Subsidy Alert: April 2015

Monday, March 30, 2015

In the public notices: Foodsaver New York, Inc.AMDA, Inc.Riverdale Country School, Inc.Stallion Inc.

 

Which companies are receiving federal subsidies? Now we know

For any of you Subsidy Alert readers who have made use of Subsidy Tracker, the massive online database of subsidies generated by Good Jobs First, be sure to check out the most recent update. Subsidy Tracker 3.0 now includes federal programs that provide business grants, loans, loan guarantees and bailout assistance to private companies.  A companion report to the release of the new federal data, Uncle Sam's Favorite Corporations, found that over the past 15 years, two-thirds of $68 billion in federal subsidies went to large corporations.

 

The New York City Industrial Development Agency and Build NYC public hearing will be held Thursday April 9 at 10:00 am. The public hearing will be held at 110 William Street, 4th Floor, New York, New York 10038 (Fulton St. subway stop). Presentations may be pulled from the docket at the last moment, so call the IDA at (212) 312-3598 to confirm that the company you are interested in will be presented.

We have provided links to available project materials and cost/benefit analyses for projects expected to be presented at the hearing. 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. For more information, please email PublicHearings@nycedc.com or contact Fran Tufano at (212) 312-3596; 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

 If you plan to speak on any of these projects, please let GJNY know: 212.721.4865 or elizabeth@goodjobsfirst.org.

Projects of the New York City Industrial Development Agency - snapshot of project information or download the public hearing notice

Company Name: Foodsaver New York, Inc. (the “Company”), a New York corporation that is a processor and distributor of food products and a to-be-determined real estate holding company.

Proposed location:  402 East 83rd Street, Brooklyn, New York 11236

Type of benefits:  Payments in lieu of City real property taxes and deferral of City and State mortgage recording taxes. 

Estimated cost to New York City: $1,833,500

 

Projects of the BuildNYC Resource Corporation - snapshot of project information or download the public hearing notice

Company name: AMDA, Inc. d/b/a The American Musical and Dramatic Academy (the “Institution”), a New York not-for-profit corporation, as borrower, for its benefit or the benefit of Manhattan Stratford Arms, Inc., an affiliated New York real estate holding corporation and a 501(c)(2) organization.

Proposed location: 211 West 61st Street and 117 West 70th Street, New York, New York 10023

Type of benefits: Approximately $47,000,000 tax-exempt revenue bonds  and exemption from City and State mortgage recording taxes

Estimated cost to New York City:   $878,879

 

Company name: Riverdale Country School, Inc. (the “School”), a New York not-for-profit education corporation 

Proposed location: various locations, Bronx, NY 10471

Type of benefits: Approximately $52,000,000 tax-exempt revenue bonds and exemption from City and State mortgage recording taxes.

Estimated cost to New York City:  $817,423

 

Company name:  Stallion Inc. ( “Stallion”), a New York corporation that is a manufacturer, wholesaler, and distributor of fur apparel and fashion accessories

Proposed location:  36-08 34th Street, Long Island City, New York 11106

Type of benefits: Approximately $7,681,000 in tax-exempt revenue bonds and approximately $209,000 in taxable revenue bond and exemption from City and State mortgage recording taxes.

Estimated cost to New York City:  $167,922