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., a manufacturer of air conditioning ducts and accessories, in connection with the acquisition, renovation and equipping of: (1) an approximately 7,500 square foot existing building on an approximately 7,500 square foot parcel of land, located at 263-267 Freeman Street, Brooklyn, New York; (2) an approximately 8,500 square foot existing building on an approximately 12,500 square foot parcel of land, located at 267-277 Provost Street, Brooklyn, New York; and (3) an approximately 2,500 square foot existing building on an approximately 9,000 square foot parcel of land, located at 242 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 and the construction of new arrival and departure ramps, 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 southbound 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.
Straight-lease (Industrial Incentive Program) transaction for American Security Systems, Inc., an installer of security and alarm equipment, in connection with the acquisition, construction, renovation and equipping of an approximately 2-story 10,000 square foot building on an approximately 5,000 square foot parcel of land, located at 5-44 50th Avenue in Long Island City, Queens. 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 $12,600,000 civic facility revenue bond transaction for the benefit of Cong. Machne Chaim, Inc. d/b/a Bais Sarah Educational Center For Girls, a not-for-profit private school serving girls in pre-kindergarten through grade eight, in connection with the acquisition, construction, improvement, furnishing and equipping of an approximately 113,869 square foot building located on an approximately 30,000 square foot parcel of land located at 6101-6123 16th Avenue, 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.
Straight-lease (Industrial Incentive Program) transaction for the benefit of MIB Industries, Inc. and On-The-Spot Binding, Inc. in connection with the acquisition, design and installation of a co-generation plant on an approximately 61,700 square foot parcel of land, located at 48-05 Metropolitan Avenue, Ridgewood, 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 $12,000,000 civic facility revenue bond transaction for the benefit of The Reece School, a not-for-profit special education elementary school, in connection with the acquisition, construction, equipping, furnishing, and/or refinancing of an approximately 22,000 square foot building located on an approximately 5,000 square foot parcel of land located at 25 East 104th Street New York, New York. 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 $35,000,000 civic facility bond transaction for the benefit of the Sephardic Community Center, organized and operated for charitable, educational and social purposes to address the needs of its community population from the very young to the elderly, in connection with: (1) the financing, enlargement, renovation, furnishing, and equipping of an approximately 3,400 square foot of floor area on top of its existing approximately 42,495 square foot building; and (2) the financing, construction, furnishing and equipping of an approximately 34,474 square foot four-story building, which is adjacent to the existing building. Both the existing and proposed buildings are on a lot of approximately 23,000 square feet (Block 7088, Lots 1, 14, 15, 16 and 89) located at 1901 Ocean Parkway, Brooklyn, New York. 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 $402,000,000 of special facility revenue bonds (the "Bonds") for Terminal One Group Association, L.P., the limited partnership of Compagnie Nationale Air France, Japan Airlines International Company, Ltd. (formerly known as Japan Airlines Company, Ltd.), Korean Airlines Co., Ltd. and Deutsche Lufthansa Aktiengesellschaft that developed and operates Building 55, John F. Kennedy International Airport, Jamaica, New York (commonly known as "Terminal One"). Costs of Terminal One were originally and primarily financed with the proceeds of the Agency's $434,290,000 Special Facility Revenue Bonds, Series 1994 (Terminal One Group Association, L.P. Project) (the "Series 1994 Bonds). The proceeds of the Bonds will be used for 1) the refunding of the outstanding balance of approximately $372 million of the Series 1994 Bonds and 2) approximately $30 million to undertake the modification of up to 4 existing gates and construction of an expanded aircraft parking area of approximately 55,000 square feet and certain portions of Terminal One to accommodate the New Large Aircraft (“the Project”) and 3) to fund certain required reserves and pay costs incurred in the issuance of the Bonds. The financial assistance proposed to be furnished by the Agency for the refunding and the Project will consist of such bond financing and exemption from City and State sales and use taxes.
Straight-lease (commercial retention) transaction for the benefit of Vornado Realty L.P., 7 West 34th Street LLC and their affiliates for the renovation of approximately 450,000 square feet of showroom space at 7 West 34th Street, New York, New York. The financial assistance proposed to be conferred by the Agency at the above location will consist of exemption from City and State sales and use taxes and payments in lieu of City real property 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 a 16,500 square foot parcel of land, located at 533-539 Bay Street, Staten Island, New York, 10304 (Block 490, Lots 4 & 14). The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of New York 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, February 3, 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