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.
Approximately $475,000,000 New York Liberty Bond revenue bond transaction for the benefit of 7 World Trade Company, L.P. and its affiliates and developers, in connection with the construction and renovation of an approximately 1,700,000 square foot office building to be constructed on an approximately 58,400 square foot parcel of land bounded by Washington Street, Barclay Street, Greenwich Street and Vesey Street (Block 84, lot 36) in Manhattan. The financial assistance proposed to be conferred by the Agency will consist of such bond financing. The Agency's Board of Directors induced this project on January 14, 2003 for a bond financing in the amount of $400,000,000.
Approximately $1,540,000 civic facility revenue bond transaction for the benefit of Advocates for Services for the Blind Multihandicapped, Inc., a provider of residential and habilitation services for people with developmental disabilities, in connection with the acquisition, renovation, equipping, furnishing and/or refinancing of an approximately 2,100 square foot building located on an approximately 2,800 square foot parcel of land located at 457 81st Street, 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.
[POSTPONED] Approximately $700,000,000 special exemption 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.
[POSTPONED] 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.
Approximately $4,065,000 civic facility revenue bond transaction for the benefit of Eden II School for Autistic Children, Inc., a provider of habilitation and special education services for children and adults with developmental disabilities, in connection with (i) the acquisition, renovation, equipping, furnishing, and/or refinancing of an approximately 13,800 square foot building located on an approximately 32,000 square foot parcel of land located at 94 Wright Avenue, Staten Island, New York, for an approximate cost of $2,640,000; and (ii) the acquisition, renovation, equipping, furnishing, and/or refinancing of an approximately 4,158 square foot building located on an approximately 5,663 square foot parcel of land located at 106 Grayson Avenue, Staten Island, New York for an approximate cost of $1,425,000. 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 $3,575,000 civic facility revenue bond transaction for the benefit of Services for the Underserved - MR Programs, Inc., a provider of habilitation services for people with developmental disabilities, in connection with the acquisition, renovation, furnishing, equipping and/or refinancing of the following facilities: (i) an approximately 3,489 square foot building located on an approximately 3,200 square foot parcel of land located at 211 Buffalo Avenue, Brooklyn, New York for an approximate cost of $809,000, and (ii) an approximately 1,650 square foot building located on an approximately 3,200 square foot parcel of land located at 1578 Park Place, Brooklyn, New York, for an approximate cost of $550,000, and (iii) an approximately 2,900 square foot building located on an approximately 3,790 square foot parcel of land located at 3316 Avenue J Brooklyn, New York, for an approximate cost of $1,100,000; and (iv) an approximately 8,000 square foot condominium office on the 7th floor and approximately 8,000 square foot condominium office on the 10th floor, located on an approximately 16,300 square foot parcel of land at 305 7th Avenue, New York, New York for an approximate cost of $1,115,000. 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.
[POSTPONED] 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.
[POSTPONED] 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, January 6, 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