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 $8,000,000 industrial development revenue bond transaction for a real estate holding company to be formed for the benefit of Ares Printing and Packaging Corporation, a manufacturer of packaging products, in connection with the construction, furnishing, and equipping of a building not to exceed 82,500 square feet 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 $20,800,000 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 $3,500,000 for an approximately 9,900 square foot building on an approximately 12,500 square foot parcel of land located at 216 E. 99th Street, New York, New York, (ii) approximately $3,300,000 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) approximately $3,300,000 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 $4,700,000 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 $4,300,000 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.
Straight Lease transaction for the benefit of Federal Express Corporation (“FedEx Express”), a wholly-owned subsidiary of FedEx Corporation, and McMahon Development Group (“McMahon”), which will develop the build-to-suit facility, in connection with the construction, furnishing and equipping of an approximately 98,000 square foot facility to be used by FedEx Express as a distribution facility, all to be located on an approximately 435,600 square foot parcel of land located along the Bronx riverfront below East 132nd Street at the Harlem River Yards in the Bronx, New York and further identified as Block 2543, part of Lot 1. The financial assistance proposed to be conferred by the Agency to FedEx Express will consist of payments in lieu of City real property taxes. The financial assistance proposed to be conferred by the Agency to McMahon, which will be passed through to FedEx Express, will consist of exemption from City and State mortgage recording taxes and exemption from City and State sales and use taxes.
Approximately $25,000,000 Civic Facility bond transaction for the benefit of the New York Quarterly Meeting of the Religious Society of Friends (the “Quarterly Meeting”) and the Friends Seminary School (the “School”), both located at 222 East 16th Street, New York, New York. The Quarterly Meeting, a legally incorporated body of the Religious Society of Friends, is responsible for the oversight and functioning of the School. The School operates a co-educational, non-residential school for kindergarten through Grade 12 at 222 East 16th Street, New York, New York. The bond transaction would be in connection with one or more of the following purposes: (i) to acquire certain real property in the Borough of Manhattan located at 212 East 16th Street (Block 897, Lot 29), New York, New York, of approximately 5,769 square feet near the School, (ii) to renovate, enlarge and improve the facilities located on such real estate, (iii) to renovate, enlarge and improve other facilities currently used by the School located at 222 East 16th Street, 226 East 16th Street, New York, New York, 216 East 16th Street (collectively Block 897, Lot 16) and respectively approximately 28,744, 19,989, and 6,898 square feet, and 214 East 16th Street (Block 897, Lot 28) of approximately 6,753 square feet (iv) to refund the Quarterly Meeting’s outstanding New York City Industrial Development Agency Civic Facility Revenue Bonds (Friends Seminary School Project), Series 2000 Bonds and (v) to pay a portion of the expenses incidental to the issuance of the Bonds. The financial assistance proposed to be conferred by the Agency will consist of such triple tax-exempt bond financing and exemption from City and State mortgage recording taxes.
Straight-lease (Small Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of Meurice Garment Care of Manhasset Inc., a commercial laundry, in connection with the acquisition, renovations and equipping of an approximately 12,500 square foot building located on an approximately 12,500 square foot parcel of land located at 535 Manida Street, the 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.
Not to exceed $20,000,000 civic facility revenue bond transaction for the benefit of MMC Corporation, a not-for-profit corporation and an affiliate of Montefiore Medical Center, in connection with the financing or refinancing of the acquisition and renovation of a portion of an approximately 55,000 square foot, 2-story building located on approximately 27,125 square feet of land at block 4083, lots 1, 5, 11 and 27 in Bronx, New York (street addresses 1516 Jarrett Place, 1621 Eastchester Road and 1515 Blondell Avenue) which building is leased to Montefiore Medical Center and used as a community health center; and not to exceed $8,000,000 tax-exempt civic facility revenue bonds for the benefit of a project for MMC Corporation, a not-for-profit corporation and an affiliate of Montefiore Medical Center, in connection with the financing or refinancing of the acquisition and renovation of a portion of an approximately 38,305 square foot, 2-story building located on approximately 28,750 square feet of land at block 4085, lot 119 (street addresses 1625 and 1635 Poplar Street and 1695A Eastchester Road, Bronx New York) which building is leased to Montefiore Medical Center and used in part for a medical laboratory, nuclear medicine services, radiology services and administrative offices. The financial assistance proposed to be conferred by the Agency for both projects 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 Montebello Food Corp., a wholesale distributor of food and paper products, in connection with the purchase and construction of an approximately 40,000 square foot building on an approximately 40,000 square foot parcel of land located at 100 Varick 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.
