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JANUARY 1998

Mayor Giuliani calls for repeal of Wicks Law

New York City Mayor Rudolph W. Giuliani told the Legislature's fiscal committees he will submit a proposal to repeal the Wicks Law, which drives up public construction costs by hundreds of millions of dollars a year.

Voters' rejection of last year's School Facilities Bond Act "necessitates new and innovative ideas to meet our capital needs while living within our existing capital resources," the Mayor said. Repealing Wicks would save the city $1.2 billion over 10 years. It would be a major step toward mandate relief, which The Business Council's Board of Directors has made a key priority.

Mayor Giuliani said his plan would require that half of any local savings from Wicks repeal be spent on schools' capital needs -- a potentially important selling point for the plan, especially in the Assembly.

The Mayor also called for further cuts in sales taxes on clothing. He said: "When we return money back to the people who earn and spend it, namely business and families, the City thrives as a whole."

January 29, 1998