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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.

Straight lease (Small Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of Air Tech Cooling, Inc., an air-conditioning fabricator, installer and contractor, and Major Air Service, Inc., an HVAC contractor specializing in fabrication installation and service of air-conditionings, in connection with the acquisition, renovation and equipping of an approximately 13,950 square foot two story building on an approximately 10,000 square foot parcel of land located at 46-20 11th Street, Long Island City, Queens, New York, Block 48, Lot 21. 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 $6,800,000 civic facility revenue bond transaction for the benefit of Center for the Elimination of Violence in the Family, Inc., a provider of social services for New York City residents, in connection with the acquisition, renovation, furnishing and equipping of an approximately 16,008 square foot facility located on an approximately 4,000 square foot parcel of land at 157 Edgecombe 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 Dom Ben Realty Corporation on behalf of Chambers Paper Fibers Corp., recycler of paper products, in connection with the acquisition, renovation and equipping of an approximately 22,284 square foot building located on an approximately 65,000 square foot parcel of land located at 37-50 Railroad Avenue, Long Island City, Queens, New York, Block 312, Lot 263. 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 Coronet Parts Manufacturing Company, a manufacturer of brass fittings, in connection with the acquisition, renovation and equipping of an approximately 42,000 square foot building on an approximately 42,000 square foot parcel of land, located at 850 Stanley Street (a.k.a. 883-893 Elton Street) or Block 4383, Lot 3, Brooklyn, New York, and the demolition of an approximately 1,500 square foot building and construction, expansion and equipping of approximately 3,400 square foot addition on an approximately 3,400 square foot parcel of land, located at 850A Stanley Avenue or Block 4383, Lot 6, 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 $4,500,000 industrial development revenue bonds transaction for 3940 Mulvey Avenue Realty Corp., a real estate holding company, for the benefit of Flair Display, Inc., a designer and manufacturer of point of sale displays, in connection with: (1) the acquisition, renovation and equipping of an approximately 25,125 square foot building located on an approximately 28,000 square foot parcel of land, located at 3940 Merritt Avenue, Bronx, NewYork, Block 4972, Lot 18; (2) the acquisition of an approximately 2,500 square foot parcel of land, located at 3923 Mulvey Avenue, Bronx, NewYork, Block 4972, Lot 64 and the demolition of the existing building located thereon; and (3) the construction and equipping of an approximately 5,000 square foot addition, to be located on an approximately 10,000 square foot parcel of land, to an existing 22,500 square foot building located on an approximately 20,000 square foot parcel of land; such addition to be located at 3923 Mulvey Avenue and 3919 Mulvey Avenue, Bronx, New York, Block 4972, Lots 64 & 66; and such existing building being located at 3920 Merritt Avenue, Bronx, New York, Block 4972, Lot 12. 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.

Approximately $7,000,000 civic facility revenue bond transaction for the benefit of The Committee to Form the Hannah Senech School, Inc., or The Hannah Senesh Community Day School, an independent private school serving students from kindergarten to grade eight, or a party related to the entities described above, in connection with the acquisition of an approximately 23,000 square foot facility located on an approximately 12,105 square foot parcel of land located at 342 Smith Street in Brooklyn, New York and in connection with the renovation, furnishing and equipping of the facility located thereon. 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 (commercial retention) transaction for the benefit of The Hearst Corporation, a diversified media company, and its eligible affiliates for the renovation of approximately 14,079 square feet of office space located at 114 West 47th Street, New York, New York (a portion of the 22nd Floor), and the acquisition and/or leasing and installation of machinery, equipment, furniture, fixtures and other tangible personal property all for use at the above location. 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 December 11, 2001 and November 11, 2002 respectively. No new financial assistance is being provided.

Approximately $3,000,000 tax-exempt civic facility revenue bonds 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 3,971 square foot parcel of land located at 89 Lucille Avenue, Staten Island, New York for an approximate cost of $1,100,000, (ii) the acquisition, renovation, equipping, furnishing, and/or refinancing of an approximately 2,805 square foot building located on an approximately 4,676 square foot parcel of land located at 259 Charles Avenue, Staten Island, New York for an approximate cost of $1,100,000, and (iii) the acquisition, renovation, equipping, furnishing, and/or refinancing of an approximately 2,376 square foot building located on an approximately 3,788 square foot parcel of land located at 858 Jewett Avenue, Staten Island, New York for an approximate cost of $800,000. The financial assistance proposed to be conferred by the Agency will consist of such bond financing and exemption from 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. 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 $8,000,000 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 (i) the renovation, equipping, furnishing, and/or refinancing of approximately 40,143 square feet of leased space on Floors 1 and 11 of 75 Varick Street, New York, New York, for an approximate cost of up to $3,500,000; and (ii) the renovation, equipping, furnishing, and/or refinancing of approximately 31,920 square feet of leased space on Floor 3 of 2952 Third Avenue, Bronx, New York, for an approximate cost of up to $4,500,000. 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 revenue 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, furnishing and equipping of an approximately 40,000 square foot portion of an approximately 100,000 square foot building located upon an approximately 20,249 square foot parcel of land, located at 51-69 West Burnside Avenue, Bronx, New York. The approximately 40,000 square foot portion of the aforesaid building will be comprised of an approximately 31,000 square foot health care facility and approximately 9,000 square feet of commercial space. 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 $15,550,000 industrial development revenue bonds for Oppenheimer & Co., Inc., (formerly known as Fahnestock & Co., Inc.) a financial services company, and its eligible affiliates for the renovation of approximately 35,656 square feet of office space located at 280 Park Avenue, New York, New York (West Bldg., 20th Floor), and the acquisition and/or leasing and installation of machinery, equipment, furniture, fixtures and other tangible personal property all for use at the above location. 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 20, 1997 and August 12, 1997 respectively. No new financial assistance is being provided.

Approximately $35,000,000 civic facility revenue bond transaction for the benefit of the Sephardic Community Center, organized and operated for charitable, educational and social purposes to address the needs of its community population from the very young to the elderly, in connection with: (1) the financing, enlargement, renovation, furnishing, and equipping of an approximately 3,400 square feet of floor area on top of its existing approximately 42,495 square foot building; and (2) the financing, construction, furnishing and equipping of an approximately 34,474 square foot four-story building, which is adjacent to the existing building. Both the existing and proposed buildings are on a lot of approximately 23,000 square feet, Block 7088, Lots 1, 14, 15, 16 and 89, located at 1901 Ocean Parkway, 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 created 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. 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 (“NYCEDC”) 110 William Street, 6th Floor, New York, New York commencing at 10:00 A.M. on Thursday, May 5, 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