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.

 

A commercial straight-lease transaction for the benefit of 1800 Park Avenue, LLC and its affiliates in connection with the base building construction and fit-out of a hotel and office tower of approximately 549,000 square feet to be located on approximately the eastern two thirds of the block between Madison Avenue and Park Avenue from East 124th and 125th Street, New York, New York. The financial assistance proposed to be conferred by the Agency will consist of exemption from City and State mortgage recording taxes and exemption from City and State sales and use taxes.

 

[POSTPONED] Approximately $114,000,000 tax-exempt and taxable revenue bond transaction for the benefit of FC Hanson Office Associates, LLC and its affiliates, developers, in connection with the construction of an approximately 425,000 square foot office building to be constructed on an approximately 35,000 square foot parcel of land located on the block bounded by Atlantic Avenue, Flatbush Avenue, the demapped segment of Fort Greene Place, and Hanson Place, Brooklyn, New York.  The financial assistance proposed to be conferred by the Agency will consist of such bond financing.

 

Straight-lease (Small Industry Incentive Program) transaction for the benefit of Karp Associates, Inc., a manufacturer of industrial and library shelving products, in connection with the renovation and equipping of an approximately 12,000 square foot existing building on an approximately 20,000 square foot parcel of land, located at 54-54 43rd Street, Maspeth, Queens, New York, and the construction and equipping of an approximately 12,000 square foot building as an addition to the existing building (said addition to be located on Block 2517, Lots 28, 29, 30, 31, 32 and 34 on the Tax Map of the County of Queens).  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 (Industrial Incentive Program) transaction for a real estate holding company, Sunshine Clinton Realty LLC, for the benefit of Lighting & Supplies, Inc. (d/b/a Sunshine Lighting), and one or more of its tenants, a manufacturer, assembler and distributor of lighting supplies, in connection with the acquisition of an approximately 110,00 square foot parcel of land located at 744 Clinton Street, Brooklyn, New York, Block 623, Lots 100 & 118 and in connection with the renovation, furnishing and equipping of an approximately 86,000 square foot facility located thereon, and the construction of an approximately 10,000 square foot office facility to be located thereon.  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.

 

[POSTPONED] Straight-lease (commercial retention) transaction for the benefit of News America Publishing Incorporated and its eligible affiliates in connection with the renovation of office space and industrial 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 500,000 square feet located at 900 East 132nd Street, Bronx, New York; approximately 15,000 square feet on the 5th floor of 18 West 18th Street, New York, New York; and approximately 37,500 square feet on the fifteenth floor of 1211 Avenue of the Americas, New York, New York. This project was induced and authorized on June 16, 1996 and December 12, 1996 respectively. No new financial assistance is being provided.  

 

             Approximately $25,000,000 civic facility revenue bond transaction for the benefit of St. Francis College, a private, co-educational college, in connection with (i) the demolition of an approximately 28,000 square foot building located on an approximately 5,000 square foot parcel of land located at 180 Remsen Street, Brooklyn, New York, (ii) the construction and improvement of an approximately 35,000 square foot facility on the aforementioned property, 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.

 

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, October 7, 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