Subsidy Alert: April 2012

Thursday, March 8, 2012

In the public notices for April: 5 Bay Street LLC; Big Farm Corp.;  Carnegie Linen Services, Inc.; and Richards Plumbing & Heating Co. Inc., YMCA of Greater New York, and Montefiore Medical Center.

To learn how the Board of Directors voted on these projects, see the agency "board books" here.

Public hearing of the New York City Industrial Development Agency held on Thursday April 5, 2012  

at:110 William Street, 4th Floor, New York, New York 10038 [Fulton St. subway stop]

This month the public hearing will include projects being reviewed by the IDA, as well as the NYC Economic Development Corporation's new local development corporation, BuildNYC Resource Corporation. BuildNYC extends benefits to qualified non-profits through tax-exempt and taxable bond financing.

We have provided summaries for both IDA and BuildNYC projects below. We have posted links to all available project materials and cost/benefit analyses below. We encourage anyone with concerns or comments about these proposals to attend the hearing and provide input on particular projects to the members of the IDA board. Written testimony can be submitted to: New York City Industrial Development Agency, Attn: Ms. Frances Tufano, 110 William Street, 5th Floor, New York, New York 10038, or you can call (212) 312-3598 to notify the Agency if you intend to make a statement. Companies are often pulled from the docket at the last moment, so call to confirm that the company you are interested in will be presented. If you plan to speak on any of these projects, please let GJNY know: 212.721.7996 or gjny (at) goodjobsfist.org.

Industrial Development Agency projects (public hearing notice):
  • Straight lease (Industrial Incentive Program) transaction for 515 Bryant Realty LLC, a real estate holding company for the benefit of Big Farm Corp., a wholesale distributor of produce and groceries, in connection with the acquisition, construction, renovation, equipping and/or furnishing of an approximately 30,000 square foot facility on an approximately 20,000 square foot parcel of land located at 515 Bryant Avenue, Bronx, New York 10474. The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of City real property taxes, deferral of 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 5 Bay Street LLC, a real estate developer, in connection with the acquisition, renovation, expansion, equipping and/or furnishing of five existing buildings currently totaling approximately 48,785 square feet and the construction, equipping and/or furnishing of an approximately 48,000 square foot new building, which, when completed will cause the aggregate square footage of the facilities existing and proposed to equal approximately 135,000 square feet of mixed-use space all on an approximately 130,000 square foot parcel of land located at 5 Bay Street, Staten Island, New York 10301. The financial assistance proposed to be conferred by the Agency will consist of deferral of City and State mortgage recording taxes.
  • 850 East 138th Street LLC on behalf of Carnegie Linen Services, Inc., Carnegie Valet Cleaning Corp., and Danielle Uniform Maintenance Inc.
  • Straight lease (Industrial Incentive Program) transaction for a real estate holding company to be determined for the benefit of Richards Plumbing & Heating Co. Inc., a plumbing and heating contractor, in connection with the acquisition, demolition, construction, renovation, equipping and/or furnishing of an approximately 14,000 square foot facility on an approximately 14,000 square foot parcel of land located at 231 Kent Street, on Tax Block 2552 and Lot 10, Brooklyn, New York 11222. The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of City real property taxes, deferral from City and State mortgage recording taxes and exemption from City and State sales and use taxes.

 

BuildNYC Resource Corporation projects (public hearing notice):
  • Approximately $150,000,000 bond transaction consisting of tax-exempt 501(c)(3) bonds and/or taxable bonds (in any case, “Build NYC Bonds”) for the benefit of Montefiore Medical Center, a not-for-profit hospital and institution providing hospital and/or other health-care services to be located within a development in the Bronx, New York, known as “Hutchinson Metro Center", including Tax Lot 55 within Tax Block 4226 and directly to the west of 1200 Waters Place.
  • Approximately $150,000,000 taxable bond transaction for the benefit of a to-be-formed, for-profit entity (which shall be under common ownership and/or control with Hutch Realty Partners, LLC), on behalf of Montefiore Medical Center (“Montefiore”), a not-for-profit hospital and institution providing hospital and/or other health-care services, to be located on an approximately 40,000 square foot parcel of land, such land being located within a development in the Bronx, New York, known as “Hutchinson Metro Center.”
  • Approximately $50,000,000 tax-exempt refunding and revenue bonds for the benefit of Young Men’s Christian Association of Greater New York (the “Institution” or “YMCA”), a not-for-profit, community service organization chartered under the laws of the State of New York, and exempt from federal taxation.