Subsidy Alert: October 2012

In the public notices for October 2012: “R” Best Produce Inc., Baldor Specialty Foods, Inc. and Fairway Bakery LLC, Krinos Foods LLC, The Brooklyn Heights Montessori School

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

Still time to submit comments on the public scoping materials for the Willets Point redevelopment

On Thursday, September 27 the New York City Deputy Mayor for Economic Development held a public hearing on the draft scope of work for the environmental review of the proposed redevelopment of Willets Point in Queens. Good Jobs New York presented testimony at the meeting, alongside many members of the community, including numerous small business owners facing displacement as a result of the project. Public hearing notice, scoping documents and environmental assessments are available here and here. Written comments on the Draft Scope of Work can be submitted to the Mayor's Office of Environmental Coordination, attention Robert Kulikowski until 5:00pm Tuesday, October 9, 2012.  Please include "Willets Point Comments" in the subject line. For more background on plans to redevelop Willets Point, see recent posts by Willets Point United and the Pratt Center for Community Development.

New York City Industrial Development Agency and BuildNYC

The Industrial Development Agency and BuildNYC will have their monthly public hearings on Thursday, October 4 at 10:00am at: 110 William Street, 4th Floor, New York, New York 10038 (Fulton St. subway stop). 

We have provided summaries for both IDA and BuildNYC projects below and links to project materials and cost/benefit analyses for all projects expected to be presented. 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. 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. 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: 212.721.7996 or gjny (at) goodjobsfist.org.

Industrial Development Agency projects (download the original public hearing notice): 

Straight lease (Industrial Incentive Program) transaction for “R” Best Produce Inc., a wholesale produce distributor, and affiliates through a to-be-formed real estate holding entity, in connection with a facility located at 400 Walnut Avenue, The Bronx, New York 10454. The financial assistance proposed to be conferred by the Agency would 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. (See also an earlier version of the “R” Best Produce Inc., project materials). 

Straight lease (Industrial Incentive Program) transaction for Baldor Specialty Foods, Inc. and Fairway Bakery LLC, a food production and distribution company, in connection with an industrial facility located at 511 Barry Avenue, The 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 (Industrial Incentive Program) transaction for the benefit of 1734 Bathgate Ave LLC on behalf of Krinos Foods LLC, a importer, distributor and manufacturer of olives, olive oils, cheeses and other Mediterranean food items in connection with the acquisition and improvement of land and a facility thereon, located at 1734 Bathgate Avenue, The Bronx, New York 10457. 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. (See also updated materials: Environmental Assessment Form, and EAF Exhibit B - EAF Full form)

BuildNYC Resource Corporation (download the original public hearing notice)

Approximately $11,150,000 tax-exempt bond transaction for the benefit of The Brooklyn Heights Montessori School (the “School”), a not-for-profit school, as borrower. Proceeds of the bonds, together with other funds of the School, will be used by the School to: (I) refinance a commercial loan currently outstanding in the approximate amount of $4,500,000, the proceeds of which were used for the acquisition, renovation and expansion of the School’s 7,700 square foot structure to 9,000 square feet located at 10-12 Dean Street, Brooklyn, New York 11201 (the “Dean Street Facility”); (II) refund the outstanding New York City Industrial Development Agency (“NYCIDA”) Variable Rate Demand Civic Facility Refunding Revenue Bonds (2003 The Brooklyn Heights Montessori School Project) (the “2003 NYCIDA Bonds”) currently outstanding in the approximate amount of $5,510,000; (III) fund a debt service reserve fund, if required; and (IV) pay certain costs of the issuance of the bonds. The proceeds of the 2003 NYCIDA Bonds, together with other funds of the School, were used to (a) refund the NYCIDA’s outstanding Civic Facility Revenue Bonds (1991 The Brooklyn Heights Montessori School, Inc. Project), the proceeds of which were used for the acquisition and renovation of the School’s facilities located at 9-11 Bergen Street, Brooklyn, New York 11201 and 185 Court Street, Brooklyn, New York 11201 (collectively, the “1991 Facility”); (b) refund the NYCIDA’s outstanding Civic Facility Revenue Bonds (1996 The Brooklyn Heights Montessori School-Second Project), the proceeds of which were used for the renovation, equipping and construction of additions to the 1991 Facility and for the acquisition, construction and equipping of the School’s facility located at 13 Bergen Street, Brooklyn, New York 11201 (the “1996 Facility”); (c) refinance then existing outstanding indebtedness incurred by the School in connection with certain capital improvements and capital energy conservation measures to the 1991 Facility and the 1996 Facility; (d) fund a debt service reserve fund; and (e) pay for the costs of issuance of the 2003 NYCIDA Bonds. The Dean Street Facility, the 1991 Facility and the 1996 Facility are owned and operated by the School as a publicly funded therapeutic nursery school through second grade and a private pre-school and elementary school through eighth grade. The financial assistance proposed to be conferred by the Corporation will consist of such tax-exempt bond financing and exemption from City and State mortgage recording taxes.