condemned the LMDC as a contributor to a slower progress in rebuilding and he demanded dissolution of the LMDC.[9]
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