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 Petroform Products Corp., a real estate holding company, for the benefit of Acme Metal Cap Co., Inc., a manufacturer of stamped components, and American Star Cork Co., an affiliate that imports and manufactures composition cork, in connection with the constructing and installing of a photovoltaic system, renovation, equipping and upgrade of an approximately 34,220 square foot facility comprised of three adjacent buildings on an approximately 35,535 square foot plot of land located at 33-53 62nd Street, Block 1185, Lot 43, 33-51 62nd Street, Block 1185, Lot 48 and 62-01 34th Avenue, Block 1185, Lot 40 in Queens, New York. The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of City real property taxes.
Approximately $10,500,000 civic facility revenue bond transaction for the benefit of Cristo Rey New York High School, an independent, a not-for-profit secondary school, in connection with the financing and refinancing of the renovation, improving and equipping of two leased buildings totaling approximately 31,000 square feet located on an approximately 11,947 square foot parcel of land located at 112-118 East 106th Street, New York, New York, Block 1633, Lot 66, for use as a coeducational, college preparatory Catholic high school currently serving students in grades nine and ten and seeking to expand to include grades eleven and twelve. 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 Federal Express Corporation (“FedEx Express”), a wholly-owned subsidiary of FedEx Corporation, and McMahon Development Group (“McMahon”), which will develop the build-to-suit facility, in connection with the construction, furnishing and equipping of an approximately 98,000 square foot facility to be used by FedEx Express as a distribution facility, all to be located on an approximately 435,600 square foot parcel of land located along the Bronx riverfront below East 132nd Street at the Harlem River Yards in the Bronx, New York, and further identified as Block 2543, part of Lot 1. The financial assistance proposed to be conferred by the Agency to FedExExpress will consist of an exemption from City and State sales and use taxes. The financial assistance proposed to be conferred by the Agency to McMahon, which will be passed through to FedEx Express, will consist of exemption from City and State mortgage recording taxes, payments in lieu of City real property taxes and exemption from City and State sales and use taxes.
Straight Lease transaction for the benefit of Federal Express Corporation (“FedEx Express”), a wholly-owned subsidiary of FedEx Corporation, in connection with the construction, renovation, furnishing and equipping of an existing approximately 49,373 square foot facility to be used as a distribution facility located on an approximately 24,677 square foot parcel of land located at 148 Leroy Street in New York, New York, and the construction of an approximately 10,000 square foot addition to the aforementioned building. The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of City real property 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 Federated Mechanical Corp. and Federated Fire Protection (d/b/a Federated Contracting Corp.), designers, fabricators, servicers and installers of sprinkler systems, in connection with the acquisition, renovation, furnishing and equipping of an approximately 6,500 square foot building located on an approximately 5,000 square foot parcel of land located at 1169 Grinnell Place (also known as 1177 Grinnell Place), the 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 $25,000,000 Civic Facility bond transaction for the benefit of the New York Quarterly Meeting of the Religious Society of Friends (the “Quarterly Meeting”) and the Friends Seminary School (the “School”), both located at 222 East 16th Street, New York, New York. The Quarterly Meeting, a legally incorporated body of the Religious Society of Friends, is responsible for the oversight and functioning of the School. The School operates a co-educational, non-residential school for kindergarten through Grade 12 at 222 East 16th Street, New Uork, New York, in New York City. The bond transaction would be in connection with one or more of the following purposes: (i) to acquire certain real property in the Borough of Manhattan located at 212 East 16th Street (Block 897, Lot 29) New York, New York, of approximately 5,769 square feet near the School, (ii) to renovate, enlarge and improve the facilities located on such real estate, (iii) to renovate, enlarge and improve other facilities currently used by the School located at 222 East 16th Street, 226 East 16th Street, 216 East 16th Street (collectively Block 897, Lot 16), New York, New York and respectively approximately 28,744, 19,989, and 6,898 square feet, and 214 East 16th Street (Block 897, Lot 28), New York, New York, of approximately 6,753 square feet (iv) to refund the Quarterly Meeting’s outstanding New York City Industrial Development Agency Civic Facility Revenue Bonds (Friends Seminary School Project), Series 2000 Bonds and (v) to pay a portion of the expenses incidental to the issuance of the Bonds. 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 Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of Furniture Design by Knossos Inc., a furniture manufacturer, in connection with the acquisition, renovation and equipping of an approximately 28,000 square foot building located on an approximately 22,500 square foot parcel of land located at 24-30 Brooklyn-Queens Expressway West, 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 Sminn Realty, LLC, a real estate holding company for the benefit of L.J.J., Inc., a warehouser and distributor of women’s apparel, in connection with the acquisition and renovation of an approximately 23,285 square foot building located on an approximately 19,920 square foot parcel of land located at 344 Maujer Street, Brooklyn, New York,Block 3021, Lot 37. 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 M & M Service Center, LLC, a real estate holding company for the benefit of Henry Modell & Company, Inc. d/b/a Modell’s Sporting Goods, a specialty distributor and retailer of sporting goods and apparel, in connection with i) the acquisition of and/or renovation and equipping of an approximately 268,000 square foot building located on an approximately 653,000 square foot parcel located at 1500 Bassett Avenue (a.k.a. 1780 Eastchester Road), Bronx, New York and ii) the construction and equipping of an approximately 83,000 square foot building on the approximately 653,000 square foot parcel located at 1500 Bassett Avenue (a.k.a. 1780 Eastchester Road), 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 (Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of Montebello Food Corp., a wholesale distributor of food and paper products, in connection with the purchase and construction of an approximately 40,000 square foot building on an approximately 40,000 square foot parcel of land located at 100 Varick 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.
Straight-lease (commercial retention) transaction for the benefit of National Broadcasting Company, Inc. and its eligible affiliates, in connection with the renovation of approximately 24,120 square feet of office space on the 11th floor and approximately 25,350 square feet on the 12th floor at 30 Rockefeller Plaza, New York, New York and for the acquisition and/or leasing and installation of machinery, equipment, furniture, fixtures and other tangible personal property all for use at the above additional locations. The financial assistance proposed to be conferred by the Agency will consist of exemption from City and State sales and use taxes, and real estate taxes. The financial assistance for this project was induced December 8, 1987. No additional financial assistance is being provided.
Up to $3,345,000,000 New York Liberty Bond revenue bond transaction for the benefit of World Trade Center Properties LLC, and/or its affiliates and/or its related developers, in connection with the preliminary inducement or inducement of a project that will consist of the construction, equipping and furnishing of the following: (i) one office building of approximately 1,200,000 square feet to be located at a site formerly known as 130 Liberty Street, bounded by Greenwich Street, Liberty Street, Washington Street, and Albany Street, New York, New York; and (ii) up to four office buildings, of up to approximately 8,800,000 square feet, to be located on an approximately six acre site within an approximately sixteen acre site known as the World Trade Center, bounded by Vesey Street, Church Street, West Street, and Liberty Street, New York, New York. The financial assistance proposed to be conferred by the Agency will consist of such bond financing.
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, December 8, 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