Financing Urban Infrastructure: Coastal Resiliency in Lower Manhattan
April 3, 2019
8:30am - 4:00pm
Convene, 32 Old Slip, New York, NY 10005.
DescriptionIn the years since Superstorm Sandy, Lower Manhattan property owners, City government and other stakeholders have all taken incremental steps to prepare this economically vital neighborhood for future flood risks and climate change. However, the area remains largely exposed. With an estimated $200 billion in property value at risk, it is imperative that an appropriate level of capital is directed towards infrastructure that protects Lower Manhattan’s coastline.
The Lab, held in partnership with AECOM, will bring together a group of government decision-makers, academics, NGOs, community groups, property owners, insurance industry experts, investors, and financial institutions to design potential funding and policy solutions to the Lower Manhattan resiliency challenge. Participants will explore models that scale up funding for infrastructure projects, from an insurance surcharge to a resiliency tax credit program and an environmental impact bond program. Attendees will also look to strategies underway in other geographies to glean insights that can be applied to New York City. The session will provide an opportunity to map out a strategic plan with concrete action items that will drive capital to infrastructure projects that will protect the region for decades to come.
Financial Innovations Labs are the Milken Institute's signature research tool, bringing together researchers and policymakers with business, finance, and professional practitioners to create market-based solutions to business and public policy challenges. The findings of these interactive Labs are publicly distributed. Previous topics have included residential energy-efficiency, small-business financing, archaeological discovery and conservation, and biomedical research and development. (Click here for samples of reports from previous Labs.)