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 $7,000,000 civic facility revenue bond transaction for the benefit of Bnos Bais Yaakov, an independent, not-for-profit private girls school to finance and refinance the costs incurred for acquiring, constructing, furnishing and equipping an approximately 78,266 square foot facility located on an approximately 87,120 square foot parcel of land located at 613 Beach 9th Street in Far Rockaway, Queens, New York, for use as a school serving students from nursery through grade eight. 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 Cargo Ventures LLC on behalf of DHL Express (USA) Inc., in connection with the acquisition of an approximately 230,000 square-foot parcel of land and any improvements thereon, and the construction, renovation, furnishing and equipping of a facility thereon, such facility to be used in the sorting and distribution of freight; and such land and improvements being located (and such facility to be located) at 59 Paidge 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 $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 girls school, in connection with (i) the acquisition, improvement, furnishing and equipping of an approximately three-story, 63,000 square foot building located on an approximately 30,000 square foot parcel of land, and (ii) the construction and equipping of an approximately 21,000 square foot additional floor, located at 6101-6123 16th Avenue, Brooklyn, New York, to be used as a school serving girls in pre-kindergarten through grade twelve. The financial assistance proposed to be conferred by the Agency will consist of such bond financing 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 Crystal Window & Doors Systems, Ltd., a manufacturer of metallic and non-metallic windows, doors and other related fenestration products, in connection with the acquisition, construction and equipping of an approximately 362,510 square feet building on an approximately 220,000 square foot parcel of land, located on the eastern side of College Point Boulevard between 28th and 31st Avenues, Queens, New York, Block 4323, p/o Lot 1, Block 4324, p/o Lot 1, Block 4356, p/o Lot 1, Block 4357, p/o Lot 1 and Block 4358, p/o 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 $3,000,000 civic facility revenue bond transaction for the benefit of Independent Living Association, Inc., a not-for-profit provider of long term residential care for people with developmental disabilities, in connection with (i) the acquisition, renovation, equipping, furnishing, and/or refinancing of an approximately 3,650 square foot building located on an approximately 4,000 square foot parcel of land located at 89 Lucille Avenue, Staten Island, New York, (ii) the acquisition, renovation, equipping, furnishing, and/or refinancing of an approximately 4,676 square foot building located on an approximately 6,700 square foot parcel of land located at 259 Charles Avenue, Staten Island, New York, and (iii) the acquisition, renovation, equipping, furnishing, and/or refinancing of an approximately 2,376 square foot building located on an approximately 4,000 square foot parcel of land located at 858 Jewett Avenue, Staten Island, 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 the benefit of J&J Farms Creamery Co., Inc. and Fisher Foods of Queens, Inc., distributors of dairy products, in connection with the renovation and equipping of an approximately 57,430 square foot building on an approximately 77,420 square foot plot of land located at 57-48 49th Street, Maspeth, Queens, New York, Block 2602, Lot 220. 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 $15,300,000 civic facility revenue bond transaction for the benefit of the Jewish Community Center of Staten Island, Inc., organized and operated to address the needs of its community population, in connection with the financing, construction, furnishing and equipping of an approximately 115,000 square foot building to serve as its primary location. The proposed building is on a parcel of approximately 653,400 square feet, Block 955, p/o Lot 1, located at 1466 Manor Road, Staten Island, 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 $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.
