Subsidy Alert: June 2015

Monday, June 1, 2015

In the public notices:  Bronx River Media Group LLCKrasnyi Oktyabr Inc., Mensch Mill & Lumber Corp Brooklyn United Methodist Church Home Com Affiliation, Inc., La Scuola D’Italia-Guglielmo Marconi,  Metropolitan Montessori SchoolYeshivah of Flatbush

The New York City Industrial Development Agency and Build NYC public hearing will be held Thursday June 4 at 10:00 am. In addition, there will be a supplemental BuildNYC hearing on Monday June 8, 2015. 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 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: 38th St. Bakery, LLC
Proposed location:  36-31 and 36-09 38th Street, 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
[Not expected to be presented at the public hearing]

Company Name: Bronx River Media Group LLC
Proposed location:  801 Colgate Avenue, Bronx, New York 10473 and and 1410 Story Avenue, Bronx, New York 10473
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: $32,199,173

Company Name: Krasnyi Oktyabr Inc.
Proposed location:  60 20th Street, Brooklyn, New York 11232
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: $2,529,013

Company Name: Mensch Mill & Lumber Corp
Proposed location: various locations in the Bronx  
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: $1,762,323

Company Name: A & J Supermarket Corp
Proposed location:  2211-2217 3rd Avenue, Manhattan, New York 10035
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
[Not expected to be presented at the public hearing]

Company Name: Sweeney & Harkin Carpentry and Dry Wall Corp.
Proposed location:  65-17 68th Avenue, Queens, New York 11385
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
[Not expected to be presented at the public hearing]

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

Company Name: Brooklyn United Methodist Church Home
Proposed location:  1485 Dumont Avenue and 2775 Linden Boulevard, Brooklyn, New York 11208. 
Type of benefits:   Approximately $7,200,000 tax-exempt revenue bonds
Estimated cost to New York City:  $170,086

Company Name: Com Affiliation, Inc.
Proposed location:   various locations - see public hearing notice for details
Type of benefits:   Approximately $176,900,000 in tax-exempt revenue bonds
Estimated cost to New York City: $5,354,370

Company Name: La Scuola D’Italia-Guglielmo Marconi
Proposed location: 432 West 58th Street, New York, New York 10019.
Type of benefits:   Approximately $76,000,000 in tax-exempt revenue bonds and exemption from City and State mortgage recording taxes
Estimated cost to New York City: $1,269,894

**Note: the following two proposals will be presented at the June 4th public hearing. They will also be presented at a supplemental public hearing on Monday, June 8th, 2015 at 10:00 am, in compliance with BuildNYC's public notice and transparency guidelines. The project materials are the most recent available. **

Company Name: Metropolitan Montessori School
Proposed location: 315 and 325 West 85th Street, New York, New York 10024
Type of benefits: Approximately $17,800,000 in tax-exempt revenue bonds
Estimated cost to New York City: $346,617

Company Name: Yeshivah of Flatbush
Proposed location: 1609 Avenue J, Brooklyn, New York 11230
Type of benefits:   Approximately $28,000,000 in tax-exempt revenue bonds
Estimated cost to New York City:  $637,932