[Congressional Record Volume 143, Number 144 (Thursday, October 23, 1997)]
[Extensions of Remarks]
[Page E2058]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      HONORING THE SOUTH BRONX OVERALL ECONOMIC DEVELOPMENT CORP.

                                 ______
                                 

                          HON. ELIOT L. ENGEL

                              of new york

                    in the house of representatives

                      Wednesday, October 22, 1997

  Mr. ENGEL. Mr. Speaker, the South Bronx Overall Economic Development 
Corp. [SOBRO] is celebrating its 25th anniversary with a record of 
accomplishments that is inspiring. In the time it has been working to 
make the South Bronx a paradigm of development, it has stimulated more 
than $120 million in investments, created or retained 30,000 local 
jobs, trained or placed more than 20,000 low-income residents into 
jobs, completed more than $20 million in reconstruction projects to 
upgrade local commercial districts, and created a community development 
revolving loan fund with $600,000 to assist small businesses and 
entrepreneurs to gain access to credit.
  SOBRO is one of the principal reasons that the Bronx, so famous as a 
model of urban decay that it became a regular presidential campaign 
stop, was named this year as an all-American city. SOBRO also helped 
the South Bronx to grow as a regional business hub.
  SOBRO was founded in 1972 by five prominent New York City banks and 
has received the help of city, State, and Federal governments, as well 
as philanthropic support. SOBRO has worked to create jobs which benefit 
residents of the South Bronx.
  SOBRO has played a large part in the transformation of this area from 
one famous for being shown on television during the World Series as 
burning to a model of redevelopment. I congratulate SOBRO on its 25th 
anniversary for the great work it has done and I know will continue to 
do.

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