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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 (Industrial Incentive Program) transaction for Greenpoint Group LLC, a real estate holding company, for the benefit of Aleta Industries Inc. and Aleta Group, Inc., a manufacturer and installer of air conditioning duct work and accessories, in connection with the acquisition, renovation and equipping of: (1) an approximately 7,400 square foot building located on an approximately 7,400 square foot parcel of land, located at 263-267 Freeman Street, Brooklyn, New York; (2) an approximately 8,000 square foot building located on an approximately 12,500 square foot parcel of land, located at 269-277 Freeman Street, Brooklyn, New York; and (3) an approximately 2,500 square foot building located on an approximately 10,000 square foot parcel of land, located at 242-252 Eagle Street, 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 $700,000,000 special exempt facility revenue bond transaction for the benefit of American Airlines, Inc. in connection with the phased demolition of terminals 8 and 9, the demolition of existing arrival and departure ramps, the construction and equipping of up to an approximately 2,000,000 square foot new terminal, the construction of new arrival and departure ramps and certain costs relating to the construction of associated parking facilities, all on an approximately 108 acre parcel of land and the renovation of existing aircraft hangars on an approximately 70 acre parcel of land in the same vicinity, all located at John F. Kennedy International Airport (the "Airport") in Jamaica, in the borough of Queens, New York.  The south bound direction of the Van Wyck Expressway leads directly to the Airport, or it can be reached by taking the Nassau Expressway east to the JFK Expressway. The financial assistance proposed to be conferred by the Agency will consist of such bond financing, exemption from City and State sales and use taxes and exemption from City and State mortgage recording taxes.

 

Approximately $4,500,000 industrial development revenue bond transaction for Bufkin Enterprises, Ltd and Milgo Industrial, Inc., manufacturers of metal architectural trim, in connection with the renovation and equipping of one building totaling approximately 30,000 square feet on an approximately 30,000 square foot parcel of land at 68 Lombardy Street, Block 2835, Lot 12, and at 520 Morgan Avenue, Block 2835, Lot 5 and at 64-66 Lombardy Street, Block 2835, Lot 9, Brooklyn, New York, and the acquisition, renovation, and equipping of an approximately 16,000 square foot building on an approximately 16,000 square foot parcel of land located at 32 Beadel Street, Block 2841, Lot 10, and an approximately 12,000 square foot building on an approximately 12,000 square foot parcel of land located at 45 Division Place, Block 2841, Lot 30, Brooklyn, 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.

 

Straight-lease (Small Industrial Incentive Program) transaction for MD Kohn Realty, Inc., a real estate holding company, for the benefit of Comfort Bedding, Inc., a manufacturer of mattresses, box springs and bed frames, in connection with the acquisition, renovation and equipping of: (1) an approximately 8,000 square foot building on an approximately 8,000 square foot parcel of land located at 13 Christopher Avenue, Brooklyn, New York, Block 3676, Lot 5; (2) an approximately 13,000 square foot building on an approximately 13,000 square foot parcel of land located at 21 Christopher Ave., Brooklyn, New York, Block 3676, Lot 1; and (3) an approximately 7,500 square foot parcel of vacant land located at 101-103 Liberty Ave., Brooklyn, New York, Block 3675, Lots 27 and 25.  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  $75,000,000 civic facility revenue bond transaction for the benefit of Ethical Culture Fieldston School, a not-for-profit education corporation which serves as a co-educational private school for students in grades pre-kindergarten through twelve, for the following purposes: (1) to construct (a) an approximately 47,300 square foot, four-story middle school building to be linked by a new bridge to a renovated student commons in an existing approximately 17,400 square foot building, (b) an approximately 38,200 square foot, two-story athletic complex, including gymnasium, locker rooms, classrooms, and fitness center, and (c) an approximately 13,900 square foot, one-story indoor pool facility all on an approximately 849,000 square foot parcel of land located at 3901 Fieldston Road in the Bronx, New York, such parcel of land to be referred to as (the “Riverdale Campus”); and (2) to renovate approximately 34,100 square feet of existing space on the Riverdale Campus located in (a) an  approximately 17,400 square foot building, (b) an approximately 34,500 square foot building, (c) an approximately 20,900 square foot building, and (d) an approximately 10,400 square foot building, all on the Riverdale Campus for the creation of a new dining hall, new music facilities, new admissions offices, new student common space and other academic spaces. 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 transaction for the benefit of Generation Next of Far Rockaway, Inc. for the benefit of Federal Jeans, Inc., an importer, manufacturer and distributor of denim products, in connection with the acquisition of an approximately 289,018 square foot parcel of land identified as Block 16100, Lots 31 & 38, Block 16103, Lots 1 & 60, Block 16104, Lots 1, 25 & 28, Block 16105, Lot 1, Block 16106, Lot 1 on the tax map for the borough of Queens, New York and the Street beds of Beach 79th, Beach 80th, Beach 81st, Beach 82nd, Beach 83rd & Finnard Ave, and the construction, furnishing and equipping of an approximately 154,000 square foot building.  The financial assistance proposed to be conferred by the Agency will consist of exemption from City and State sales and use taxes, real estate tax abatements and exemption from City and State mortgage recording taxes and energy benefits.

