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 $20,000,000 civic facility revenue bond transaction for American Civil Liberties Union Foundation, Inc., a not-for-profit organization which provides advocacy and educational services on civil liberties issues, in order to finance acquisition, renovation, equipping and furnishing of floor 19 at 125 Broad Street, New York, New York (“the building”) as a condominium unit consisting of approximately 35,000 square feet, and to finance acquisition of approximately 4,500 square feet of the 60,000 square foot parcel of land located under the building. Bond proceeds will also be used to refinance the outstanding balance of approximately $4,000,000 in Agency bonds issued in the aggregate amount of $6,000,000 on June 27, 1997 to finance acquisition, renovation and equipping of condominium units on floors 17 and 18 of the building, consisting of approximately 70,000 square feet. 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.
[POSTPONED] Approximately $1,617,000 civic facility revenue bond transaction for the benefit of Advocates for Services for the Blind Multihandicapped, Inc., a provider of residential and habilitation services for people with developmental disabilities, in connection with the acquisition, renovation, equipping, furnishing, financing and/or refinancing of an approximately 2,100 square foot building located on an approximately 2,800 square foot parcel of land located at 457 81st Street, Brooklyn, New York, such facility to be used as a residential habilitation house for people with special needs. 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 Bear, Stearns & Co. Inc. and its eligible affiliates in connection with the acquisition and/or leasing and installation of machinery, equipment, furniture, fixtures and other tangible personal property located on approximately 140,652 additional square feet located at 320 Park Avenue, New York, New York (Floors 11, 12, 14, 15 and a portion of Floor 16). This project was induced and authorized on December 9, 1997 and April 20, 1999, respectively. No new financial assistance is being provided.
Straight-lease (commercial retention) transaction for the benefit of BlackRock, Inc. and its eligible affiliates, in connection with the renovation of approximately 90,000 additional square feet of office space on Floors 11, 12 and 14 of 55 East 52nd Street, New York, New York and for the acquisition and/or leasing and installation of machinery, equipment, furniture, fixtures and other tangible personal property all for use at the above additional 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 April 11, 2000 and June 13, 2000 respectively. No additional financial assistance is being provided.
[POSTPONED] Approximately $2,640,000 civic facility 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 connection with the acquisition, renovation, equipping, furnishing, financing and/or refinancing of an approximately 13,800 square foot building located on an approximately 32,000 square foot parcel of land located at 94 Wright Avenue, Staten Island, New York, such facility to be used as a day rehabilitation and day training center for people with special needs. 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.
[POSTPONED] Straight-lease transaction for the benefit of FC Beekman Associates LLC and/or one or more of its affiliates and 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 that comprises most 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 for Pace University, 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.
Approximately $18,000,000 civic facility revenue bond transaction for the benefit of French Institute - Alliance Française de New York – 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 (i) the improvements to and renovations of an approximately 43,210 square foot building located on an approximately 6,600 square foot parcel of land located at 22 East 60th Street, New York, New York, (ii) an expansion of 4,238 square feet to the aforementioned building and (iii) the purchase of machinery and equipment. 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 $9,500,000 civic facility revenue bond transaction for the benefit of Global Country of World Peace, a New York not-for-profit corporation, organized and operated for charitable, educational, and scientific purposes for the establishment of world peace, in connection with the acquisition, renovation, furnishing, and equipping of an approximately 15,000 square foot building on an approximately 2,904 square foot of parcel of land located at 70 Broad 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 the benefit of Marjam Supply Company, a building supply company, in connection with the acquisition, renovation and equipping of an approximately 50,000 square foot existing building on an approximately 65,000 square foot parcel of land, located at 8 Rewe Street, 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.
Straight-lease (commercial retention) transaction for the benefit of News America Incorporated and its eligible affiliates in connection with the renovation of office space and for the acquisition and/or leasing and installation of machinery, equipment, furniture, fixtures and other tangible personal property located at the following additional locations: approximately 68,053 square feet located at 1350 Avenue of the Americas, New York, New York (basement and Floors 2 through 4); approximately 250,953 square feet located at 1211 Avenue of the Americas, New York, New York (Concourse 1, a portion of Street Level, and Floors 7, 8, 15, 17 18, 28 and 31); approximately 15,000 square feet located at 18 West 18th Street, New York, New York (Floor 5); and approximately 500,000 square feet located at 900 East 132nd Street, Bronx, New York. This project was induced and authorized on June 16, 1996 and December 12, 1996 respectively. No new financial assistance is being provided.
[POSTPONED] Approximately $2,576,000 civic facility revenue bond transaction for the benefit of Young Adult Institute, Inc., a provider of habilitation services for people with developmental disabilities, in connection with the acquisition and/or leasing, renovation, furnishing, equipping, financing and/or refinancing of the following facilities: (i) the 9th, 11th and 12th floors comprising in the aggregate approximately 90,000 square feet within an approximately 527,280 square foot building located on an approximately 34,650 square foot parcel of land located at 460 W. 34th Street, New York, New York, for an approximate cost of $1,320,000, such facility to be used as an administrative office, and (ii) an approximately 4,400 square foot building located on an approximately 2,100 square foot parcel of land located at 48-46 58th Place, Woodside, New York, for an approximate cost of $1,256,000, such facility to be used as a community residence for people with special needs. 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, November 4, 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. 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