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 $25,000,000 civic facility revenue bond transaction for the American National Red Cross, a not-for-profit humanitarian organization, for the benefit of the American Red Cross in Greater New York, a chapter of the American National Red Cross, in connection with the acquisition, renovation, furnishing, and equipping of an approximately 104,000 square foot, 4-story building with below grade garage space located on an approximately 25,000 square foot parcel of land located at 514 West 49
th Street, New York, New York, Block 1077, Lot 43. 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 Canada Dry Bottling Company of New York, Inc. and Pepsi-Cola Bottling Company of New York, Inc., bottlers and distributors of soda and other beverage products, in connection with the acquisition, renovation and equipping of an approximately 140,000 square foot building on an approximately 228,027 square foot parcel of land located at 50-35 56
th Road, Queens, New York, Block 2573, 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 the benefit of Dynamite Decorators, Inc., a wholesaler and importer of textiles and textile products, in connection with the acquisition, renovation and equipping of an approximately 77,000 square foot building, located on a 77,000 square foot parcel of land, located at 1130 Linwood Street (a.k.a.1094-1138 Linwood Street, 12457-12479 Flatlands Avenue and 1011-1047 Elton Street) Brooklyn, New York, Block 4427, 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.
Approximately $9,650,000 civic facility revenue bond transaction for the benefit of The Committee to Form the Hannah Senech School, Inc., or The Hannah Senesh Community Day School, an independent private school serving students from kindergarten to grade eight, or a party related to the entities described above, in connection with the acquisition of an approximately 23,000 square foot facility located on an approximately 12,000 square foot parcel of land located at 342 Smith Street, Brooklyn, New York and in connection with the renovation, furnishing and equipping of the facility located thereon. 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 Hi-Tech Resource Recovery Inc. and Hi-Tech Holdings LLC, a real estate holding company, for the benefit of Hi-Tech Resource Recovery Inc., a municipal solid waste transfer station and paper-recycling center, in connection with: (1) the renovation and equipping of an approximately 9,600 square foot existing building on an approximately 20,000 square foot parcel of land, located at 492 Scholes Street, Brooklyn, New York, and the construction and equipping of an approximately 10,000 square foot addition to the existing building; and (2) the renovation and equipping of an approximately 14,000 square foot existing building on an approximately 14,517 square foot parcel of land, located at 130 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.
Approximately $6,500,000 industrial development revenue bond transaction for the benefit of International Stone Accessories Marble & Granite Inc., a manufacturer, fabricator, and seller of customized natural stone and synthetic structural and decorative materials, and certain of its affiliates, in connection with the (i) acquisition and demolition of an approximately 7,500 square foot building located on an approximately 17,500 square foot parcel of land located at 41-49 Spencer Street, Brooklyn, New York, and (ii) construction of an approximately 60,000 square foot facility on aforementioned property to be used as (a) a facility for the manufacturing, fabricating, and selling of customized natural stone and synthetic structural and decorative materials and (b) an affiliated professional school and exhibition space. The financial assistance proposed to be conferred by the Agency will consist of such bond financing, 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 $995,000 civic facility revenue bond transaction for the benefit of Life’s WORC, 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 1,344 square foot building located on an approximately 2,500 square foot parcel of land located at 138-15 Whitelaw Street, Ozone Park, Queens, 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.
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 acquisition, renovation and equipping of an approximately 16,000 square foot building located on an approximately 16,000 square foot parcel of land located at 56-15 58
th Street, Maspeth, Queens, New York, Block 2663, 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.Approximately $2,187,500 civic facility revenue bond transaction for the benefit of Queens Parents Resource Center, 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 the following facilities: (i) an approximately 7,500 square foot building located on an approximately 10,000 square foot parcel of land located at 112-40 Francis Lewis Blvd., Queens Village, Queens, New York, for an approximate cost of $1,250,000; and (ii) an approximately 2,700 square foot building located on an approximately 3,500 square foot parcel of land located at 66-32 Park Lane South, Woodhaven, Queens, New York, for an approximate cost of $937,500. 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 $1,500,000 civic facility revenue bond transaction for the benefit of Services for the Underserved, Inc., a provider of habilitation services for people with developmental disabilities, in connection with the acquisition and renovation, furnishing, equipping and/or refinancing of the following facility: an approximately 8,000 square foot condominium office on the 7
th floor and an approximately 8,000 square foot condominium office on the 10th floor, located on an approximately 163,000 square foot parcel of land at 305 7th Avenue, 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.Straight Lease transaction for the benefit of Strong America Limited, an importer and wholesaler of Asian foods, in connection with the acquisition, renovation and equipping of an approximately 50,000 square foot building on an approximately 61,268 square foot parcel of land, located at 2-39 54
th Avenue, Queens, New York, Block 13, Lot 160. 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 $2,500,000 civic facility revenue bond transaction for the benefit of Women’s League Community Residences, Inc., a provider of habilitation and early intervention services for children and adults with developmental disabilities, in connection with the acquisition, renovation, equipping, furnishing, and/or refinancing of an approximately 6,300 square foot residential building located on an approximately 6,800 square foot parcel of land located at 4018 Manhattan Avenue, 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.
Straight-lease (Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of SKH Trading Company, Inc. (d.b.a Wonder Foods) and one or more affiliates, distributors of various dried and frozen food products, in connection with the acquisition, renovation and equipping of an approximately 56,500 square foot building on an approximately 65,300 square foot plot of land located at 131-151 Morgan Avenue, Brooklyn, New York, Block 3056, Lot 140. 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 $3,768,000 civic facility revenue bond transaction for the benefit of Young Adult Institute, Inc., a provider of habilitation and educational services for people with developmental disabilities, in connection with the acquisition and/or leasing, renovation, furnishing, equipping and/or refinancing of the following facilities: (i) the 9th and 11th floor of an approximately 527,280 square foot building located on an approximately 34,650 square foot parcel of land located at 460 West 34th Street, New York, New York, for an approximate cost of $1,458,000; (ii) an approximately 3,720 square foot building on an approximately 5,277 square foot parcel of land located at 281 West 261 Street, Bronx, New York, for an approximate cost of $1,210,000; and (iii) an approximately 4,000 square foot building on an approximately 2,100 square foot parcel of land located at 48-46 58th Place in Woodside, Queens, New York, for an approximate cost of $1,100,000. 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.
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, July 7, 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