Evergreen Inc. to Lease Space at Below-Market Rent
Funding Agreement Includes $4.8m Grant from NYCEDC Industrial Developer Fund and Technical Assistance from Urban Manufacturing Accelerator Fund
BROOKLYN, NY—Evergreen Inc.: Your North Brooklyn Business Exchange, New York City Economic Development Corporation (NYCEDC), and Association for Neighborhood Housing and Development (ANHD) today announced closing on 500 Stagg Street in East Williamsburg, which includes 10,000 square feet of industrial space to be leased at affordable rates for local industrial businesses and manufacturers. The announcement is the latest piece of progress as part of the ten-point Industrial Action Plan, aimed at growing 21st century industrial and manufacturing jobs in New York City, released by Mayor de Blasio in November 2015.
Evergreen’s acquisition and renovation of 500 Stagg St. represents $6.85M in total development cost and will make way for at least 20 full-time jobs. The financing for the project was made possible in part through a $4.8M grant provided through NYCEDC’s Industrial Development Fund (IDF), a citywide initiative that provides low-cost financing to developers for creating affordable industrial spaces which provide quality job opportunities. An additional $650,000 grant was provided by New York State Empire State Development through their consolidated funding program.
An additional $60,000 grant for pre-development was provided through the Urban Manufacturing Accelerator Fund – an initiative of ANHD and Citi Community Development – which provides capacity building technical assistance and grant funds to nonprofit developers interested in building out industrial spaces.
“We are proud to have provided almost $5 million to Evergreen for its acquisition of 500 Stagg St., which will create affordable space for small businesses and bring new, good-paying jobs to the North Brooklyn community,” said NYCEDC President and CEO James Patchett. “This grant was provided through our Industrial Development Fund and is just one of the many successes of the City’s Industrial Action Plan. We look forward to supporting even more entrepreneurs and growing business districts through this initiative.”
“Evergreen’s mission is to help small businesses grow so we can keep high-quality working-class jobs in our community,” said Evergreen Inc: Your North Brooklyn Business Exchange’s Executive Director Leah Archibald. “Our development of 500 Stagg will help us achieve that goal by creating an affordable, stable space for several manufacturers, and investing any revenues into programming to help other businesses in the community grow.”
“I am incredibly excited that Evergreen, a local organization, is closing on a project that will have such a positive economic impact on our community,” said Council Member Antonio Reynoso. “For years, myself and Evergreen, have been fighting to protect and expand manufacturing in North Brooklyn and this project is a testament to that work. The space provided through this facility will provide affordable opportunities for local manufacturers to incubate and grow, providing good jobs to our residents and innovative products for consumers. I want to thank EDC for supporting Evergreen in this venture and I look forward to continuing the collaboration as this project moves forward.”
“The light-manufacturing sector is an important source of quality jobs in our city, and an important part of any plan for equitable economic development. The City has created a very valuable tool with the Industrial Developer Fund (IDF) to protect manufacturing tenants from displacement. We also want to thank Citi for the support that their Urban Manufacturing Accelerator Fund (UMAF) gave Evergreen for this project. Their commitment to mission-driven developers helps projects like this have an even bigger impact for the community,” said ANHD Executive Director Benjamin Dulchin. “With this closing, mission-driven developers like Evergreen are showing that investing in industrial development is an effective way to stop the displacement of good-paying jobs with low barriers to entry and encourages economic growth where we need it in low-wealth communities. We applaud the innovative work of the Industrial Development Fund and Evergreen, and we hope the City builds on the momentum they are creating with this fund.”
“Industrial manufacturing presents an important opportunity to create economic mobility for workers, and the City of New York has made the development of this sector a key component of its strategy to create vital and inclusive pathways to the middle class,” said Community Development Director Gregory Schiefelbein. “The Urban Manufacturing Accelerator Fund complements the City’s strategy by investing in the expertise of ANHD and high-quality services that help mission-driven developers like Evergreen unlock significant opportunities that create and preserve quality jobs.”
Since the City’s Industrial Action Plan was released in 2015, four non-profit developers including the Evergreen Exchange have received $41M through IDF. Other developers who have been provided grant assistance include the Greenpoint Manufacturing and Design Center, Mutual Housing Association of New York, and the Greater Jamaica Development Corporation. In total, these projects will create or preserve close to 250 quality, good-paying jobs.
New York City Economic Development Corporation is a mission-driven, non-profit organization that creates shared prosperity across New York City by strengthening neighborhoods and growing good jobs. NYCEDC works with and for communities to provide them with the resources they need to thrive, and invests in projects that increase sustainability, support job growth, develop talent, and spark innovation to strengthen the City’s competitive advantage. To learn more about our work and initiatives, please visit us on Facebook, Twitter, or Instagram.
About Evergreen Inc.: Your North Brooklyn Business Exchange
Founded in 1982, Evergreen: Your North Brooklyn Business Exchange (“Evergreen”) is a nonprofit membership organization that champions manufacturing, creative production, and industrial service businesses in North Brooklyn and other industrial business zones (“IBZ”) within the borough. Evergreen connects businesses with direct technical assistance, opportunities and advocacy to help create and maintain high quality jobs at all skill levels.