PROPOSED STIPULATION NO. 7: SOCIOECONOMICS

The Application will evaluate the existing socioeconomic conditions and the socioeconomic impacts resulting from the construction and operation phases of the Project.

1. To the extent consistent with and applicable to the substantive terms of the paragraphs set forth in this Stipulation, the Socioeconomic Study for this Project shall be performed in accordance with substantive provisions of:

New York City Environmental Quality Review Procedures, Technical Manual and Appendices, December 1993.

2. The socioeconomic evaluation will assess the following potential impacts resulting from the Project:

(a) An estimate of the number of temporary construction jobs that will be created by the Project, during the phases of the construction (including peak employment levels);

(b) An estimate of the annual construction payroll for each year of the Project and an estimate of annual direct non-payroll expenditures likely to be made for the Project during the period of construction;

(c) An estimate of the number of jobs and the on-site payroll, by discipline, during a typical year once the Project is complete, and an estimate of other expenditures likely to be made in the vicinity of the Project during a typical year of operation.

(d) A comparison of the anticipated construction work force and the construction work force available within commuting distance;

(e) An estimate of the extent and duration of temporary construction worker in-migration, with an examination of housing needs;

(f) An assessment of significant incremental municipal, public authority, or utility operating and infrastructure costs that will be incurred by New York City, the Borough of Brooklyn, and any other affected municipality, public authority, or utility for police, fire, emergency, water, sewer, solid waste disposal and other municipal, public authority, or utility services during the construction phase of the Project (this estimate to be made after consultation with the affected municipalities, public authorities, and utilities);

(g) An assessment of significant incremental municipal, public authority, or utility operating and infrastructure costs that will be incurred by New York City, the Borough of Brooklyn, and any other affected municipality, public authority, or utility for police, fire, emergency, water, sewer, solid waste disposal and other municipal, public authority or utility services due to the permanent operation of the Project (this estimate to be made after consultation with the affected municipalities, public authorities, or utilities).

(h) An assessment of the present tax revenue for land and improvements on the Project site, a description of the Project's tax payments per City formula as well as per the City's Industrial/Commercial Incentive Program (ICIP), and the economic impact such payments represent; and

(i) An assessment of potential impacts on the local and regional areas, using Input-Output modeling. A multiplier to determine the direct and indirect economic and employment impacts associated with the Project will be used.

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