Straight Lease transaction for the benefit of Moveway Transfer & Storage, a commercial moving and storage company, through a lease with Red Rock Resources, a real estate holding company, in connection with the acquisition, renovation and equipping of an approximately 83,315 square foot building on an approximately 48,440 square foot parcel of land located at 314 Scholes Street, Block 3047, Lot 15, Brooklyn, New York. The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of City real property tax, 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 National Broadcasting Company, Inc. and its eligible affiliates, in connection with the renovation of approximately 24,120 square feet of office space on the 11th floor and approximately 25,350 square feet on the 12th floor at 30 Rockefeller Plaza, 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 locations. The financial assistance proposed to be conferred by the Agency will consist of exemption from City and State sales and use taxes, and real estate
taxes. This project was induced December 8, 1987. No additional financial assistance is being provided.
Approximately $145,000,000 civic facility revenue bond transaction for the benefit of New York Law School, a not-for-profit corporation, of which approximately $6,300,000 will be issued to defease and/or to refinance taxable debt used to defease approximately $6,000,000 in outstanding Series 1997 bonds issued by the Dormitory Authority of the State of New York to finance certain renovations and the cost of equipment and machinery at facilities located at 47, 53 and 57 Worth Street, New York, New York, which facilities are used as a law school. Approximately $138,700,000 will be issued for (i) the reimbursement of funds used to purchase a parcel of land consisting of approximately 2,510 square feet and the building located thereon consisting of approximately 10,000 square feet, located at 54 Leonard Street, New York, New York, (ii) the demolition of such building located at 54 Leonard Street, and (iii) the construction and equipping of an approximately 337,100 square foot building, comprised of approximately 5 floors above grade and 4 floors below grade, to be used as a law school facility providing academic, student and administrative services and to be located at 40 and 54 Leonard 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 transaction for the benefit of Q International Courier, Inc. d/b/a Quick International Courier, Inc. (“Quick”), in connection with the construction by Vista Maro LLC (“Vista Maro”), as the owner and developer, of a two-story facility having a foot print of approximately 80,000 square feet on an approximately 225,000 square foot parcel of land located on property formerly part of JFK Airport, bordered by the North Boundary Road and further identified as Block 14260, tentative Lot 60; and the construction of a portion of the interior thereat and the acquisition and installation of equipment therein by Quick, all for the use of Quick, a domestic and international courier of time-critical materials including human organs, computer chips, mechanical parts and clinical trial specimens. The new facility will be leased by Quick from Vista Maro. Any benefits conferred by the Agency will solely benefit Quick. The financial assistance proposed to be conferred by the Agency will consist of payment in lieu of City real estate taxes, exemption from City and State mortgage recording taxes, and exemption from sales and use taxes.
Approximately $9,300,000 civic facility revenue bond transaction for the benefit of Ruach Chaim Institute, an independent, not-for-profit private, boys school serving students in nursery through grade eight, in connection with the (i) refinancing of outstanding taxable debt used to purchase an approximately 6,300 square foot parcel of land located at 2911 Avenue L, 2901 Avenue L and 1189 East 29th Street, Brooklyn, New York; (ii) financing of the acquisition of an approximately 2,100 square foot parcel of land located at 1187 East 29th Street, Brooklyn, New York and (iii) financing of the construction and equipping of an approximately 30,000 square foot facility including three stories above-ground and one story below-ground to be located on an approximately 8,400 square foot parcel of land, located at 2911 Avenue L, 2901 Avenue L, 1187 East 29th Street and 1189 East 29th Street, Brooklyn, New York to be used as a 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.
Straight-lease (Small Industry Incentive Program) transaction for Yorkville Van Storage Co., Inc. d/b/a ECB Moving & Storage, Inc., a commercial storage company for museums, banks, auction houses and other companies, in connection with the acquisition, renovation and equipping of an approximately 39,868 square foot facility on an approximately 9,967 square foot parcel of land, located at 270 Rider Avenue, Block 2333, Lot 12, 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.
To amend the Agency's Uniform Tax Exemption Policy established pursuant to Section 874(4)(a) of Article 18-A, Title 1 of the General Municipal Law (the "Act"), which is applicable to the provision of financial assistance pursuant to Section 859(a) of the Act, to provide, interalia, guidelines for the provision of financial assistance by the Agency for projects within Industrial Business Zones that are established pursuant to Section 22-626 of the New York City Administrative Code.
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 3, 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