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Government and People
|Press Release For Immediate
October 6, 2004
Deputy Mayor Price to Leave District Government
Will become Senior Vice President, Neighborhood Markets, for Local Initiatives Support Corporation (LISC)
(Washington, DC) – Deputy Mayor for Planning and Economic Development Eric W. Price today announced he will be leaving the District government and become Senior Vice President, Neighborhood Markets, for Local Initiatives Support Corporation (LISC). Price will transition after concluding work on several major economic proposals over 6–8 weeks.
"It’s been an honor to serve this Mayor, the Administration and our City. I appreciate the opportunity I have been given to work with so many talented people to assist in the redevelopment of the District. I’m very proud of the work that we’ve done—and continue to do—and I’m looking forward to the new challenges in my life."
Development Across the District
Since 1999, Price has served as Deputy Mayor for Planning and Economic Development in the District. In his role, Price coordinates the execution of the District’s economic development programs and policies, including neighborhood, downtown and waterfront development. He oversees the District’s development financing programs, planning and disposition of District properties, as well as eight city agencies with a combined total of 1,000 employees and an annual operating and capital budget of more than $120 million.
During Price’s tenure, several major projects and programs have been initiated and completed. Price implemented the District’s highly successful $300 million tax increment financing (TIF) program. Since 1999, the TIF program has provided $150 million in funding for five projects, generating over 1,000 permanent jobs in the District. Projects include a 400 room Mandarin Hotel; a 400 room Embassy Suites hotel; a mixed use downtown project (Gallery Place) consisting of 230,000 sq. ft. of retail, 197 condos, 300,000 sq. ft. of office; and the International Spy Museum.
He has also overseen:
Price also established several new programs and agencies to carry out Mayor William’s goals and objectives, including the Washington, DC Marketing Center, DC Business Connections, the National Capital Revitalization Corporation and the Home Again, ReStore DC and Downtown Retail TIF programs.
"Eric has been a spectacularly talented member of my cabinet who has been very loyal to my vision of economic development in this city," said Mayor Anthony A. Williams. "He’s been a team player in every sense of the word—supportive, creative, competent and skilled. Eric’s also a personal friend of both me and my wife Diane, and I will miss him greatly."
Price is currently managing the planning and disposition of a $700 million mixed use/mixed income development downtown and a $500 million Convention Center hotel. He is also currently seeking City Council approval for two neighborhood retail developments that include a Target (the District’s first) and Costco.
Responsibilities at LISC
LISC is a national organization that helps non-profit community development corporations change distressed neighborhoods into healthy communities. LISC, headquartered in New York City, operates 38 local programs, has a staff of 400 and a combined annual operating budget of approximately $100 million. In his role as Senior Vice President, Price will oversee and provide guidance to a number of national initiatives that support LISC’s work, including: the Center for Commercial Revitalization; the New Markets Tax Credit initiative; LISC’s economic development lending: the Community Investment Collaborative for Kids; and the Youth Development and Recreation Initiative.
Price will be a member of LISC’s senior management team, including serving on the Program Operations Committee, national Credit Committee and other senior management committees. He will also develop new partnerships at the national level to support LISC’s local work in revitalizing neighborhood markets.
Price will be based in the Washington, DC office but will spend substantial time in the headquarters office in New York.
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