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 $700,000,000 special exempt facility revenue bond transaction for the benefit of American Airlines, Inc. in connection with the phased demolition of terminals 8 and 9, the demolition of existing arrival and departure ramps, the construction and equipping of up to an approximately 2,000,000 square foot new terminal, the construction of new arrival and departure ramps, certain costs relating to the construction of associated parking facilities, all on an approximately 108 acre parcel of land and the renovation of existing aircraft hangars on an approximately 70 acre parcel of land in the same vicinity, all located at John F. Kennedy International Airport (the "Airport") in Jamaica, in the borough of Queens, New York. The southbound direction of the Van Wyck Expressway leads directly to the Airport, or it can be reached by taking the Nassau Expressway east to the JFK Expressway. The financial assistance proposed to be conferred by the Agency will consist of such bond financing, exemption from City and State sales and use taxes and exemption from City and State mortgage recording taxes.
Straight-lease (Industrial Incentive Program) transaction for MD Kohn Realty, Inc., a real estate holding company, for the benefit of Comfort Bedding, Inc., a manufacturer of mattresses, box springs and bed frames, in connection with the acquisition, renovation and equipping of: (1) an approximately 8,000 square foot building on an approximately 8,000 square foot parcel of land located at 13-19 Christopher Ave., Brooklyn, New York, Block 3676, Lot 5; (2) an approximately 8,500 square foot building on an approximately 17,000 square foot parcel of land located at 21-37 Christopher Ave., Brooklyn, New York, Block 3676, Lot 1; and (3) an approximately 7,500 square foot parcel of vacant land located at 101-103 Liberty Ave., Brooklyn, New York, Block 3675, Lots 27 and 25. 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 school serving girls in pre-kindergarten through grade eight, in connection with the acquisition, construction, improvement, furnishing and equipping of an approximately 113,869 square foot building located on an approximately 30,000 square foot parcel of land located at 6101-6123 16th Avenue, Brooklyn, New York to be used as a school. 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 G&G Electrical Supply Company, Inc., a wholesale distributor of electrical components, in connection with the acquisition, renovation and equipping of an approximately 3,500 square foot condominium space on an approximately 3,542 square foot parcel of land, located at 141 West 24th Street, New York, New York and the renovation, equipping and expansion of an approximately 15,000 square foot building on an approximately 5,600 square foot parcel of land, located at 137-139 West 24th 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 $6,500,000 civic facility revenue bond transaction for Highbridge-Woodycrest Center, Inc., a not-for-profit 90-bed nursing facility which provides inpatient and outpatient nursing and rehabilitative services to persons with AIDS. Bond proceeds will be used to refinance approximately $5,525,000 in outstanding bonds issued in 1989 in the original amount of $16,140,000 by the New York State Medical Care Facilities Finance Agency that were used to finance the acquisition, renovation and equipping of a facility consisting of approximately 69,176 square feet and located upon an approximately 47,391 square foot parcel of land, located at 936 Woodycrest Avenue, Bronx, New York and to finance approximately $2,400,000 in new renovations and equipment for the aforementioned 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.
Approximately up to $24,000,000 tax-exempt civic facility revenue bonds transaction for the benefit of Mercy College, a not-for-profit institution of higher education, in connection with (i) the renovation, equipping, furnishing, and/or refinancing of approximately 64,200 square feet of leased space on Floors 6 and 7 and the 35th Street lobby of 66 West 35th Street (a/k/a 1328 Broadway), New York, New York, for an approximate cost of up to $8,000,000; and (ii) the renovation, equipping, furnishing, and/or refinancing of approximately 127,651 square feet of leased space, which consists of four floors plus the basement, in an approximateley 456,342 square foot building located on an approximately 804,814 square foot parcel of land located at 1200 Waters Place, Bronx, New York, for an approximate cost of up to $16,000,000. 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 $10,000,000 civic facility revenue bond transaction for the benefit of Palladia, Housing Corp., a not-for-profit social service organization that provides a continuum of social services for individuals with substance abuse, mental illness, and other conditions, in connection with the acquisition, furnishing, and equipping of an approximately 29,000 square foot building, located on an approximately 4,800 square foot parcel of land located at 2006-2016 Madison 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 a real estate holding company to be determined for the benefit of Radhaswamy, Inc., a wholesale distributor of ethnic food products, in connection with the acquisition of an approximately 110,000 square foot parcel of land and construction, furnishing and equipping of an approximately 90,000 square feet building thereon to be located at parcel IBI of former Phelps-Dodge facility in Maspeth, Queens, New York. Block 2529, tentative Lot 10. 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 civic facility revenue bond transaction for the benefit of Yeshivath Kehilath Yakov, Inc, a not-for-profit, private elementary school serving boys, in connection with the construction, improvement, furnishing and equipping of an approximately 38,880 square foot building located on an approximately 10,338 square foot parcel of land located at 212-220 Wilson Street, Brooklyn, New York to be used as a school. 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, March 3, 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