In 2011, the City of New York and the New York City Economic Development Corporation (NYCEDC) made significant headway in their ongoing efforts to support the Hunts Point Market in the South Bronx. In June, they reached an agreement with the Hunts Point Terminal Produce Cooperative to extend its lease for another three years, while the Cooperative and NYCEDC work together to develop a long-term plan for a larger, modernized facility in the Bronx. To this end, the City and State have each agreed to contribute capital resources and to work with the Cooperative to secure additional third-party sources of funding.