Published in the New York
Post May 11, 2002, p 36
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 $6,000,000
industrial development revenue bond transaction for a real estate holding
company to be determined for the benefit of Abigal Press, Inc, a
printer and engraver, in connection with the acquisition, renovation,
furnishing and equipping of an approximately 80,000 square foot building
located on an approximately 12,000 square foot parcel of land located at 92
Third Street, Brooklyn, New York. 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.
Straight-lease
(commercial retention) transaction for the benefit of Alcoa Inc. and
its affiliates, an aluminum production firm, in connection with the
renovation of approximately 24,000 square feet of office space located on
the seventh and eighth floors of 390 Park Avenue, 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 location. The financial assistance proposed to be conferred by the
Agency will consist of exemption from City and State sales and use taxes
Approximately $15,000,000
civic facility revenue bond transaction for the benefit of The Brooklyn
Historical Society, a not-for-profit organization providing
cultural and educational services, in connection with the acquisition,
construction, renovation, equipping and upgrading of an approximately 10,300
square foot parcel of land and an approximately 32,500 square foot building
located thereon at 128 Pierrepont 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 $3,000,000
industrial development revenue bond transaction for a real estate holding
company to be determined for the benefit of Built-Rite Door Company,
Inc, a manufacturer of specialty doors and metal frames, in connection with
the acquisition of 18 parcels totaling approximately 30,000 square feet
located at 3315-3321 Third Avenue, Bronx, New York and the new
construction, furnishing and equipping of an approximately 30,000 square
foot facility. 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.
Straight-lease
(Industrial Incentive Program) transaction for a to be determined operating
affiliate of Designer Greetings, Inc., a printer and distributor of
greeting cards, in connection with the purchase and renovation of an
approximately 44,000 square foot 2-story building on approximately
35,000 square feet of land located at 3075 Richmond Terrace, Staten Island,
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
$14,000,000 civic facility revenue bond transaction for the benefit of The
Hewitt School, an educational institution serving kindergarten through
12th grade students, in connection with (a) the acquisition,
renovation, construction, furnishing, and equipping of a five story,
approximately 11,931 square foot building located on an approximately 3,065
square foot parcel of land located at 3 East 76th Street, New
York, New York, Block 1391, Lot 6 and (b) the renovation, furnishing, and
equipping of a five story, approximately 22,000 square foot building,
located on an approximately 10,404 square foot parcel of land located at 45
East 75th Street, New York, New York, Block 1390, Lot 28. The
project is being undertaken to provide additional classrooms for the school.
The financing assistance proposed to be conferred by the Agency will consist
of such bond financing and exemption from City and State mortgage recording
taxes.
Approximately $20,000,000
civic facility revenue bond transaction for the benefit of The Legal Aid
Society, a not-for-profit corporation that provides legal
services to the indigent of New York City, in connection with the
acquisition, construction, furnishing, and equipping of a five story,
approximately 29,200 square foot building, located on an approximately 4,800
square foot parcel of land located at 2002-2016 Madison Avenue, New
York, New York, Block 1752 Lot 57. The building to be built on the site will
provide office space for The Legal Aid Society's Civil Division and for
other office uses of the Society. 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
(commercial retention) transaction for the benefit of Nasdaq Stock Market
Inc. and its affiliates, a financial exchange, in connection with the
renovation of approximately 52,800 square feet of office space located at
1500 Broadway, 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 location. The financial
assistance proposed to be conferred by the Agency will consist of exemption
from City and State sales and use taxes.
Approximately $5,000,000
industrial development revenue bond transaction for a real estate holding
company to be determined for the benefit of National Compressor Exchange
of NY, Inc, a re-manufacturer and distributor of compressors,
motors, pumps, and generator re-winders, in connection with the
acquisition, renovation and equipping of an approximately 42,592 square foot
2 story building located on an approximately 62,678 square foot parcel of
land located at 75 Onderdonk Avenue, Flushing, Queens, New York Block 3393,
Lot 179. 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 $36,000,000
civic facility revenue bond transaction for the benefit of the New York
Hotel Trades Council and Hotel Association of New York City, Inc, Health
Center Inc., a not-for-profit organization providing health
care services, in connection with the construction, furnishing and equipping
of an approximately 102,000 square foot facility on an approximately 13,500
square foot parcel of land located at 133 Morningside Avenue, New York. New
York, Block 1951, Lot 4. 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 $32,000,000
civic facility revenue bond transaction for the benefit of The Roundabout
Theatre Company, Inc., a not-for-profit theater, in
connection with the acquisition of an easement at 254 West 54th Street, New
York, New York to gain access to the theater building located at
229-237 West 53rd Street New York, New York and the acquisition,
renovation, furnishing and equipping of an approximately 33,000 square foot
building located on approximately 12,000 square feet of land located at
229-237 West 53rd Street New York, New York Block 1025, Lot 58. 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 Sixtrees USA, Ltd, an im
porter and distributor of home decor and gift items, in connection
with the financing and/or refinancing of the acquisition, renovation,
furnishing
The Agency will present
its proposed changes and amendments to the Agency's Uniform Tax Exemption
Policy.
Approximately $16,000,000
empowerment zone bond transaction for the benefit of West 127th Street
LLC, a developer, and Harlem Dowling West-Side Center for Children and
Family Services, a social service agency, in connection with the
refinancing, reimbursement and/or financing of the acquisition of land and
the construction of a 9-story commercial building located at 2135 Adam
Clayton Powell Jr. Boulevard, New York, New York. The area of the land Is
approximately 10,000 square feet and the area of the building will be
approximately 65,000 square feet 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.
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 Industrial Development
Agency, 110 William Street 6th Floor, New York, New
York commenting at 10:00
A.M. on Monday, June 10, 2002.
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 of 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.
Persons desiring to make a brief statement regarding the proposed financings
arid transactions should give prior notice to the Agency at the address or
phone number shown below. Written comments may be submitted to the Agency at
the address shown below.
New
York City Industrial Development Agency
110 William Street 6th Floor
New York, New York 10038
(212) 619-5000