Approximately $6,000,000 civic facility revenue bond transaction for the benefit of Metropolitan College of New York, a not-for-profit, private co-educational college, in connection with the renovation, equipping, furnishing, and/or refinancing of approximately 32,000 square feet of leased space including Floors 1 and 11 and related lobby of 75 Varick Street, New York, New York, for an approximate cost of up to $6,000,000. 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 $9,950,000 civic facility bond transaction for the benefit of Morris Heights Health Center, Inc., a not-for-profit health center which provides comprehensive primary care services to medically and socially disadvantaged residents of the Bronx, in connection with the construction, renovation and equipping of a condominium unit consisting of an approximately 46,000 square foot portion of an approximately 100,000 square foot building located upon an approximately 20,249 square foot parcel of land, to be located at 51-69 West Burnside Avenue, Bronx, New York. The approximately 46,000 square foot portion of the building will be comprised of an approximately 37,000 square foot health care facility and an approximately 9,000 square foot parking facility. 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 Pepsi-Cola Bottling Company of New York, Inc., a bottler and distributor of Pepsi 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 56th Road or Block 2573, Lot 1, 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 Pfizer, Inc. and its eligible affiliates, in connection with the renovation of approximately 210,000 square feet of office space on Floors 6 and 7 at 150 East 42nd Street, Floors 13, 14, and 16 at 205 East 42nd Street, and Floors 6, 7, 9 and 11 at 300 East 42nd Street, 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 additional locations. 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 May 13, 2003 and June 10, 2003 respectively. No additional financial assistance is being provided.
Approximately $15,500,000 tax-exempt civic facility revenue bond transaction for the benefit of Project Samaritan AIDS Services, Inc., a not-for-profit provider of health care services and social services to persons with HIV/AIDS, in connection with (i) refinancing the acquisition, renovation and/or equipping of an approximately 6,250 square foot facility located on approximately 2,500 square feet of land located at 1543 Inwood Avenue, Bronx, New York; (ii) refinancing the acquisition, renovation and/or equipping of an approximately 13,260 square foot, facility located on approximately 7,500 square feet of land located at 1545 Inwood Avenue, Bronx, New York; (iii) refinancing the acquisition, renovation and/or equipping of an approximately 9,475 square foot facility located on approximately 16,522 square feet of land located at 105-06 Sutphin Boulevard, Jamaica, Queens, New York; (iv) refinancing the acquisition, renovation and/or equipping of an existing approximately 32,000 square foot facility located on approximately 13,008 square feet of land and the financing of the construction, furnishing and equipping of an approximately 7,500 square foot addition to such existing facility located at 1401-1407 University Avenue (a/k/a 1401-1407 Dr. M. L. King Jr. Blvd.), Bronx, New York; and (v) financing the renovation, furnishing, and equipping of an approximately 14,000 square foot facility located on approximately 10,646 square feet of land located at 803 Sterling Place, 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 $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 7th 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 located 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 Tri-State Camera Exchange, Inc. a distributor of video equipment, computers, printers and peripherals, in connection with the acquisition, renovation and equipping of an approximately 22,500 square foot building on an approximately 30,000 square foot parcel of land located at 183 King Street (a.k.a. 150 Sullivan Street) or Block 554, Lot 40, 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.
POSTPONED (as of 5/31/05) To amend the Agency’s Uniform Tax Exemption Policy established pursuant to Section 874(4)(a) of the Article 18-A, Title 1 of the General Municipal Law (the “Act”), which is applicable to the provision of financial assistance pursuant to Section 859(a) of the Act, to provide guidelines for the provision of financial assistance by the Agency for projects within the Hudson Yards Redevelopment Area, defined more particularly as that area in the Borough of Manhattan, New York, New York, bounded by a line starting from a point at centerline of Eleventh Avenue at its intersection with West 30th Street, then running easterly along West 30th Street, northerly along Ninth Avenue one block, easterly along West 31st Street to a point 250 feet west of Seventh Avenue, then northerly to West 33rd Street, easterly to Eighth Avenue, northerly to the intersection of Eighth Avenue and West 35th Street, then westerly along West 35th Street to a point 100 feet west of Eighth Avenue, then northerly parallel to Eighth Avenue to West 39th Street, easterly 100 feet to Eighth Avenue, northerly to the intersection of West 43rd and Eighth Avenue, westerly to Ninth Avenue, southerly to West 42nd Street, westerly to Tenth Avenue, northerly to West 43rd Street, westerly to Twelfth Avenue, southerly to West 41st Street, easterly to the centerline of Eleventh Avenue, and then southerly to the intersection with West 30th Street to the point or place of beginning. POSTPONED (as of 5/31/05)
Approximately $2,150,000 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 $2,668,000 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; and (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. 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, June 9, 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