NEW YORK CITY INDUSTRIAL DEVELOPMENT AGENCY

 

 NOTICE OF PUBLIC HEARING

 

The New York City Industrial Development Agency (the “Agency”) is empowered under the New York State Industrial Development Agency Act (constituting Title 1 of Article 18-A of the General Municipal Law), and Chapter 1082 of the 1974 Laws of New York, as amended, to issue nonrecourse revenue bonds to provide financing for qualified projects, and to enter into industrial and small industry incentive program transactions and other straight-lease transactions for the benefit of qualified projects, and thereby advance the job opportunities, general prosperity and economic welfare of the people of the State of New York (the “State”) and to improve their prosperity and standard of living.  The Agency has been requested (i) to make available the proceeds of its bonds to be issued in the approximate aggregate dollar amounts, to be used by the persons, for the purposes, and at the addresses identified below, and (ii) to participate in industrial and small industry incentive program straight-lease transactions and other straight-lease transactions for the purposes and at the addresses also identified below.  As used herein, “bonds” are bonds, the interest on which may be exempt from local and/or State and/or Federal income taxes; and the “City” shall mean The City of New York.  As used herein with reference to bond amounts, “approximately” shall be deemed to mean up to such stated bond amount or a greater principal amount not to exceed 10 % of such stated bond amount.

 

Straight lease (Small Industry Incentive Program) transaction for a real estate holding company to be determined for the benefit of Big Apple Distributors of New York, Inc., a wholesale distributor of dvd’s, music cd’s, video games and electronics, in connection with the acquisition of and/or renovation and equipping of three approximately 5,000 square foot buildings located on three approximately 5,000 square foot parcels of land located at 3780 Merritt Ave, 3770 Merritt Avenue, and 3760 Merritt Avenue, Bronx, New York.  The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of City real property taxes, exemption from City and State mortgage recording taxes and exemption from City and State sales and use taxes.

 

Straight-lease (Small Industrial Incentive Program) transaction for Mill Avenue Realty Corp. for the benefit of Nu-Life Dental Laboratories, Inc., a manufacturer of dental prosthesis, in connection with the acquisition, renovation, furnishing and equipping of an approximately 4,000 square foot building on an approximately 12,000 square foot parcel of land, located at 2135 Mill Avenue, Brooklyn, New York.  The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of City real property taxes, exemption from City and State mortgage recording taxes and exemption from City and State sales and use taxes.

 

Approximately $32,000,000 civic facility revenue bond transaction for PPFA 21st Century, Inc., a not-for-profit 501(c)(3) tax-exempt organization that raises funds to support all aspects of Planned Parenthood Federation of America, Inc.'s missions and acquires, holds and manages assets for use by Planned Parenthood Federation of America, Inc. and related entities.  PPFA 21st Century, Inc. will use bond proceeds to finance or refinance the acquisition, renovation, equipping and furnishing of a condominium unit and improvements constituting approximately 104,000 square feet of space in an approximately 192,000 square foot building located upon an approximately 13,045 square foot parcel of land located at 424-438 West 33rd Street, New York, New York, Block 729, Lot 163.   PPFA 21st Century, Inc. will own the aforementioned premises and may lease them to Planned Parenthood Federation of America, Inc. and affiliates and related entities.  The financial assistance proposed to be conferred by the Agency will consist of such bond financing and exemption from City and State mortgage recording taxes.

 

Straight lease (Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of Related Retail Hub, LLC, a special-purpose entity formed by the Related Companies, L.P. to develop a commercial, retail and parking facility, in connection with the acquisition, renovation and equipping of an approximately 106,000 square foot parking facility and approximately17,000 square feet of retail space within the parking facility, located on an approximately 35,000 square foot parcel located at 2984 Third Avenue, Bronx, New York, and the acquisition of an approximately 88,000 square foot parcel and the construction and equipping of an approximately 151,000 square foot building, of which a portion comprising approximately 75,000 square feet will be associated with the proposed project, situated thereon all located at 3002 Third Avenue, Bronx, New York. The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of City real property taxes, exemption from City and State mortgage recording taxes, and exemption from City and State sales and use taxes.

