PROGRAM DESCRIPTION

New York Liberty Bonds are tax-exempt private activity bonds, a form of debt financing available for a capital project. They are an integral part of the federal assistance made available to New York to support the Lower Manhattan rebuilding effort. The bonds are not obligations of the State or City, but are instead obligations of the entities established by the State or City to issue the bonds, secured by pledged project revenues, typically with no recourse to the issuer. Interest on the bonds is exempt from federal, State, and City income tax.

ELIGIBILITY & TIPS

The financing may be for the acquisition, construction, reconstruction and/or renovation of non-residential real property within the New York Liberty Zone and, under limited circumstances, elsewhere within The City of New York. Generally, eligible commercial projects must meet one of the following threshold requirements: New commercial construction projects located within the Liberty Zone creating at least 20,000 square feet of contiguous space; if located outside the Liberty Zone, creating at least 100,000 square feet of contiguous space Commercial renovation projects located in the Liberty Zone consisting of at least 50,000 square feet of contiguous space; if located outside the Liberty Zone, consisting of at least 100,000 square feet of contiguous space Commercial renovation projects located in the Liberty Zone involving expenditures for base building improvements of not less than $50 per square foot; if located outside the Liberty Zone, involving base building expenditures of not less than $100 per square foot.

CONTACT INFORMATION

New York City Industrial Development Agency (212) 312-3600 www.nycedc.com/NYCIDA NYCIDA@nycedc.com