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.
A commercial straight lease transaction for 1800 Park Avenue, LLC and its affiliates for the base building construction and fit-out of a hotel and office tower of approximately 549,000 square feet to be located on approximately the eastern two thirds of the block between Madison Avenue and Park Avenue from East 124th and 125th Street, New York, New York. The financial assistance proposed to be conferred by the Agency will consist of 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 Alle Processing Corp., a manufacturer and distributor of kosher foods, in connection with the renovation and equipping of an approximately 80,000 square foot building on an approximately 55,000 square foot parcel of land, located at 5820-5880 Maurice Ave., Flushing, Queens, New York, and in connection with the renovation and equipping of an approximately 82,000 square foot building on an approximately 60,000 square foot parcel of land, located at 58-58 56th Drive, Flushing, 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.
Approximately $1,430,000 tax-exempt civic facility revenue bond transaction for the benefit of Block Institute, Inc., a provider of habilitation and special education services for people with developmental disabilities, in connection with the acquisition, renovation, equipping, furnishing, and/or refinancing of an approximately 3,579 square foot building located on an approximately 2,500 square foot parcel of land located at 255 95th 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.
Straight-lease (Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of Duce Construction Corporation, a manufacturer of furniture products, and Home Entertainment Design, Inc., a manufacturer of control systems, in connection with the acquisition, renovating and equipping of an approximately 16,000 square foot building located on an approximately 5,000 square foot parcel of land located at 417 West 126th Street (a/k/a 412 West 127th Street), New York, 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 $4,329,750 tax-exempt 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 order to (i) refund outstanding bonds issued by the Agency in the approximate amount of $3,179,750 in connection with the acquisition, construction and equipping of an approximately 16,416 square foot building located on an approximately 66,231 square foot parcel of land located at 150 Granite Avenue, Staten Island, New York, and (ii) the renovation and/or equipping of such property in an approximate amount of $1,150,000. 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.
Straight lease (Small Industry Incentive Program) transaction for a real estate holding company to be determined for the benefit of APR Inc. d/b/a Expresito Carga, a parcel shipping company, in connection with the acquisition of and/or renovation and equipping of the following: i) an approximately 8,800 square foot building located on an approximately 4,400 square foot parcel of land located at 102-46 Corona Avenue, Corona, Queens, New York, and ii) an approximately 4,400 square foot building on an approximately 4,400 square foot parcel of land located at 102-36 and 102-38 Corona Avenue, Corona, 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 (commercial retention) transaction for the benefit of Federated Merchandising Group and its affiliates, an apparel and accessories firm, in connection with the renovation of approximately 90,000 square feet of office space located on Floors 9 and 12 of 11 Penn Plaza, 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. The financial assistance for this project was induced and authorized by the Agency on February 8, 2000 and March 14, 2000 respectively. No additional financial assistance is being provided.
Approximately $9,575,000 tax-exempt civic facility revenue bond transaction for the benefit of Institute for Community Living, Inc. ("ICL"), a not-for-profit corporation which provides services to mentally ill and developmentally disabled persons in the New York metropolitan area, and its not-for-profit corporation affiliates, ICL Joselow House, Inc. ("Joselow") and ICL HealthCare Choices, Inc. ("HCC"), all in connection with the financing or refinancing of the following: (i) the acquisition, renovation, equipping and furnishing by ICL of an approximately 12,300 square foot building on an approximately 2,500 square foot parcel of land located at 46 West 74th Street, New York, New York, in the approximate amount of $3,759,123, to be operated by Joselow in providing services to people with developmental disabilities or other special needs; (ii) the renovation, equipping and furnishing by HCC of an approximately 5,700 square foot building on an approximately 13,000 square foot parcel of land located at 6209 16th Avenue, Brooklyn, New York, in the approximate amount of $1,998,600, to be operated by HCC in providing services to people with developmental disabilities or other special needs; and (iii) the renovation, equipping and furnishing by ICL of (a) an approximately 9,000 square foot building on an approximately 9,038 square foot parcel of land located at 2581 Atlantic Avenue, Brooklyn, New York, in the approximate amount of $2,115,307, (b) an approximately 3,090 square foot building on an approximately 2,850 square foot parcel of land located at 857 East 225th Street, Bronx, New York, in the approximate amount of $661,337, (c) an approximately 1,800 square foot building on an approximately 2,400 square foot parcel of land located at 3028 Bronx Park East, Bronx, New York, in the approximate amount of $423,061, and (d) an approximately 4,262 square foot building on an approximately 3,108 square foot parcel of land located at 2402A Pacific Street, Brooklyn, New York, in the approximate amount of $617,572, each of the foregoing to be operated by ICL in providing services to people with developmental disabilities or other special needs. 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 Jetro Cash & Carry Enterprises, Inc., or an affiliate thereof, a company primarily involved in the wholesale of foods and related food products, in connection with (1) the construction of an approximately 25,000 square foot addition to an approximately 113,000 square foot building on an approximately 206,810 square foot parcel of land located at 566 Hamilton Avenue, Brooklyn, New York, including the sale of an approximately 1,000 square foot parcel of land located at 566 Hamilton Avenue, Brooklyn, New York and (2) the acquisition and improvement of an approximately 1,700 square foot parcel of land located at 62-82 18th 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 and exemption from City and State sales and use taxes
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Approximately $1,160,000 tax-exempt civic facility revenue bond transaction for the benefit of Lifespire, Inc., a provider of habilitation services for people with developmental disabilities, in connection with financing the acquisition and/or leasing, renovation, furnishing, equipping and/or refinancing of the following facilities: (i) an approximately 22,670 square foot space located at Suite 301, 350 5th Avenue, New York, New York for an approximate cost of $775,000; and (ii) an approximately 4,870 square foot building located on an approximately 2,000 square foot parcel of land, located at 1171 Sterling Place, Brooklyn, New York for an approximate cost of $385,000. 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.