 

Approximately  $31,000,000 civic facility revenue bond transaction for the benefit of Riverdale Country School, Inc. (“Riverdale”), a not-for-profit co-educational private school for students in grades pre-school through twelve, in order (1) to refinance outstanding bonds of the Agency in the approximate amount of $7,000,000 issued in 1997, the proceeds of which were used (i) to finance the acquisition, demolition and renovation of existing buildings located on an approximately 327,000 square foot parcel of land located at 5022 Fieldston Road, Bronx, New York (comprised of 5028 Fieldston Road, 5079 Tibbett Avenue, 231 West 252nd Street, Post Road at West 252nd Street and 5201 Post Road); and (ii) to refinance certain outstanding indebtedness of Riverdale incurred to finance the construction of certain gymnasia, classroom and administrative facilities at that building known as the “New Building” and located on Riverdale’s Lower School campus located at 4900 Palisades Avenue, Bronx, New York and (2) to finance the construction, renovation, expansion and equipping of (i) an approximately 29,100 square foot building located on an approximately 840,705 square foot parcel of land located at 5250 Fieldston Road (a/k/a 5260 Fieldston Road), Bronx, New York (“the Upper Campus”) with an approximate allocation of $2,500,000, (ii) an approximately 18,150 square foot building located on the Upper Campus with an approximate allocation of $2,500,000, (iii) an approximately 650 square foot expansion and renovations to an approximately 31,200 square foot building located on the Upper Campus with an approximate allocation of $10,500,000, and (iv) an approximately 8,000 square foot expansion and renovations to an approximately 41,000 square foot building located on the Upper Campus with an approximate allocation of $8,500,000, all for use by Riverdale in its operation of a private school.  The financial assistance proposed to be conferred by the Agency will consist of such bond financing and exemption from City and State mortgage recording taxes.

 

Straight lease (Small Industry Incentive Program) transaction for Strong America Limited and Strong International Trading Corp., importers, wholesalers and distributors of Asian and other ethnic foods, in connection with the acquisition of and/or renovation and equipping of an approximately 77,000 square foot building located on an approximately 80,000 square foot parcel of land located at 5-35 54th Avenue, Long Island City, Queens, New York.  The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of City real property taxes, exemption from City and State mortgage recording taxes and exemption from City and State sales and use taxes.

 

            Approximately $6,500,000 industrial development revenue bond transaction for Grogan Realty, LLC for the benefit of Sweet Sams Baking Company, LLC, a manufacturer and distributor of baked goods, in connection with the acquisition, renovation and equipping of an approximately 51,000 square foot building located on an approximately 79,000 square feet parcel of land located at 1261 Seabury Avenue, Bronx, New York. The financial assistance proposed to be conferred by the Agency will consist of such bond financing, payments in lieu of City real property taxes, exemption from City and State mortgage recording taxes, and exemption from City and State sales and use taxes.

 

Pursuant to Section 859a of the General Municipal Law of the State of New York and Internal Revenue Code Section 147(f), the Agency will hold a hearing on the proposed financings and transactions set forth above at the office of the New York City Economic Development Corporation, 110 William Street, 6th Floor, New York, New York commencing at 10:00 A.M. on Thursday, April 8, 2004.  Interested members of the public are invited to attend.  The Agency will present information at such hearing on the proposed financings and transactions set forth above.  Pursuant to subdivision 3 of the above-referenced Section 859a, the Agency will, in addition, provide an opportunity for the public to review at such hearing the project application and the cost-benefit analysis for each of the proposed financings and transactions. For those members of the public desiring to review project applications and cost benefit analyses before the date of the hearing, copies of these materials will be made available, starting on or about noon on the Friday preceding the hearing.  Persons desiring to obtain copies should call (212) 312-3543.  Persons desiring to make a brief statement regarding the proposed financings and transactions should give prior notice to the Agency at the address or phone number shown below.  Written comments may be submitted to the Agency to the attention of Mr. David Shelley at the address shown below.

 

New York City Industrial Development Agency

110 William Street, 6th Floor

New York, New York 10038

(212) 312-3543