NEW YORK CITY INDUSTRIAL DEVELOPMENT AGENCY

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 $9,000,000 civic facility revenue bond transaction for the benefit of American Committee for the Weizmann Institute of Science, Inc., a New York not-for-profit corporation, which raises funds for the support of the Weizmann Institute of Science in Rehovot Israel, in connection with the acquisition, renovation, furnishing and equipping of an approximately 18,972 square foot office condominium located on the 20th floor, 633 Third 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 (Industrial Incentive Program) transaction for Boerum Development L.L.C. for the benefit of Twin Marquis, Inc., a manufacturer of noodle and Asian appetizers, in connection with the acquisition, renovation and equipping of an approximately 75,000 square foot building located on an approximately 22,000 square foot parcel of land located at 1/7 Bushwick Place; an approximately 678 square foot parcel of land located at 9 Bushwick Place; and an approximately 5,000 square foot parcel of land located at 260 Meserole 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.

Straight-lease (Small Industrial Incentive Program) transaction for the benefit of Danken Auto Supply, an automotive parts wholesale distributor, in connection with the acquisition, renovation, furnishing and equipping of an approximately 7,500 square foot building on an approximately 7,500 square foot parcel of land, located at 170 Scholes Street, Brooklyn, New York and in connection with the acquisition, renovation, furnishing and equipping of an approximately 5,000 square foot building on an approximately 5,000 square foot parcel of land, located at 174 Scholes 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.

Straight-lease (commercial retention) transaction for the benefit of Metropolitan Life Insurance Company and its eligible affiliates in connection with the renovation of office space and for the acquisition and/or leasing and installation of machinery, equipment, furniture, fixtures and other tangible personal property located at the following additional location consisting of approximately 250,000 square feet of office space (cellar through 12th floor) on an approximately 57,000 square foot parcel, located at 41-21 27th Street, Long Island City, Queens, New York. This additional location is to be added to and made a part of the original project, which was induced and authorized on April 10, 2001 and May 10, 2001 respectively. Real estate tax exemptions and sales and use tax exemptions are to be utilized at this additional location. No additional financial assistance is being provided.

Straight-lease (Small Industrial Incentive Program) transaction for Nu-Life Laboratories, Inc., a manufacturer of dental prosthesis, in connection with the acquisition, renovation, furnishing and equipping of an approximately 4,000 square foot building on an approximately 10,000 square foot parcel of land, located at 2135 Mill 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.

Straight-lease (Small Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of Rapid Processing, LLC and Five Star Carting, Inc., recyclers of papers and carting services, in connection with the purchase of an approximately 37,000 square foot building on an approximately 37,000 square foot parcel of land, located at 58-35 47th Street, Block 2602, Lot 35, 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.

Straight-lease (Industrial Incentive Program) transaction for the benefit of Stuyvesant Fuel Terminal Company, LLC, a company specializing in the delivery and storage of fuel oil, in connection with the renovation, furnishing and equipping of an approximately 5,000 square foot building on an approximately 130,000 square foot parcel of land, located at 1040 E. 149th Street, Bronx, New York and in connection with the renovation, furnishing and equipping of an approximately 15,000 square foot building/storage tank on an approximately 15,000 square foot parcel of land, located at 1020 E. 149th Street, 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 (Industrial Incentive Program) transaction for 620-626 Worthen St. Realtor, LLC, a real estate holding company for the benefit of Val’s Ocean Pacific Seafood Corp., a seafood distributor, in connection with the acquisition and/or renovation and/or equipping of an approximately 10,000 square foot building located on an approximately 10,000 square foot parcel of land located at 620-626 Worthen St., 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.

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, March 4, 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