Archives

Audit Report on the New York City Economic Development Corporation’s Administration of the NYC Ferry Operation

Executive Summary On February 12, 2016, the New York City Economic Development Corporation (EDC or the Corporation) entered into an Operating Agreement (Agreement) with HNY Ferry, LLC (the Operator) to operate the NYC Ferry system. The Agreement covers an initial... Read More

Jul 6, 2022

Audit Report On The Compliance Of Port Imperial Ferry Corporation With Its Lease Agreement For Pier 79

Executive Summary On April 16, 2002, New York City (the City), through the New York City Department of Transportation (DOT), entered into a 10-year lease agreement (the Lease), which was subsequently renewed through October 23, 2025, with Port Imperial Ferry... Read More

Jun 26, 2019

Audit Report on the Financial and Operating Practices of the Queens Economic Development Corporation

Executive Summary The Queens Economic Development Corporation (the QEDC) was established as a not-for-profit corporation in 1976 with its stated mission to promote the creation and retention of jobs in the Borough of Queens.  The QEDC also helps entrepreneurs create... Read More

May 22, 2019

Letter Audit Report on the Compliance of FirstFlight Heliport, LLC d/b/a Saker Aviation Services, Inc. with Its Concession Agreement

EXECUTIVE SUMMARY The objective of this audit was to determine whether FirstFlight Heliport, LLC (FirstFlight) complied with the major terms of its concession agreement, including whether FirstFlight accurately collected and reported revenue derived from its operation of the Downtown Manhattan... Read More

Jun 4, 2018

Final Letter Report on the New York City Economic Development Corporation’s Controls over Its Computer and Other Computer-Related Equipment

Executive Summary The audit determined whether the New York City Economic Development Corporation (EDC) is in compliance with certain inventory procedures as set forth in the Department of Investigation’s (DOI’s) Standards for Inventory Control and Management and whether it is... Read More

Oct 23, 2017

Audit Report on the Compliance of Metro Cruise Services, L.L.C. with Its Operating Agreement for the Brooklyn Cruise Terminal

In May 2013, the City of New York (the City), acting through the New York City Economic Development Corporation (EDC), entered into an operating agreement (the Operating Agreement) with Metro Cruise Services, L.L.C. (MCS), which provides that MCS shall be... Read More

Jun 29, 2017

Audit Report on Sunstone Hotel Investors, Inc.’s Compliance with Its Lease Agreement to Operate the Hilton Times Square Hotel

EXECUTIVE SUMMARY The New York City Economic Development Corporation (EDC) administers the lease (the Lease) for the Hilton Times Square Hotel (the Hilton), located at 234 West 42nd Street.  The Hilton was built by FC 42 Hotel, LLC, and sold... Read More

Jan 28, 2015

Letter Report on the New York City Economic Development Corporation’s Compliance with Local Law 36

SPECIAL REPORTS Letter Report on the New York City Economic Development Corporation’s Compliance with Local Law 36 LETTER REPORT IN BRIEF This brief summarizes our audit findings regarding the compliance by the New York City Economic Development Corporation (“EDC”) with... Read More

Sep 24, 2014

Audit Report on the New York City Economic Development Corporation’s Contracts Related to Environmental and Other Engineering Services

The New York City Economic Development Corporation (EDC) is a not-for-profit corporation organized under §1411 of the Not-For-Profit Corporation Law of the State of New York.  Pursuant to contracts with the City of New York, EDC is obligated to administer... Read More

Mar 26, 2014

Audit Report Of The Howard Hughes Corporation’s Compliance With Its City Leases For The South Street Seaport Marketplace And Theatre

Audit Report In Brief The New York City Economic Development Corporation (EDC) is responsible for the management of select industrial and commercial spaces throughout the five boroughs as well as several retail and wholesale food markets. Part of EDC’s management... Read More

Jul 25, 2013

Audit Report on the Department of Environmental Protection’s Billing of Water and Sewer Usage for Properties Sold by the Economic Development Corporation

AUDIT REPORT IN BRIEF The New York City Economic Development Corporation (EDC) was formed in 1991 as a merger of the New York City Public Development Corporation (PDC) and the Financial Services Corporation of New York City (FSC). PDC’s primary... Read More

May 15, 2013

Audit Report on the Compliance of South Street Seaport Associates with Its City Lease Agreements

AUDIT REPORT IN BRIEF As the City’s primary agent for economic development, the New York City Economic Development Corporation (EDC) is responsible for the management of select industrial and commercial spaces throughout the five boroughs as well as several retail... Read More

Apr 30, 2013

A Compilation of Audits of the City’s Oversight of Construction Management Consultants

Audit Report In Brief Given the amount of taxpayer money spent on capital construction projects—$9.1 billion in Fiscal Year 2011 and $8.4 billion  in Fiscal Year 2012—the Comptroller’s Office has dedicated a portion of the resources of the Audit Bureau... Read More

Mar 12, 2013

Audit Report on the Coney Island Development Corporation’s Financial and Operating Practices and Its Compliance with Its EDC Funding Agreement

AUDIT REPORT IN BRIEF The Coney Island Development Corporation (CIDC) is a not-for-profit local development corporation which was established in September 2003 to build on the City’s efforts to revitalize and enhance the Coney Island section of Brooklyn so that... Read More

Nov 7, 2011

Audit Report on the Administration of Public Purpose Funds by the New York City Economic Development Corporation

AUDIT REPORT IN BRIEF Public purpose funds comprise restricted assets designated by the New York City Economic Development Corporation (NYCEDC) in connection with project agreements among various project developers, the City, and NYCEDC. Under these agreements, NYCEDC acts as trustee... Read More

Sep 21, 2011

Audit Report On The Compliance Of MDO Development Corporation With Its Lease Agreement

AUDIT REPORT IN BRIEF This audit determined whether MDO Development Corporation (MDO) properly reported its gross receipts, correctly calculated and paid its rent due the City, and complied with certain non-revenue terms of the lease agreement. On October 4, 1979,... Read More

Feb 9, 2011