| Company | FC Hanson Office Associates (developer of office tower for benefit of the Bank of New York - see separate entry) |
| Date Approved | 9/10/2002 |
| Project Site | Atlantic Terminal (at Flatbush) |
| Competing Sites | ? |
| Type of transaction/ Company type | Commercial Retention/developer |
| Maximum City Subsidy | |
|
0 |
|
0 |
| Type(s) of City benefits |
Liberty Bonds (triple tax exempt bonds) to finance construction costs -- $113.9 million To read up on Liberty Bonds go to Reconstruction Watch Publication #3. Mortgage recording fee waiver -- $2.5 million |
| Benefits from New York State | |
| Total Benefits Allowed | $2.5 million plus interest payment savings on $113.9 million in triple tax exempt bonds. |
| Benefits Distributed to Date (according to LL69 Report FY 2002) | -- |
| Promised Job Retention | see Bank of New York deal |
| Job recruitment | |
| Projected job growth | |
| Total Promised Jobs | see Bank of New York deal |
| Jobs Reported in LL69 Report FY 2002 | -- |
| Layoffs | ? |
| Length of Contract | ? |
| Project Purpose |
Financing to secure a new office tower to be built over
Atlantic Terminal in downtown Brooklyn with Bank of New York as a primary
tenant. The Bank of New York received $37.5 million in Community Development Block Grant funds in the aftermath
of the September 11th attacks.
The tower will also house retail on its first four floors, anchored by Target. As part of the construction project, FC Hanson is renovating the Long Island Rail Road terminal underneath the site. |
| Clawbacks? | Verbal comments from city development officials indicate that all companies receiving post 9/11 CDBG funds must agree to stay in NYC for at least seven years or face a double recapture penalty. |
| Background/Since then | |
| Corporate Notes |
FC Hanson is a division of Forest City Ratner Company, New York City’s largest developer and most active retail developer over the last decade. FCRC has a strong presence in downtown Brooklyn as the developer of the MetroTech complex, among others. |
| A note on sources -- Information in this deal comes from GJNY's examination of project agreements obtained through Freedom of Information Law requests, as well as news reports, minutes and notes taken at board meetings, and communication with our allies. The entries are a work in progress. For more information about the documentation behind GJNY's database, or to let us know about any developments that are not yet reflected here, please contact us at gjny@ctj.org or (212) 414-9394. | |
| Date last updated: 07/23/03 | |