Published in the New York
Post April 13, 2002, p 37
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 there y 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 approximately 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 al so e 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 civic facility revenue bond
transaction for The American Council of Learned
Societies, a not-for-profit
organization that supports humanistic studies, in connection with the purchase,
renovation, furnishing and equipping of an approximately 10,300 square foot
commercial condominium unit located at 633 3rd Avenue, 8th Floor, Unit 8C 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.
Approximately $5,000,000 civic facility revenue bond
transaction for The Bohen Foundation, a foundation organized to support and
promote the creation of works of art in various media, in connection with the
acquisition, renovation, furnishing, equipping and/or refinancing of an
approximately 15,000 square foot condominium unit to be created at 411417 West
13th Street (a/k/a 412 West 14th Street), 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.
Approximately $100,000,000 special facility revenue
bonds for British Airways, Pic, a provider of air passenger transport and air
cargo services, in connection with the completion of the renovation and
expansion (the 'Project) of its terminal building, Building 59, JFK
International Airport, Jamaica, Queens, New York. The Project consists of the
renovation of the approximately 467,000 square foot terminal building,
construction of an additional approximately 68,000 square feet and related
equipment as well as improvements to the arrival and departure roadways and
ramps. Costs of the Project have been
partially financed with the proceeds of the Agency’s $115,000,000 Special Facility Revenue Bonds, Series 1998 (British
Airways Pic Project). The financial assistance proposed to be furnished by the
Agency for the completion of the Project will consist of approximately
$100,000,000 of financing and exemption from City and State sales and use
taxes.
Approximately $12,000,000 civic facility revenue
bond transaction for 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 situated thereon, located 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.
Assignment of all right, title and interest under a
financing lease by Gary Plastic Packaging Corp, as assignor (the 'Assignor'),
to a real estate holding company as assignee (such real estate holding company
to act on behalf of Assignor); the foregoing assignment being in connection
with the issuance by the Agency in 1998 of its Industrial Development
Revenue Bonds in the principal aggregate amount of $6,400,000 for the
acquisition of premises, and the renovation of an approximately 294,040 square
foot building, located at 1320-40 Viele Avenue, Hunts Point. Bronx, New York
The financial assistance conferred by the Agency has consisted of and/or 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 a real estate holding company to be determined for the benefit
of Glass-Form Production, Inc. a wholesale l distributor of imported furniture,
in connection with the purchase of an approximately 44,000 square foot building
situated on an approximately 20,000 square foot parcel of land, located at 310
Tiffany Street (a/k/a 301 Casanova Street or 1211 Viele 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.
Approximately $2,500,000 industrial development
revenue bond refunding transaction for 35th Avenue Company LLC for the benefit
of Key Cast Stone Co, Inc, a manufacturer of concrete products, in connection
with the purchase of an approximately 43,800 square foot building situated on
an approximately 35,400 square foot parcel of land, located at 35-01 Vernon
Boulevard, Long Island City, Queens, New York. Block 328, Lots 23 & 33. The
financial assistance proposed to be conferred by the Agency will consist of
such bond financing, payments in lieu of New York City real property taxes,
exemption from City and State mortgage recording taxes and exemption from City
and State sales and use taxes.
Approximately $9,000,000 industrial development
revenue bond transaction for a real estate holding company to be determined for
the benefit of The Harlem Baking Company, a manufacturer of desserts and baking
goods, in connection with the acquisition of an approximately 12,000 square
foot building located on an approximately 15,000 square foot parcel of land
located at 402-404 West 126th Street New York New York and the acquisition of
an approximately 32,000 square foot parcel of land and the subsequent
construction of an approximately 20,000 square foot building located at I ISO
Longwood Avenue, 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 a real estate holding company to be determined for the benefit
of Madeline Chocolates Novelties, Inc, a manufacturer of confectionaries in
connection with the previous acquisition of premises, and the construction of
an approximately 55,000 square foot building thereon, located at 95-15 Beach
Channel Drive, Rockaway Beach, Queens, New York. The financial assistance
proposed to be conferred by the Agency has consisted of and 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 $4,000,000 civic facility revenue bond
transaction for the benefit of The Miracle Makers, Inc., a provider of human
services, in connection with the refinancing, reimbursement and/or financing of
the acquisition, renovation, and furnishing and equipping of facilities at the
following addresses, with accompanying square footages: (1) an approximately
16,200 square foot building and an approximately 3,200 square foot parcel of
land located at 16 Howard Avenue, Brooklyn, New York (approximate cost o
$236,000); (ill an approximately 36,000 square foot building and an
approximately 7,200 square foot parcel of land located at 1021 Broadway,
Brooklyn, New York (approximate cost of $337,750); (iii) an approximately 6,000
square foot building and an approximately 1,600 square foot parcel of land at
117 Ralph Avenue, Brooklyn, New York (approximate cost of $242,000); and (iv)
an approximately 66,000 square foot facility and an approximately 45,000 square
foot parcel of land located at 2644-2668 Atlantic Avenue (a/k/a 91 Pennsylvania
Avenue), Brooklyn, New York (approximate cost of $2,750,000). 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 $5,000,000 industrial development
revenue bond transaction for F & T Realty Corporation, a real estate
holding company, for the benefit of Surprise Plastics, Inc, a manufacturer of
point-of-purchase display items in connection with the construction, furnishing
and equipping of an approximately 28,500 square foot building addition located
on an approximately 24,500 square foot parcel of land located at 110-114 57th
Street, Brooklyn, New York Block 8", Lots 10,12, and 13, to the company's
current approximately 22,000 square foot building located at 124 57th 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.
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 commencing at
10:00 A.M. on Monday, May 13, 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 the
Agency will, in addition, provide an opportunity for the public to review at
such hearing the project application and the cost-benefit analysis f It of the
proposed financings and transactions. 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 at the address shown below.
New York City Industrial Development Agency
110 William Street, 6th Floor
New York New York 10038
(212) 619-5000