Subsidy Alert: May 2015
The New York City Industrial Development Agency and Build NYC public hearing will be held Thursday May 7 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 firstname.lastname@example.org.
Projects of the New York City Industrial Development Agency - snapshot of project information or download the public hearing notice
Company Name: Rand Solutions Inc., a New York corporation that is a designer, manufacturer and distributor of automobile parts and a to-be-determined real estate holding company
Proposed location: 574 Industrial Loop, Staten Island, New York 10309.
Type of benefits: Payments in lieu of City real property taxes, deferral of City and Statemortgage recording taxes, and exemption from City and State sales and use taxes.
Estimated cost to New York City: $789,952
Projects of the BuildNYC Resource Corporation - snapshot of project information or download the public hearing notice
Company Name: ARK Development LLC (the “Company”), a single purpose, Delaware limited liability company established for the purpose of providing an animal handling and air cargo support facility at John F. Kennedy International Airport, Queens, New York (the “Airport”), as an affiliate of Racebook Capital Partners LLC, also a Delawarelimited liability company
Proposed location: 154-48 Brookville Boulevard, Rosedale, New York 11422
Type of benefits: Approximately $35,000,000 in specialexempt facility revenue bonds.
Estimated cost to New York City: $723,722
Company Name: Saint Ann’s School (the “School”), a New York not-for-profit education corporation
Proposed location: 129 Pierrepont Street, Brooklyn, New York 11201, 124 Pierrepont Street, Brooklyn, New York 11201 and 122 Pierrepont Street, Brooklyn, New York 11201
Type of benefits: Approximately $30,000,000 in tax-exempt revenue bonds
Estimated cost to New York City: $178,123
Company Name: SCO Family of Services (not expected to be presented at the May public hearing)
Proposed location: 1040 Glenmore Avenue (1034-36 Glenmore Avenue and 374 Pine Street), Brooklyn, New York 11208; 85-70 148th Street, Briarwood, New York 11435.
Type of benefits: Approximately $20,000,000 in tax-exempt revenue bonds
Estimated cost to New York City: TBD
Company Name: Young Men’s Christian Association of Greater New York (the “Institution” or “YMCA”), a not-for-profit
Proposed location: various
Type of benefits: Approximately $42,300,000 in tax-exempt revenue bonds
Estimated cost to New York City: $313,397
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