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 Arc Metal Group, LLC, a manufacturer of metal displays for the retail industry and of architectural metal detail and custom metal furniture, in connection with the acquisition of and/or renovation and equipping of an approximately 42,000 square foot building located on an approximately 39,232 square foot parcel of land located at 156 Hinsdale Street, Brooklyn, New York and the acquisition of an approximately 10,000 square foot parcel of land at 145 Hinsdale 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.
Straight-lease (Industrial Incentive Program) transaction for a to be determined operating affiliate of Designer Greetings, Inc., a publisher of greeting cards, in connection with the acquisition, renovation, furnishing and equipping of an approximately 60,000 square foot building and the acquisition, renovation, furnishing and equipping of an approximately 30,000 square foot building and the acquisition, renovation, furnishing and equipping of an approximately 16,000 square foot building and the acquisition, renovation, furnishing and equipping of an approximately 9,000 square foot building on an approximately 125,000 square foot parcel of land located at 125 Lake Avenue, Staten Island, New York, Block 1161, Lot 1. 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 (Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit Idea Nuova, Inc., a manufacturer, importer and distributor of women’s accessories and various novelty items, in connection with the acquisition of and/or renovation and/or equipping of an approximately 150,000 square foot building located on an approximately 40,000 square foot parcel of land located at 70-84 Richards Street, Brooklyn, New York, an approximately 12,500 square foot building located on an approximately 12,500 square foot parcel of land located at 76-84 Verona Street, Brooklyn, New York, an approximately 5,800 square foot building located on an approximately 14,400 square foot parcel at 67-71 Delavan Street, Brooklyn, New York and the acquisition of an approximately 12,500 square foot parcel of land located at 90 Verona 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, exemption from City and State sales and use taxes.
Approximately $13,000,000 Civic Facility bond transaction for the benefit of Institute for Community Living, Inc. (“ICL”) and certain affiliates named below which provide services to the mentally ill and developmentally disabled persons in the New York metropolitan area, in connection with (i) the acquisition and renovation by ICL Joselow House, Inc., an affiliate of ICL, of the approximately 12,300 square foot building, located on an approximately 2,500 square foot parcel of land at 46 West 74th Street, New York, New York, (ii) the refinancing of existing debt incurred by the purchase and/or renovation of four properties; an approximately 6,680 square foot building located on an approximately 5,500 square foot parcel of land at 88 Rugby Road, Brooklyn, New York, an approximately 6,660 square foot building located on an approximately 8,000 square foot parcel of land at 4715 Avenue D, Brooklyn, New York, an approximately 3,600 square foot building located on an approximately 3,280 square foot parcel of land at 2372 West 12th Street, Brooklyn, New York, and an approximately 3,948 square foot building located on an approximately 2,760 square foot parcel of land at 9001 Avenue K, Brooklyn, New York owned by ICL; (iii) the refinancing of existing debt incurred by the purchase and/or renovation of four properties (an approximately 9,000 square foot building located on an approximately 9,038 square foot parcel of land at 2581 Atlantic Avenue, Brooklyn, New York, an approximately 3,090 square foot building located on an approximately 2,850 square foot parcel of land located at 857 East 225th Street, Bronx, New York, an approximately 1,800 square foot building located on an approximately 2,400 square foot parcel of land located at 3028 Bronx Park East, Bronx, New York, and an approximately 4,262 square foot building located on an approximately 3,108 square foot parcel of land located at 2402A Pacific Street, Brooklyn) owned by ICL Real Property Holding Corporation, an affiliate of ICL; and (iv) the refinancing of existing debt incurred by the renovation of an approximately 5,700 square foot building on an approximately 13,000 square foot parcel of land located at 6209 16th Avenue, Brooklyn, New York, which is leased to ICL HealthCare Choices, Inc., an affiliate of ICL. 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 two companies related by common ownership, JAM Creations, Inc., a designer and molder of jewelry, and Alsco Jewelry of New York, Inc., a cutter of gems and setter of stones in jewelry, in connection with the acquisition, renovating and equipping of an approximately 14,000 square foot building located on an approximately 10,000 square foot parcel of land located at 36-06 43rd 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 $1,850,000 industrial development revenue bond transaction for a real estate company to be determined for the benefit of Katz Metal Fabricators Inc., a sheet metal manufacturer and fabricator, in connection with the acquisition, renovation, furnishing and equipping of an approximately 23,353 square foot existing building on an approximately 50,951 square foot parcel of land, located at 434 East 165th Street, Bronx, New York, and the construction, renovation and equipping of an approximately 24,000 square foot addition to the existing building. The financial assistance proposed to be conferred by the Agency will consist of such bond financing and 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 a real estate holding company to be determined for the benefit of Metalworks, Inc., a manufacturer of custom architectural metal products, in connection with the acquisition and renovating and equipping of an approximately 22,000 square foot building located on an approximately 22,000 square foot parcel of land located at 1930 Troutman Street, Maspeth, 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.
Straight lease (Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of Wm. E. Martin & Sons Co. Inc., an importer and processor of spices, in connection with the acquisition of and renovation and/or equipping of an approximately 70,000 square foot building located on an approximately 80,000 square foot parcel of land located at 193 Hinsdale 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, exemption from City and State sales and use taxes.
Approximately $33,000,000 civic facility revenue bond transaction for the benefit of Yeshivat Shaare Torah, Inc., also known as the Yeshiva Shaare Torah, Inc. or the Shaare Torah Yeshiva, a not-for-profit private parochial school for students from pre-kindergarten through 12th grade and post-high school teacher’s seminary, in connection with the following projects: (i) Approximately $25,500,000 bond transaction for the refinancing, reimbursement, and/or financing of the acquisition of an approximately 55,250 square foot parcel of land located at 1060-70 Ocean Parkway, Brooklyn, New York, and the refinancing, reimbursement, and/or financing of the construction, furnishing, and equipping of three buildings of approximately 30,000 square feet, approximately 20,000 square feet and approximately 10,000 square feet, on the aforementioned property; (ii) Approximately $3,100,000 bond transaction for the refinancing, reimbursement, financing and/or renovation and equipping of an approximately 45,000 square foot building located on an approximately 10,000 square foot parcel of land at 1680 Coney Island Avenue, Brooklyn, New York; And (iii) Approximately $4,400,000 bond transaction for the refinancing, reimbursement, financing and/or renovation and equipping of an approximately 80,000 square foot building located on an approximately 26,000 foot parcel of land located at 222 Ocean Parkway, Brooklyn, New York. The financial assistance proposed to be conferred by the Agency will consist of such bond financing or refinancings 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, 110 William Street, 4th Floor, New York, New York commencing at 10:00 A.M. on Thursday, December 4, 2003. 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