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Adam Clayton Powell, Jr.
State Office Building
163 West 125th Street
New York, NY 10027
Telephone 212.961.4100
Fax 212.961.4143
Policies and Disclaimers
©2003 Harlem Community Development Corporation
A subsidiary of:
1-800-STATE-NY
(1-800-782-8369)
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Press Release
ESDC TO DISSOLVE SOME SUBSIDIARIES, MERGE OTHERS
Moves Will Promote Greater Efficiency, Accountability and
Transparency
Empire State Development Corporation Chairman/Downstate Patrick Foye
today announced that the Corporation is dissolving 13 of its
subsidiaries and merging 25 others into a single holding company in
an effort to promote good corporate governance and ease oversight
burdens.
The Corporation is also continuing its review of its other
subsidiaries, many of them created in the early days of the
Corporation’s existence, to see if there are others that can either
be merged into the holding company or dissolved.
“These actions are very much in line with Governor Spitzer’s call
for greater efficiency, accountability and transparency in state
government operations,” Chairman Foye said. “These moves will remove
inactive subsidiaries from the books while facilitating oversight of
others that may still have assets.”
The 13 subsidiaries slated for dissolution were created for specific
purposes which have either been completed or were never undertaken.
The 25 being merged into the holding company, Empire State Allsub
Corporation, are no longer active but relate to projects still in
existence. A separate corporate structure for each is no longer
necessary.
Creation of the holding company, Empire State Allsub Corporation,
was approved by the Corporation’s board at its April 19 meeting.
Completion of the merger of the 25 subsidiaries into Empire State
Allsub should be completed later this month.
Empire State Development is New York’s chief economic development
agency, encompassing business, workforce and community development.
ESD also oversees the marketing of “I LOVE NY,” the State’s iconic
tourism brand. For more information, visit
www.nylovesbiz.com.
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