WORLD> America
New York mayor outlines economic stimulus plan in weekly radio address
(Xinhua)
Updated: 2009-02-23 15:58
NEW YORK -- New York Mayor Michael Bloomberg said during his weekly radio address on Sunday that on top of the federal funding coming this way, the city has an economic stimulus plan of its own.

Bloomberg was cited by a report available on www.ny1.com as saying that as part of the economic recovery plan for the five boroughs, the city will provide loans to small businesses and help more New Yorkers keep their homes.

He also mentioned a series of initiatives to foster innovation in new fields by providing startup companies with ready-to-use office space at steep discounts.

"These incubator spaces may well hatch the next great ideas and inventions of the 21st century. The spirit of enterprise and innovation that exists in New York has always been key to the prosperity of our city and our nation. The steps we're taking today will help us tap into that spirit and hold on to the talent we're going to need to ensure New York City's future," Bloomberg said.

The city is also reportedly sponsoring some long-term investments into the city's future.

According to the report, the mayor said the city-funded extension of the 7 train will create construction-related jobs and lay the groundwork for new development in Manhattan's far west side.

He said the project will ultimately create half a million jobs and could produce more than 60 billion dollars in new tax revenues.