 

            Straight Lease transaction for the benefit of Generation Next of Zerega Inc. for the benefit of Federal Jeans, Inc., an importer, manufacturer and distributor of denim products, in connection with the acquisition of an approximately 150,000 square foot parcel of land located at 2300 Seward Avenue, Bronx, New York and further identified as Block 3576, p/o Lot 1 on the tax map for the borough of the Bronx, and the construction, furnishing and equipping of an approximately 134,533 square foot building.  The financial assistance proposed to be conferred by the Agency will consist of exemption from City and State sales and use taxes, real estate tax abatements and exemption from City and State mortgage recording taxes.

 

            Approximately $7,000,000 civic facility revenue bond transaction for the benefit of The Committee to Form the Hannah Senech School, Inc., or The Hannah Senesh Community Day School, an independent private school serving students from kindergarten to grade eight, or a party related to the entities described above, in connection with the acquisition of an approximately 23,000 square foot facility located on an approximately 11,000 square foot parcel of land located at 342 Smith Street in Brooklyn, New York and in connection with the renovation, furnishing and equipping of the facility located thereon. 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.

 

Approximately $36,000,000 industrial development revenue bond transaction for a real estate holding company to be determined for the benefit of Home Depot U.S.A., Inc., a warehousing distribution and fulfillment center, in connection with the acquisition and construction of a facility, and the installation of machinery and equipment, on an approximately 300,000 square foot parcel of land located upon an approximately 652,500 square foot parcel of land located at East 132nd Street, Bronx, New York, Block 2543, part of Lot 1.  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.

 

 

Straight-lease transaction for Idea Nuova, a wholesale distributor of novelty items, in connection with the acquisition, renovation, and equipping of an approximately 11,000 square foot building on an approximately 22,000 square foot parcel of land and the construction of an approximately 11,000 square foot addition, located at 46-52 Nelson Street, Brooklyn, New York, Block 526 Lot 111231.  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 $9,950,000 civic facility bond transaction for the benefit of Morris Heights Health Center, Inc., a not-for-profit health center which provides comprehensive primary care services to medically and socially disadvantaged residents of the Bronx, in connection with the construction, furnishing and equipping of an approximately 40,000 square foot portion of an approximately 100,000 square foot building located upon an approximately 20,249 square foot parcel of land, located at 51-69 West Burnside Avenue, Bronx, New York.  The approximately 40,000 square foot portion of the building will be comprised of an approximately 31,000 square foot health care facility and approximately 9,000 square feet of commercial space.  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 Radhaswamy Inc. (d.b.a Raja Foods), a wholesale distributor of ethnic food products, in connection with the acquisition of an approximately 110,000 square foot parcel of land, and the construction, furnishing and equipping of an approximately 90,000 square foot building thereon to be located at 43-10 57th Avenue, Maspeth, Queens, New York on parcel 1B1 of the former Phelps-Dodge facility, Block 2529, tentative Lot 10.  The financial assistance proposed to be conferred by the Agency will consist of exemption from City and State mortgage recording taxes and exemption from City and State sales and use taxes.

Straight-lease (Industrial Incentive Program) transaction for the benefit of Stuyvesant Fuel Terminal Company, LLC, a company specializing in the delivery and storage of fuel oil, in connection with the renovation, furnishing and equipping of the following: (1) approximately 116,600 square feet in three buildings on a 261,000 square foot parcel of land, located at 1040 E. 149th Street, Block 2599, Lot 92, Bronx, New York; (2) an approximately 15,000 square foot building/storage tank on an approximately 15,000 square foot parcel of land, located at 1020 E. 149th Street, Block 2599, Lot 90, Bronx, New York; (3) an approximately 2,600 square foot building on an approximately 29,000 square foot parcel of land on Block 2599, Lot 400 and Block 2597, Lot 105, Bronx, New York; (4) an approximately 14,800 square foot building on an approximately 5,220 square foot parcel of land on Block 2599, Lot 592; Bronx, New York and (5) an approximately 8,300 square foot building on an approximately 1,995 square foot parcel of land located on Block 2599, Lot 593, 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 Industry Incentive Program) transaction for 533-539 Bay, LLC, for the benefit of Wanna Window, Inc., a wholesale distributor of windows, in connection with the renovation, furnishing and equipping of an approximately 20,611 square foot building on an approximately 16,500 square foot parcel of land, located at 533-539 Bay Street, Staten Island, New York, Block 490, Lots 4 & 14.  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 civic facility revenue bond transaction for the benefit of Yeshivath Kehilath Yakov, Inc., a not-for-profit, private elementary school serving boys, in connection with the construction, improvement, furnishing and equipping of an approximately 38,880 square foot building located on an approximately 10,338 square foot parcel of land located at 212-220 Wilson Street, Brooklyn, New York, to be used as a 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.

 

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 (“NYCEDC”) 110 William Street, 6th Floor, New York, New York commencing at 10:00 A.M. on Thursday, April 7, 2005.  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.  Please be advised that certain of the aforementioned proposed financings and transactions may possibly be removed from the hearing agenda prior to the hearing date.  Information regarding such removals will be posted on NYCEDC’s web site, www.nycedc.com on or about noon on the Friday preceding the hearing.

 

New York City Industrial Development Agency

110 William Street, 6th Floor

New York, New York 10038

(212) 312-3543