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 a real estate holding company to be determined for the benefit of All About Glass & Windows, Inc., fabricators of insulated glass for windows and doors for commercial clients, in connection with the acquisition, renovation and equipping of an approximately 2,500 square foot building located on an approximately 5,000 square foot parcel located at 36-21 10th Street, Queens, New York, Block 353, Lot 11. 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 Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of C & J Picture Frames, Inc., a picture frame manufacturer, in connection with the acquisition and renovation of an approximately 26,000 square foot building located on an approximately 27,500 square foot parcel of land located at 106-20 Dunkirk Street, Jamaica, Queens, New York, Block 10343, Lot 100. 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 CBS Broadcasting Inc. and its eligible affiliates, in connection with the acquisition and/or leasing and installation of machinery and equipment for use at approximately 1,200 square feet of office space on the 10th floor at 76 Ninth Avenue, New York, New York. The financial assistance proposed to be conferred by the Agency will consist of exemption from City and State sales and use taxes. The financial assistance for this project was induced and authorized on April 13, 1993 and May 11, 1993 respectively. No additional financial assistance is being provided.
Straight lease (Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of Fay Da Manufacturing Corp., a manufacturer of baked goods and Asian specialty desserts and affiliates Fay Da Trading Corp. and Fay Da Leasing Corp., in connection with the acquisition, renovation and equipping of an approximately 21,400 square foot building located on an approximately 15,800 square foot parcel of land located at 592 Johnson Avenue, Brooklyn, New York , Block 2995, Lot 16. 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 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.
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, renovations 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 a real estate holding company to be determined for the benefit of Metal Dimensions LLC, designers and manufacturers of metal furniture, doors, staircases, fences and all metal accessories in connection with the acquisition, renovation, furnishing and equipping of an approximately 12,000 square foot building located on an approximately 12,000 square foot parcel of land located at 563-573 Johnson 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.
Approximately $45,000,000 civic facility bond transaction for the benefit of the Sephardic Community Youth Center, Inc., 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, renovation, furnishing, and equipping of an approximately 52,000 square foot existing building; and (2) the financing, construction, furnishing and equipping of an approximately 52,000 square foot five-story building, which is adjacent to the existing building including the construction of connections between the two buildings. Both buildings are on lots totaling approximately 35,000 square feet, Block 7088, Lots 1, 14, 15, 16 and 89, located at 1901-1903 Ocean Parkway and 1980-1986 East Seventh 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.
Approximately $40,000,000 empowerment zone facility bond transaction for Tiago Holdings, LLC, a limited liability company whose members are affiliates of Forest City Ratner Companies and Blumenfeld Development Group, or another entity formed by such members, in connection with the construction, furnishing, and equipping of an approximately 632,248 square foot building to be used as parking garage, located upon an approximately 80,000 square foot parcel of land located on Block 1715 and Lots 10, 22, 38, 42, 43 located to the east of Pleasant Avenue and generally bounded by East 116th, Franklin D. Roosevelt Drive and East 117th Streets, New York, New York. The financial assistance proposed to be conferred by the Agency will consist of such bond financing.
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, January 5, 2006. 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