Subsidy Alert: September 2015

Tuesday, September 1, 2015

In the public notices: Gabrielli Truck Sales, Ltd., Gallant & Wein CorporationTranscon International Inc.Corporation for Youth Energy Corps, IncNew York Law SchoolSaint David’s SchoolUrban Resource InstituteVolunteers of America - Greater New York, Inc.

Delving into the archives

As a supplement to project details provided in the NYCEDC's annual projects report published each January, the New York City Industrial Development Agency maintains an archive of project documents for all the projects with which it has a lease agreement. In addition to providing the public with important legal materials relevant to each of these public investments, this archive is also useful as a list of projects that are in contract receiving tax subsidies from the New York City. 

The New York City Industrial Development Agency and Build NYC public hearing will be held Thursday September 10 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: Gabrielli Truck Sales, Ltd.
Proposed location:181-25 Eastern Road, Queens, New York 11430 and 153-20 SouthConduit Avenue, Jamaica, New York 11434.
Type of benefits: Payments in lieu of City real property taxes, deferral of City and State mortgage recording taxes, andexemption from City and State sales and use taxes
Estimated cost to New York City: $15.6 million

Company name: Gallant & Wein Corporation
Proposed location: 11-20 43rd Road, Long Island City, New York 11101, 11-10 43rd Road, LongIsland City, New York 11101 and 43-55 11th Street, Long Island City, New York 11101. 
Type of benefits: Payments in lieu of City real property taxes, deferral of City andState mortgage recording taxes, and exemption from City and State sales and usetaxes
Estimated cost to New York City: $2.8 million

Company name: Transcon International Inc., a New York corporation that stores,packs and ships fine art worldwide, and Port Morris Realty LLC, or a real estate holdingcompany to be formed
Proposed location: 131 Walnut Avenue, Bronx, New York 10454
Type of benefits: Payments in lieu of City realproperty taxes, deferral of City and State mortgage recording taxes, and exemption fromCity and State sales and use taxes.
Estimated cost to New York City:  $9.5 million

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

Company name: Corporation for Youth Energy Corps, Inc
Proposed location: 929/931 Rogers Place, Bronx, New York 10459
Type of benefits: $12 million in tax-exempt bond financing and exemption from City and State mortgage recording taxes
Estimated cost to New York City: $245,785

Company name: New York Law School
Proposed location: 40 Leonard Street a/k/a 185 West Broadway, New York, New York 10013; 47-57 Worth Street, New York, New York 10013
Type of benefits: $185 million in tax-exempt bond financing and exemption from City and State mortgage recording taxes
Estimated cost to New York City:  $3,967,572

Company name: Saint David’s School
Proposed location: 12-22 East 89th Street, New York, New York 10128
Type of benefits: $35 million in tax-exempt bond financing and exemption from City and State mortgage recording taxes
Estimated cost to New York City: $748,706

Company name: Urban Resource Institute
Proposed location: various, see project materials for details
Type of benefits: $9.5 million in tax-exempt bond financing and exemption from City and State mortgage recording taxes
Estimated cost to New York City: $201,408

Company name: Volunteers of America - Greater New York, Inc.
Proposed location: Area bounded by East 96th Street, East 142nd Street, Fifth Avenue, and the East and Harlem Rivers
Type of benefits: $6 million in tax exempt and taxable bond financing and exemption from City and State mortgage recording taxes
Estimated cost to New York City: $101,593