Subsidy Alert: February 2015

Friday, January 30, 2015

In the public notices: Brookfield Properties W 33rd Co. L.P. (A Hudson Yards Commercial Construction Project); Madelaine Chocolate Novelities, Inc.Meushar 34th Street LLC (A Hudson Yards Commercial Construction Project); Ethical Culture Fieldston SchoolInternational Center of Photography1232 Southern Blvd LLC 

The New York City Industrial Development Agency and Build NYC public hearing will be held Thursday, February 5 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.

 

Hudson Yards Universal Tax Exemption Policy

 

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: Brookfield Properties W 33rd Co. L.P. (A Hudson Yards Commercial Construction Project)
Proposed location: 401 9th Avenue, New York, New York 10001
Type of benefits: Payments in lieu of City real property taxes, exemption from City and State sales tax and use taxes and deferral of City and State mortgage recording taxes.
Estimated cost to New York City: $115 million

Company name: Madelaine Chocolate Novelities, Inc.
Proposed location: 3-33 Beach 95th Street, 96-03 Beach 96th Street, 338 Beach 97th Street, 320 Beach 97th Street, 97-01 Beach Channel Drive, Rockaway Beach, New York, 11693
Type of benefits: Payments in lieu of City real property taxes
Estimated cost to New York City: $3.5 million

Company name: Meushar 34th Street LLC (A Hudson Yards Commercial Construction Project)
Proposed location: 400 11th Avenue, New York, New York 10001
Type of benefits: Payments in lieu of City real property taxes and payments in lieu of City and State mortgage recording taxes
Estimated cost to New York City: $64.8 million

 

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

Company name: Ethical Culture Fieldston School,
Proposed location: 33 Central Park West, New York, New York 10023 and 3901 Fieldston Road, Bronx, New York 10471.
Type of benefits: Tax-exempt bond financing and exemption from City and State Mortgage recording taxes.
Estimated cost to New York City: $1.2 million

Company name: International Center of Photography 
Proposed location: 250 Bowery, New York, New York 10012
Type of benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes
Estimated cost to New York City: Approximately $310,000

Company name: 1232 Southern Blvd LLC ( “Southern Blvd”), a New York corporation that is an affiliate of The Children’s Aid Society (“CAS”) which is a New York not-for-profit corporation.
Proposed location: 1232 Southern Boulevard, Bronx, New York 10459. 
Type of benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes.
Estimated cost to New York City: Approximately $1.2 million