Community Renewal Good Stories - New York City

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New York, New York Empowerment Zone

EZ Facility Bonds Help to Construct East Harlem Auto Mall

Before

After

The Harlem Auto Mall opened in March 2006 on a site where neglected lots, abandoned buildings and a road salt storing facility once stood. It is the first auto dealership north of 60th Street in more than 40 years. Located between 127th and 128th streets and 2nd and 3rd Avenues, the Auto Mall created more than 80 jobs for the Upper Manhattan Community.

The Chevrolet, Saturn and Cadillac franchises are sold at the facility. The Mall was financed with a $17 million Empowerment Zone Bond issuance. The EZ facility bond is an important financial tool in EZs to finance construction because interest on the bonds is tax free to bond holders. This lowers borrowing cost for EZ businesses. The proceeds of the bond issuance were used for construction, furnishings and equipping the Harlem Auto Mall.

For more information on the programs of the New York Empowerment Zone, please call Chief Administrative Officer Marion Phillips, New York Empowerment Zone Corporation, at (212) 803-3239.