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 (Industrial Incentive Program) transaction for 1989 Realty Corp., a real-estate holding company formed for the benefit of 21^st Avenue Transportation Corporation and Ocean Avenue Transportation Corporation, two companies related by common ownership.  Both companies are bus transportation companies.  They will purchase an approximately 50,000 square foot property at 44 Ferris Street (a/k/a 62 Ferris Street) Brooklyn, New York and construct, furnish, and equip an approximately 3,000 square foot building on the site. 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 $9,000,000 industrial development revenue bond transaction for a real estate holding company to be determined for the benefit of Ares Printing and Packaging Corporation, a manufacturer of packaging products, in connection with the acquisition, construction, furnishing, and equipping of an approximately 125,000 square foot building located upon an approximately 175,000 square foot parcel of land located at 31-00 College Point Blvd., Queens, 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. 

Approximately $9,000,000 industrial development revenue bond transaction for the Aabco Group of Companies, consisting of Aabco Sheet Metal Co. Inc. and ASM Metal Fabricators, both of which are manufacturers of HVAC sheet metal systems and accessories to the building and construction industry, in connection with the acquisition, renovation, furnishing, and equipping of an approximately 75,000 square foot building located upon an approximately 85,000 square foot parcel of land located at 47-40 Metropolitan Avenue, Queens, 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.

Approximately $15,000,000 civic facility revenue bond transaction for the benefit of Comprehensive Care Management Corporation, a not-for-profit managed care program which offers home health care medical services, rehabilitative services, day care services, and nursing care, in connection with the acquisition, renovation, equipping, furnishing, and/or refinancing of facilities at the following addresses: (i) approximately $2,900,000 for an approximately 9,900 square foot building on an approximately 12,500 square foot parcel of land located at 212 E. 99^th Street, New York, New York; (ii) approximately $2,900,000 for an approximately 9,000 square foot building on an approximately 11,000 square foot parcel of land located at 2301-2331 Stillwell Avenue, Brooklyn, New York; (iii) approximately $1,700,000 for an approximately 4,600 square foot building on an approximately 6,500 square foot parcel of land located at 705 Franklin Avenue, Brooklyn, New York; (iv) $3,000,000 for an approximately 10,780 square foot building on an approximately 12,100 square foot parcel of land located at 1920 Amsterdam Avenue, New York, New York;  (v) approximately $1,200,000 for an approximately 7,500 square foot building on an approximately 12,500 square foot parcel of land located at 1140 Seneca Avenue, Ridgewood, Queens, New York and; (vi) approximately $2,800,000 for an approximately 10,000 square foot building on an approximately 10,500 square foot parcel of land located at 183 Chrystie 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 $8,000,000 civic facility revenue bond transaction for the benefit of French Institute-Alliance Française-Federation of French Alliances in the United States, a cultural organization that includes a French language school and a French language library, in connection with the financing of certain improvements, renovations, furniture, fixtures and equipment on an approximately 33,671 square foot facility located at 22 East 60th 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 HAM Realty III, LLC for the benefit of Iberia Foods Corp., a bottler, distributor, and wholesaler of specialty foods and spices, in connection with the acquisition, renovation and equipping of an approximately 87,000 square foot building located on an approximately 87,000 square foot parcel of land located at 808 Georgia 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.

Approximately $13,000,000 civic facility bond transaction for the benefit of Institute for Community Living, Inc., which provides services to the mentally ill and developmentally disabled persons in the New York metropolitan area and its affiliates ICL Joselow House, Inc., ICL HealthCare Choices, Inc. and ICL Real Property Holding Corporation, in connection with the acquisition and renovation of the approximately 12,300 square foot building located on an approximately 2,500 square foot parcel of land located at 46 West 74^th Street, New York, and the refinancing of existing debt incurred by the purchase and/or renovation of: A. four properties (88 Rugby Road, Brooklyn, New York, 4715 Avenue D, Brooklyn, New York, 2372 West 12^th Street, Brooklyn, New York, and 9001 Avenue K, Brooklyn, New York) owned by Institute for Community Living, Inc.;  B. four properties (2581 Atlantic Avenue, Brooklyn, New York, 857 East 225^th Street, Bronx, New York, 3028 Bronx Park East, Bronx, New York, and 2402A Pacific Street, Brooklyn, New York) owned by ICL Real Property Holding Corporation,  an affiliate of Institute for Community Living;  and C. one property (6209 16^th Avenue, Brooklyn, New York) owned by ICL HealthCare Choices, Inc.,  an affiliate of Institute for Community Living.  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 James Carpenter Design Associates Inc., a company specializing in architectural glass design, fabrication, and installation of building environments focusing primarily on glass, light, and energy use, in connection with the acquisition, fit-out, furnishing and equipping of two condominium units containing approximately 3,200 and 2,000 square feet, respectively, located in a building at 145 Hudson 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 $4,000,000 industrial development revenue bond transaction for a real estate holding company to be determined for the benefit of two companies related by common ownership, Mehadrin Dairy Corporation and LFW Dairy Corporation, both of which are distributors of kosher dairy products, in connection with the construction, furnishing, and equipping of an approximately 70,000 square foot building located upon an approximately 46,000 square foot parcel of land located at 328 Boerum Street and 79 Bogart 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.

Straight-lease (Industrial Incentive Program) transaction for a real estate holding company to be determined on behalf of Standard Motor Products, Inc., a manufacturer and distributor of auto parts, in connection with the renovations and machinery and equipment purchases of an approximately 294,000 square foot building located on an approximately 45,000 square foot parcel of land located at 37-18 Northern Boulevard, Long Island City, 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 $7,000,000 combined industrial development revenue bond and taxable revenue bond transaction for Grogan Realty LLC for the benefit of Sweet Sams Baking Company LLC, a manufacturer and distributor of baked goods, in connection with: A. the acquisition of an approximate aggregate total of 40,000 square feet of real property on three parcels of vacant land, located at 2349 Chatterton Avenue, 2368 Blackrock Avenue, and 1037 Zerega Avenue, Bronx, New Yorkl B.  the construction of an addition of approximately 30,000 square feet to an existing approximately 21,000 square foot building located at 1049 Zerega Avenue, Bronx, New York; and C. the renovation, furnishing and equipping of any one or more or all of the foreging properties,  all for the use as a manufacturing and distributing facility. 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 Economic Development Corporation, 110 William Street, 4th Floor, New York, New York commencing at 10:00 A.M. on Monday, November 10, 2003.  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 at noon on the Tuesday 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