Page 31 - 2021 Queens Economic Development Guide

“For the LaGuardia project, $1.5 billion went to MWBEs. Based on our research, this is the largest number in New York State history.”
—Hersh K. Parekh
impact on the aviation industry
and the Port Authority; at its peak, airport travel was down 95 percent. This impacted our finances and our private partners. On the Port Authority side, we anticipate a $3 billion loss
in revenue during the 24-month period beginning with the start of the pandemic. The airlines and terminal developers have also suffered a tremendous financial impact. We’re now renegotiating the major terminal projects and hope to move forward with revised plans soon. But the goal remains the same: to have a modern, world-class JFK – the gateway to New York and to the country.
Recently, we announced a $1.5 billion project with Delta Air Lines and JFKIAT at Terminal 4. Originally planned as a $3.8 billion project, the impact of COVID-19 on the aviation industry led to a scaled down project that will be built in phases. Still, it’s good to see movement on that project.
Additionally, the Terminal 8 project at JFK led by American Airlines started prior to the coronavirus pandemic and continued during the pandemic, with increased health and safety protocols for the workers. It is a nearly $400 million project and is on track to be completed by the end of 2022. We are grateful to all our partners, including
the building trades unions for all of their hard work, especially during these challenging times.
The importance of being a good neighbor.
The Port Authority is cognizant of the impact of these projects on the surrounding communities. Under the leadership of our Executive Director Rick Cotton, we’ve made a concerted effort to ensure our neighbors can benefit from these projects as well.
The Port Authority’s historic investment in local small businesses and MWBEs.
The redevelopment programs at LGA and JFK mean billions of dollars in contracting opportunities for Minority or Women Owned Businesses (MWBEs) and local, Queens-based businesses. As part of the LaGuardia Redevelopment program, more than $1.6 billion in contracts have been awarded to certified MWBEs, which represents the largest award amount in New York State history, and there’s still more to be awarded. Additionally, more than $700 million in contracts have been awarded to local Queens- based businesses – many of which are members of the Chamber. For many businesses, these contracts meant
the difference between keeping its doors open or having to shut down. The President and Governor have both described infrastructure as
a key driver of the post-pandemic economic recovery. The LGA and JFK redevelopment projects will play a vital role in the recovery of the local economy in Queens, as well as the regional economy.
Why Queens is a special place to do business.
Queens is a unique place in the city, the country and the world. It’s the most diverse county on the planet.
A large contributor to this diversity
is JFK, serving as a gateway to this
country for people to visit or to start a life and family here. We want to make sure it is a world-class gateway to this city and country. We also want to make sure that the workforce reflects the diversity of the borough. We partnered with local organizations to help hundreds of Queens residents get jobs at the airports over the past two years. We were excited to help our neighbors, especially in the midst of a global pandemic.
The Port Authority’s partnership with the Chamber.
The chamber has been a terrific partner to the Port Authority over the years. Tom Grech has been a member of the JFK Redevelopment Community Advisory Council and provided tremendous insight and assistance to us as we work with the local Queens Community. He’s a staunch advocate for the borough and supporter of the Port Authority projects. It makes good business sense to attract tourism and keep the economy thriving. We are happy with the partnership we have had with the Chamber.
Opposite: More than 60 per cent of a Whole New LGA is already open to the public. Once complete, it will be the first new airport in the country in over 25 years.
Below: Renderings for a new, modern, world-class JFK Airport.
www.queenschamber.org 29
© Courtesy of Port Authority of NY & NJ