Straight-lease transaction for the benefit of Pace University and/or one or more of its affiliates, in connection with the construction of an approximately 330,000-square-foot condominium unit as part of an approximately 950,000 square foot building on an approximately 44,289 square foot parcel of land that comprises most of the block bounded by Beekman, Spruce, Nassau and Gold Streets, New York, New York, identified as Tax Lot 1 of Block 100. The condominium unit will be used for a business school and dormitories, with the remainder of the building to consist of residential units for rent and/or sale. The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of City real property taxes.
Approximately $478,500 tax-exempt civic facility revenue bond transaction for the benefit of QSAC, Inc., a provider of habilitation and special education services for people with developmental disabilities, in connection with the acquisition and/or leasing, renovation, furnishing, equipping and/or refinancing of an approximately 2,045 square foot building located on an approximately 10,890 square foot parcel of land at 149-36 12th Avenue, Whitestone, 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.
Approximately $4,125,000 tax-exempt civic facility revenue bond transaction for the benefit of Significant Steps Child Development Center, a provider of early intervention and special education services for children with developmental disabilities and delays, in connection with the acquisition, construction, furnishing, equipping and/or refinancing of an approximately 6,180 square foot building located on an approximately 2,760 square foot parcel of land located at 277 Third 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 transaction for the benefit of State Narrow Fabrics Inc., a warehouser and distributor of elastic and non-elastic webbing products, in connection with the acquisition, renovation, and equipping of an approximately 16,000 square foot building on an approximately 22,000 square foot parcel of land, located at 29-02 Borden Avenue, Long Island City, 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.
Approximately $5,000,000 industrial development revenue bond transaction for Sarah Associates for the benefit of Super-Tek Products, Inc., a manufacturer and designer of installation and repair products for the construction industry, in connection with (i) the renovation and equipping of an approximately 30,000 square foot building located on an
approximately 30,000 square foot parcel of land located at 25-44 Borough Place, Woodside, Queens, New York, including the construction, renovation and equipping of an approximately 25,000 square foot addition to the existing building, and (ii) the refunding of existing bonds issued by the Agency in 1985 for the acquisition of such 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 (Small Industry Incentive Program) transaction for Way Fong, LLC, a
manufacturer and distributor of Asian food products, in connection with the acquisition of and/or renovation and equipping of an approximately 16,000 square foot building located on an approximately 33,000 square foot parcel of land located at 57-29 49th Street, Maspeth, 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.
Approximately $3,850,000 tax-exempt civic facility revenue bond transaction for the benefit of Young Adult Institute, Inc., a provider of habilitation and special education services for people with developmental disabilities, in connection with financing the acquisition and/or leasing, renovation, equipping, furnishing, and/or refinancing of the following facilities: (i) an approximately 23,473 square foot building on an approximately 18,900 square foot parcel of land located at 3353 Nostrand Avenue, Brooklyn, New York, for an approximate cost of $396,000; (ii) an approximately 4,832 square foot building located on an approximately 4,356 square foot parcel of land located at 305 E. 206th Street, Bronx, New York, for an approximate cost of $1,655,500; (iii) an approximately 4,830 square foot building located on an approximately 1,556 square foot parcel of land located at 123 E. 36th Street, New York, New York, for an approximate cost of $429,000; and (iv) an approximately 11,300 square foot floor of a building located at 460 W. 34th Street, 12th floor, New York, New York, for an approximate cost of $1,369,500. 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.
Straight-lease (Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of Zalmen Reiss & Associates, Inc., a wholesale importer and distributor of consumer electronic products, in connection with the acquisition, renovation and equipping of an approximately 33,000 square foot building located on an approximately 33,000 square foot parcel of land located at 149 47th 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.
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, 110 William Street, 6th Floor, New York, New York commencing at 10:00 A.M. on Thursday, June 3, 2004. 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.
New York City Industrial Development Agency
110 William Street, 6th Floor
New York, New York 10038
(212) 312-3543