Subsidy Alert: January 2012

Big Farm Corp., Extell GT (International Gem Tower), Fresh Direct, LLC and U.T.F. Trucking, Inc., Fuertes Gun Hill Road LLC, and Women Work Construction Corp

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

**Update: 1/5/12 Read GJNY's testimony regarding the subsidy proposal for Extell GT (International Gem Tower) from the January 5, 2012 public hearing. On January 10, 2012 the IDA board voted to approve benefits for this project.

Gem Tower back in the news: In 2006, GJNY testified against proposed subsidies for this property. Now, the International Gem Tower has reapplied for subsidies from the IDA. Read more history of this controversial project.

**Update: As of 12/23/11 Only project materials for Extell GT, International Gem Tower have been posted. 

Public Notice for the January 5, 2012 NYCIDA Public Hearing 

Please take a moment to look throught the project summaries below. GJNY will post the project materials and cost/benefit analyses when they become available, so please check back. 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.

Bronx

Straight lease (Industrial Incentive Program) transaction for the benefit of a to-be-formed entity on behalf 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, exemption from City and State mortgage recording taxes and exemption from City and State sales and use taxes.

Straight-lease transaction (Industrial Incentive and Commercial Growth Programs) for the benefit of Fresh Direct, LLC and U.T.F. Trucking, Inc., engaged in food manufacturing and distribution, in connection with the construction of a new approximately 433,000 square foot industrial manufacturing and distribution facility (the “Facility”) and acquisition and/or leasing and installation of machinery, equipment, furniture, fixtures and other tangible personal property all for use therein. The Facility will be located on an approximately 130,680 square foot parcel of land constituting part of Block 2543, Lot 1 and an approximately 562,856 square foot parcel of land constituting part of Block 2260, Lot 62, the parcels being located between East 132nd Street and the Harlem River, and between Willis Avenue Bridge to the west and the Robert F. Kennedy Bridge to the east, Bronx, New York 10454. The financial assistance proposed to be conferred by the Agency will consist of exemption from 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 Fuertes Gun Hill Road LLC, on behalf of East Gun Hill Road Food LLC, in connection with: (i) the acquisition, construction, renovation, equipping and/or furnishing, and the expansion of an approximately 16,000 square foot facility located on an approximately 31,000 square foot parcel of land located at 801 East Gun Hill Road, Bronx, New York 10467; and (ii) the acquisition, construction, renovation, equipping and/or furnishing, and the expansion of an approximately 3,000 square foot facility located on an approximately 7,000 square foot parcel of land located at 3501 Bronxwood Avenue, Bronx, New York 10469. 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.

Manhattan

Straight-lease commercial transaction for the benefit of Extell GT LLC, a real estate development entity, in connection with the construction, furnishing and equipping of up to an approximately 730,000 rentable square foot building to be known as the International Gem Tower, to be constructed on Block 1262, Lots 11, 12, 13, 14, 15, 16, 59, 60, 62, 63 and 162 located at and between 5th Avenue on the east, 46th Street on the south, 6th Avenue on the west and 47th Street on the north, New York, 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.

Staten Island

Straight lease (Industrial Incentive Program) transaction for the benefit of a to-be-formed entity on behalf of Women Work Construction Corp., a seller, warehouser, distributor and servicer of Construction Equipment Parts, in connection with the acquisition, construction, expansion, renovation, equipping and/or furnishing of a currently approximately 1,000 square foot facility on an approximately 31,000 square foot parcel of land located at 356 Meredith Avenue, Staten Island, New York 10314. 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.

Public Notice for the January 5, 2012 NYCIDA Public Hearing