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 $800,000,000 special exempt facility revenue bond transaction for the benefit of American Airlines, Inc. in connection with the phased demolition of terminals 8 and 9, the demolition of existing arrival and departure ramps, the construction and equipping of up to an approximately 2,000,000 square foot new terminal, the construction of new arrival and departure ramps, certain costs relating to the construction of associated parking facilities, all on an approximately 108 acre parcel of land and the renovation of existing aircraft hangars on an approximately 70 acre parcel of land in the same vicinity, all located at John F. Kennedy International Airport (the "Airport") in Jamaica, in the borough of Queens, New York. The southbound direction of the Van Wyck Expressway leads directly to the Airport, or it can be reached by taking the Nassau Expressway east to the JFK Expressway. The financial assistance proposed to be conferred by the Agency will consist of such bond financing, exemption from City and State sales and use taxes and exemption from City and State mortgage recording taxes.
Straight-lease (commercial retention) transaction for the benefit of Citigroup, Inc., a diversified financial services company, and its eligible affiliates, for the fit-out of office space of approximately 395,602 square feet, and the acquisition and/or leasing and installation of machinery, equipment, furniture, fixtures and other tangible personal property, all such space and tangible personal property to be located within a building to-be-constructed on the block bounded by Crescent Street, Hunter Street, 44th Drive, 23rd Street, and 44th Road, Long Island City, Queens, New York. 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 July 12, 1994 and June 13, 1995, respectively. No new financial assistance is being provided.
Straight Lease (Industrial Incentive Program) transaction for the benefit of Federal Express Corporation (“FedEx Express”), a wholly-owned subsidiary of FedEx Corporation, an express shipper of packages, in connection with (i) the construction, furnishing and equipping of an approximately 98,000 square foot facility 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 and further identified as Block 2543, part of Lot 1, and (ii) the construction and renovations to and the furnishing and equipping of an approximately 49,373 square foot building located on an approximately 24,677 square foot parcel of land located at 148 Leroy Street, New York, New York, and the construction of an approximately 10,000 square foot addition to the aforementioned building. The financial assistance proposed to be conferred by the Agency will consist of payment in lieu of City real property taxes, exemption from City and State mortgage recording taxes, and exemption from sales and use 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, 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.
Approximately $9,950,000 civic facility revenue bond transaction for the benefit of Morris Heights Health Center, Inc., a not-for-profit health center which provides comprehensive primary care services to medically and socially disadvantaged residents of the Bronx, in connection with the construction, renovation and equipping of a condominium unit consisting of an approximately 40,000 square foot portion of an approximately 117,000 square foot building located upon an approximately 20,249 square foot parcel of land, to be located at 51-69 West Burnside Avenue, Bronx, New York. The approximately 40,000 square foot portion of the building will be comprised of an approximately 31,000 square foot health care facility and an approximately 9,000 square foot parking facility. 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 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. The financial assistance for this project was induced December 8, 1987. No additional financial assistance is being provided.
Straight-lease (Small Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of New York Christmas Lights and Decorating Ltd., a fabricator of festive decorations and John Cappelli Erectors, Inc., an installer of signs and festive decorations, and certain of their affiliates, in connection with the acquisition, renovations and equipping of an approximately 19,300 square foot building located on an approximately 19,300 square foot parcel of land located at 400 Barretto Street, 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.
Approximately $145,000,000 civic facility revenue bond transaction for the benefit of New York Law School, a not-for-profit corporation, in connection with (i) the demolition of an approximately 10,000 square foot building, and (ii) the construction and equipping of a building with 5 floors above-ground of approximately 102,000 square feet and four floors below- ground of approximately 100,000 square feet all on an approximately 24,000 square foot parcel of land located at 40 Leonard Street and 54 Leonard Street, New York, New York to be used as a new academic facility. 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 Pepsi-Cola Bottling Company of New York, Inc. a bottling and distribution company for brand name soda products, in connection with the acquisition of an approximately 300,083 square foot parcel of land, inclusive of two easements totaling approximately 13,000 square feet to be granted by Pepsi-Cola Bottling Company of New York, and for the construction and equipping of a 214,000 square foot building, 65,000 square feet of open parking and 43,000 square feet of covered parking, located at 650-666 Brush Avenue, Bronx, NY. The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of New York City real property taxes, energy benefits, exemption from City and State mortgage recording taxes and exemption from City and State 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 taxable debt used to purchase an approximately 6,000 square foot parcel of land, (ii) financing of the acquisition of an approximately 2,000 square foot parcel of land, and (iii) financing of the construction and equipping of an approximately 30,000 square foot facility located on an approximately 8,000 square foot parcel of land, all located at 2911 Avenue L, 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 (Industrial Incentive Program) transaction for a real estate holding company to be named, for the benefit of S. DiFazio & Sons Construction Corp., an infrastructure and underground utility contractor, and Faztec Industries Inc., a sand and gravel distributor and equipment refurbisher, in connection with the acquisition, renovation, improvement and equipping of an approximately 9,000 square foot building on an approximately 17,258 square foot parcel of land located at 20 Kinsey Place, Staten Island, New York, Block 1290, Lots 92 and 94. 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.
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 6, 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