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.
Straight-lease (Industrial Incentive Program) transaction for Petroform Products Corp., a real estate holding company, for the benefit of Acme Metal Cap Co., Inc., a manufacturer of stamped components, and American Star Cork Co., an affiliate that imports and manufactures composition cork, in connection with the constructing and installing of a photovoltaic system in an approximately 34,220 square foot existing facility consisting of three adjoining buildings on an approximately 35,535 square foot parcel of land, located at 33-53 62
nd Street, 33-51 62nd Street and 62-01 34th Avenue, Woodside, Queens, New York, Block 1185, Lots 43, 48 & 40. 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 CBS Broadcasting Inc.,
a media and television broadcast company, and its eligible affiliates, in connection with the renovation of approximately 4,600 square feet of office space on the 31st floor at 489 Fifth Avenue, 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. The financial assistance for this project was induced and authorized on April 13, 1993 and May 11, 1993, respectively. No additional financial assistance is being provided.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 Designer Greetings, Inc., a publisher of greeting cards, in connection with the construction and equipping of an approximately 65,000 square foot building on an approximately 196,000 square foot parcel of land located at 178 Holland Avenue, Block 1318, Lots 223 and 224, Staten Island, 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 (Small Industry Incentive Program) transaction for ECB Moving & Storage, Inc., d/b/a Yorkville Van Storage Co., Inc., a commercial storage company for museums, banks, auction houses and other companies, in connection with the acquisition, renovation and equipping of an approximately 9,000 square foot facility on an approximately 9,000 square foot parcel of land, located at 270 Rider Avenue, Block 2333, Lot 12, Bronx, New York, and the acquisition, renovation and equipping of an approximately 3,000 square foot facility on an approximately 3,000 square foot parcel of land, located at 243 East 138
th Street, Block 2333, Lot 10, 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.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 riverfront below East 132
nd Street at the Harlem River Yards in the Bronx, New York, and further identified as Block 2543, part of Lot 1; (FedEx Express has selected McMahon Development Group to develop the build-to-suit facility); and (ii) the construction, renovations, 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 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 (Small Industrial Incentive Program) transaction for New York Christmas Lights and Decorating Limited, a fabricator of festive decorations and John Cappelli Erectors Inc., an installer of 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.
Straight-lease (Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of Peerless Importers, Inc, an importer, warehouser, and distributor of alcoholic beverages, in connection with; (i) the demolition of an approximately 5,400 square foot building located at 948 Meeker Avenue, Brooklyn, New York and an approximately 4,000 square foot building located at 952 Meeker Avenue, Brooklyn, New York, all on an approximately 160,955 square foot parcel of land located at 934-952 Meeker Avenue and 550-572 Stewart Avenue, Brooklyn, New York; and (ii) the construction, furnishing, and equipping of an approximately 205,000 square foot facility comprised of approximately 80,000 square feet of office space, of which approximately 15,000 square feet is below grade and approximately 65,000 square feet is at or above grade (on five levels), approximately 65,000 square feet of warehouse space at grade and approximately 60,000 square feet of parking below grade on the aforementioned property. 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 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, subject to, 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 an approximately 214,000 square foot building, approximately 65,000 square feet of open parking and approximately 43,000 square feet of covered parking, located at 650-666 Brush Avenue, 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.
Straight-Lease (Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of Prestone Press, LLC and Prestone Printing Co. Inc., pre-press printing, bindery and finishing companies, in connection with the acquisition, renovation and equipping of an approximately 52,500 square foot building on an approximately 56,100 square foot parcel of land located at 47-50 30
th Street, Block 115, Lot 187, 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.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.
Approximately $15,500,000 tax-exempt civic facility revenue bond transaction for the benefit of Project Samaritan AIDS Services, Inc., a not-for-profit provider of health care services and social services to persons with HIV/AIDS, in connection with the following: (i) the refinancing of existing indebtedness used originally to finance the acquisition, renovation and/or equipping of an approximately 6,250 square foot, 2.5-story facility located on approximately 2,500 square feet of land located at 1543 Inwood Avenue, Bronx, New York, providing an adult day health care program and related health programs for persons with HIV/AIDS, for an approximate cost of $1,550,000; (ii) the refinancing of existing indebtedness used originally to finance the acquisition, renovation and/or equipping of an approximately 13,260 square foot, 2-story facility located on approximately 7,500 square feet of land located at 1545 Inwood Avenue, Bronx, New York, providing an adult day health care program and related health programs for persons with HIV/AIDS, for an approximate cost of $4,907,000; (iii) the refinancing of existing indebtedness used originally to finance the acquisition, renovation and/or equipping of an approximately 9,475 square foot, 2-story facility located on approximately 16,522 square feet of land located at 105-06 Sutphin Boulevard, Jamaica, Queens, New York, providing an adult day health care program and related health programs for persons with HIV/AIDS, for an approximate cost of $2,450,000; (iv) the refinancing of existing indebtedness used originally to finance the acquisition, renovation and/or equipping of an existing approximately 32,000 square foot, 5-story facility, located on approximately 13,008 square feet of land and the financing of the construction, furnishing and equipping of an approximately 7,500 square foot addition to such existing facility located at 1401-1407 University Avenue (a/k/a 1401-1407 Dr. M. L. King Jr. Blvd.), Bronx, New York, providing residential health care services to persons with HIV/AIDS, for an approximate cost of $6,429,000; and (v) the financing of the renovation, furnishing, and equipping of an approximately 14,000 square foot, one-story with mezzanine facility located on approximately 10,646 square feet of land located at 803 Sterling Place, Brooklyn, New York, to provide an adult day health care program and related health programs for persons with HIV/AIDS, for an approximate cost of $2,373,000. 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"), a domestic and international courier of time-critical materials including human organs, computer chips, mechanical parts and clinical trial specimens, 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, part of Lot 1; and the acquisition and installation of equipment thereat, all for the use of Quick. 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.
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,
September 8, 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