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 $1,430,000 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.
Approximately $5,000,000 civic facility revenue bond transaction for Columbia Grammar and Preparatory School, a not-for-profit private elementary and secondary school, in connection with the acquisition, renovation and equipping of an approximately 5,375 square foot building located on an approximately 1,762 square foot parcel of land at 36 West 94th 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.
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 $4,240,500 civic facility refunding 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 refinance bonds of the Agency issued 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. 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 Goblin Lighting Services, Inc., a distributor, warehouser and assembler of lighting fixtures, in connection with the acquisition, renovating and equipping of an approximately 7,000 square foot building located on an approximately 13,000 square foot parcel of land located at 730 Richmond Terrace, Staten Island, 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 $1,160,000 civic facility revenue bond transaction for the benefit of Lifespire, Inc., a provider of habilitation 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) an approximately 22,670 square foot space located in Suite 301, 350 5th Avenue, New York, New York for an approximate cost of $775,000; and (ii) an approximately 4,871 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 (Small Industry Incentive Program) transaction for a real estate holding company to be determined for the benefit of Metalworks, Inc., a manufacturer of custom architectural metal products, and Stanley Josephs Realty Corp., in connection with the acquisition, renovating and equipping of an approximately 27,000 square foot building located on an approximately 27,000 square foot parcel of land located at 46-01 20th Avenue, Astoria, 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 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 comprised of the majority 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.
Straight lease (Small Industry Incentive Program) transaction for a real estate holding company to be determined for the benefit of Portfab LLC DBA Wenig Company, a manufacturer of radiator enclosures, convector ovens, floor grilles, air-conditioning sleeves, convector cabinets and other steel specialty items, in connection with the acquisition and/or renovation and/or equipping of an approximately 28,000 square foot building located on an approximately 28,000 square foot parcel of land located at 230 Manida 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 $478,500 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 $31,000,000 in civic facility revenue bond transaction for the benefit of Riverdale Country School, Inc. (“Riverdale”), a not-for-profit co-educational private school for students in grades pre-school through twelve, in order to: (1) refund (a) outstanding tax exempt bonds of the Agency in the approximate amount of $4,900,000 issued in 1997, the proceeds of which were used to pay for (i) a portion of the cost of the acquisition, demolition and renovation of existing buildings located on an approximately 327,000 square foot parcel of land located at 5022 Fieldston Road, Bronx, New York (comprised of 5028 Fieldston Road, 5079 Tibbett Avenue, 231 West 252nd Street, Post Road at West 252nd Street, and 5201 Post Road)(the “1997 Project”), and (ii) all or a portion of the cost of the construction of certain gymnasia, classroom and administrative facilities at that building known as the "New Building" and located on Riverdale's Lower School campus located at 4900 Palisades Avenue, Bronx, New York, and (b) outstanding taxable bonds of Riverdale in the approximate amount of $1,535,000 issued in 1997 to finance a portion of the 1997 Project; and (2) finance, together with certain costs of issuance, reserve funds and capitalized interest, the construction, renovation, expansion and equipping of (a ) an approximately 29,100 square foot building located on an approximately 840,705 square foot parcel of land located at 5250 Fieldston Road (a/k/a 5260 Fieldston Road, Bronx, New York (“the Upper Campus”) with an approximate allocation of $2,500,000, (b ) an approximately 18,150 square foot building located on the Upper Campus with an approximate allocation of $2,500,000, (c ) an approximately 650 square foot expansion and renovations to an approximately 31,200 square foot building located on the Upper Campus with an approximate allocation of $10,500,000, and (d ) an approximately 8,000 square foot expansion and renovations to an approximately 41,000 square foot building located on the Upper Campus with an approximate allocation of $8,500,000, all for use by Riverdale in its operation of a private 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.
Approximately $4,125,000 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 (Industrial Incentive Program) transaction for Super-Tek Products, Inc., a manufacturer and designer of installation and repair products for the construction industry, in connection with 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, and the construction, renovation and equipping of an approximately 25,000 square foot addition to the existing building.. 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 $70,000,000 civic facility bond transaction for the benefit of United Jewish Appeal–Federation of Jewish Philanthropies of New York, Inc., a not-for-profit philanthropic organization, in connection with the renovation and equipping of an approximately 252,000 square foot building, located on an approximately 17,158 square foot parcel of land at 130 East 59th 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 $3,850,000 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 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 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 feet 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.
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, May 13, 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