Subsidy Alert: October 2011

Smith Electric Vehicles (**updated), Jetro Cash & Carry, Kingdom Castle Food Corp.

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

**UPDATE 10/6/2011: Read GJNY's testimony regarding subsidy proposal for Smith Electric Vehicles and news coverage. See also related materials from the October 11, 2011 IDA board meeting.

UPDATE 11/9/2011: IDA Board approves subsidies for Smith Electric Vehicles. Bronx Press Review; NY Post; 

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 participate in the July 2011 hearing.

Public Notice for the October 6, 2012 NYCIDA Public Hearing 

This month the IDA will be reviewing applications from the following three projects:

Bronx

Straight lease (Industrial Incentive Program) transaction for the benefit of Smith Electric Vehicles, U.S. Corporation and affiliated entities, a seller, servicer, and manufacturer of all-electric trucks, in connection with the renovation, equipping and/or furnishing at the following locations: (i) an approximately 90,000 square foot facility on an approximately 70,000 square foot parcel of land located at 295 Locust Avenue, Bronx, New York 10454; (ii) an approximately 5,000 square foot parcel of land known as Block 2598, Lot 74, Bronx, New York 10454; (iii) and an approximately 5,000 square foot parcel of land known asBlock 2598, Lot 86, Bronx, New York 10454.  The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of City real property taxes and exemption from City and State sales and use taxes.

**UPDATE 10/6/2011: Read GJNY's testimony in support of Smith Electric Vehicles. 

Queens

Straight lease (Industrial Incentive Program) transaction for a to-be-formed entity for the benefit of Jetro Cash & Carry Enterprises, LLC, a Delaware corporation engaged in the wholesaling and distribution of paper goods, cleaning supplies, food equipment and food in connection with the acquisition of an approximately 230,000 square foot parcel of land located at 43-40 57thAvenue, Maspeth, Queens, New York 11378 and the expansion of the existing approximately 75,000 square foot facility on the parcel through new construction and the fit-out of the expanded facility.  In addition, two portions of an adjacent parcel of land known as Block 2529, Lot 70 in Maspeth, Queens, New York 11378, which two portions contain a total of approximately 0.621 square feet, are also to be acquired and improved to service the to-be-expanded facility.  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-beformed entity on behalf of Kingdom Castle Food Corp., a supermarket, in connection with:  (i) the acquisition, construction, renovation, equipping and/or furnishing, and the expansion of an approximately 7,000 square foot facility located on an approximately 14,000 square foot parcel of land located at 300 Sand Lane, Staten Island, New York 10305; and (ii) the acquisition and improvement of an approximately 4,000 square foot parcel of land known as Block 3405, Lot 29, Quincy Avenue, Staten Island, New York 10305; and (iii) the acquisition and improvement of an approximately 11,000 square foot parcel of land located at 31 Lansing Street, Staten Island, New York 10305.  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.

The public hearing(s) will be held at the offices of the New York City Economic Development Corporation.