Subsidy Alert: July 2015

Thursday, July 2, 2015

In the public notices: Boyce Technologies, Inc.Faviana International Inc. OnForce Solar, Inc.Volunteers of America - Greater New York, Inc. American Committee for the Weizmann Institute of Science, Inc.Bnos Square of WilliamsburgThe Brearley SchoolThe Hannah Senesh Community Day SchoolHELP/PSI, Inc. and HELP/PSI Services Corp. 

New President of EDC Announced

Last week, Mayor de Blasio appointed Maria Torres-Springer as the new president of the New York City Economic Development Corporation. According to the press release announcing the transition, her priorities as the head of EDC will be to enhance technology, life sciences and advanced manufacturing in the city.

The New York City Industrial Development Agency and Build NYC public hearing will be held Thursday July 16 at 10:00 am. Hearings are held at 110 William Street, 4th Floor, New York, New York 10038 (Fulton St. subway stop). Presentations may be pulled from the docket before the hearing, 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: Boyce Technologies, Inc., a New York Corporation that is a designer and manufacturer of mass transit communications systems
Proposed location:  47-22 Pearson Place, Queens, New York 11101
Type of benefits:  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.
Estimated cost to New York City: $9,513,819

Company Name: Faviana International Inc., a New York corporation that specializes in the design, import and distribution of gowns, 
Proposed location:  31-10 Hunters Point Avenue, Queens, New York 11101
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: $4,222,671


Company Name: OnForce Solar, Inc. (the “Company”), a New York corporation that designs and engineers solar energy systems, and 1040 Home Street LLC, a real estate holding company.
Proposed location:  1154-1180 Longfellow Avenue a/k/a 1040-1062 Home Street, Bronx, New York 10459 (Tax Block 2758 Lot 14) and 1057 Home Street, Bronx, New York 10459 (Tax Block 3006 Lot 17).
Type of benefits:  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.
Estimated cost to New York City: $4,489,492

 

 

Not expected to be presented at the July hearing:
Company Name: Perfetto Contracting Co., Inc., a New York corporation that is a construction contractor, and 152 41st Street LLC, an affiliated real estate holding company
Proposed location:  152-158 and 160-164 41st Street and 153, 161 and 165 42nd Street, Brooklyn, New York 11232. 
Type of benefits:  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
Estimated cost to New York City:

Company Name: Gotham Seafood Corp. a New York Corporation that prepares and distributes fresh seafood, and Sean-Sakie Holdings Ltd., an affiliated real estate holding company
Proposed location:  649-657 Whittier Street, Bronx, New York 10474
Type of benefits:  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
Estimated cost to New York City:

 

 

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

Company Name: 2112 2nd Avenue LLC , a New York limited liability company and an affiliate of Volunteers of America - Greater New York, Inc., a New York not-for-profit corporation. 

Proposed location:  2112 2nd Avenue, New York, New York 10029. 

Type of benefits:  Tax-exempt bond financing and exemption from City and State mortgage recording taxes.

Estimated cost to New York City:  $101,593

 

Company Name:  American Committee for the Weizmann Institute of Science, Inc., a New York not-for-profit corporation.

Proposed location:  633 Third Avenue, 20th Floor, New York, New York 10017. 

Type of benefits:  Tax-exempt bond financing and exemption from City and State mortgage recording taxes

Estimated cost to New York City:  $190,630

 

Company Name:  Bnos Square of Williamsburg, a New York religious corporation.

Proposed location:  165 Spencer Street Brooklyn, New York 11205

Type of benefits:  Tax-exempt bond financing and exemption from City and State mortgage recording taxes.

Estimated cost to New York City: $154,719

 

Company Name: The Brearley School, a New York not-for-profit education corporation

Proposed location: 70 East End Avenue, New York, New York 10028; 72 East End Avenue, New York, New York 10028; 74 East End Avenue, New York, New York 10028. 

Type of benefits: Approximately $50,000,000 in tax-exempt revenue bonds.

Estimated cost to New York City: $1,181,154

 

Company Name: The Hannah Senesh Community Day School, a New York not-for-profit education corporation.

Proposed location: 342 Smith Street, Brooklyn, New York 11231, 13 5th Street, Brooklyn, New York 11231 and 9/11 5th Street, Brooklyn, New York 11231

Type of benefits: Approximately $6,000,000 in tax-exempt revenue bonds.

Estimated cost to New York City: $94,092

 

Company Name:  HELP/PSI, Inc. and HELP/PSI Services Corp. d/b/a Brightpoint Health, an affiliate, each a New York not-for-profit corporation

Proposed location: 1543 Inwood Avenue, Bronx, New York 10452; 1545 Inwood Avenue, Bronx, New York 10452; 105-06 Sutphin Boulevard, Jamaica, New York 11435; 803 Sterling Place, Brooklyn, New York 11216; 2339-51 Bedford Avenue, Brooklyn, New York 11226.

Type of benefits: Approximately $10,000,000 in tax-exempt revenue bonds.

Estimated cost to New York City: $155,474