NEW YORK CITY INDUSTRIAL DEVELOPMENT AGENCY
NOTICE OF PUBLIC HEARING - October 10, 2003
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 $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 $20,000,000 civic facility revenue bond transaction for the benefit of Beth Abraham Health Services, a not-for-profit corporation, in connection with a 520-bed skilled nursing care facility, consisting of the refinancing of existing tax-exempt bonds and the renovation and equipping of an approximately 342,530 square foot building on an approximately 78,456 square foot parcel of land located at 612 Allerton Avenue, Bronx, New York, and approximately $2,020,000 civic facility revenue bond transaction for the benefit of Beth Abraham Health Services, in connection with an adult day care center, consisting of the renovation and equipping of an approximately 8,385 square foot building on an approximately 8,306 square foot parcel of land located at 1821-1825 Cornega Avenue, 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 $17,000,000 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) an approximately 9,900 square foot building on an approximately 12,500 square foot parcel of land located at 212 E. 99th Street, New York, New York, (ii) 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) 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) 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) 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) 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 (commercial retention) transaction for the benefit of DoubleClick Inc. 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 location: approximately 76,000 square feet located at 111 Eighth Avenue, on a portion of the 10th Floor, New York, New York. This project was induced and authorized on December 8, 1998 and February 9, 1999, respectively. No new financial assistance is being provided.
Straight-lease (Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of Federated Mechanical Corp., an industrial business specializing in the design, fabrication and installation of fire protection systems, in connection with the acquisition of an approximately 19,300 square foot building located on an approximately 20,000 square foot parcel of land located at 400 Barretto Street, Bronx, New York, Block 2771, Lot 225. 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 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.
Approximately $18,000,000 empowerment zone bond transaction for Argonaut Holdings Inc., a wholly owned subsidiary of General Motors Corporation, a manufacturer of automobiles, in connection with the construction, furnishing, and equipping of an approximately 80,000 square foot building to be used as an automobile dealership, located upon an approximately 57,000 square foot parcel of land located on block 1792 and including lots 21, 121, 29,and 33, and portions of lots 11, 34, 36, and 37, all the foregoing properties being located between East 127th and 128th Streets and 2nd and 3rd Avenues, New York, 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 $80,000,000 exempt facility revenue bond (Liberty Bond) transaction for the benefit of InterActiveCorp and its wholly owned affiliate, HTRF Ventures, LLC, in connection with the construction, equipping and furnishing of an approximately 160,000 square foot office building. The project is to be constructed on an approximately 32,000 square foot parcel of land located on 11th Avenue between 18th and 19th Streets (535 West 18th 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 sales and use taxes.
Approximately $9,525,000 civic facility bond transaction for the benefit of Jamaica First Parking, LLC, a Delaware limited liability company which operates parking facilities in Jamaica, Queens, New York and Greater Jamaica Development Corporation, an affiliated 501(c)(3) community development corporation, in connection with the acquisition, renovation and equipping of the approximately 183,503 square foot existing Parsons Garage building, located on an approximately 48,509 square foot parcel of land at 90-15 Parsons Boulevard, Jamaica, Queens, New York, and the acquisition of the approximately 38,964 square foot parcel of land at 89-47 162nd Street, Jamaica, Queens, New York and subsequent construction and equipping of the approximately 146,430 square foot Mid-Block Garage on this site. 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 $9,000,000 industrial development revenue bond transaction for a real estate holding company to be determined for the benefit of Novelty Crystals Corporation, a manufacturer of plastic products, in connection with the acquisition, renovation and equipping of an approximately 53,000 square foot building on an approximately 96,000 square foot parcel of land located at 30-15 48th Avenue, Long Island City, 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.
Straight-lease (Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of Standard Motor Products, Inc., a manufacturer and distributor of auto parts, in connection with the renovations, machinery and equipment purchases of an approximately 209,000 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 industrial development revenue bond transaction for Superior Block Company, a manufacturer of concrete blocks, in connection with the construction, furnishing, and equipping of an approximately 35,500 square foot building located upon an approximately 46,000 square foot parcel of land located at 809 East 42nd Street, Brooklyn, New York, and the purchase of machinery and equipment. 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, 6th Floor, New York, New York commencing at 10:00 A.M. on Friday, October 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