Build NYC Approves Tax-Exempt Bond Financing For Four New York City Non-Profit Institutions

NYCIDA also Approves Assistance for Five Projects

Build NYC Resource Corporation (Build NYC) today approved approximately $68.5 million in bond financing to assist with four New York City non-profits. The Gateway School of New York, a not-for-profit private school for children with learning disabilities was approved for up to $22 million in tax-exempt bonds. The proceeds from the bonds will be used by the school to finance building facade improvements and renovations, as well as to refinance an existing mortgage loan and refund existing tax-exempt bonds. The three additional approved projects were Life's W.O.R.C., Inc., The New York Foundling Charitable Corporation, and Royal Charter Properties, Inc., which will each use the tax-exempt financing to refinance their existing debt.  

“In just a few short months, Build NYC has become a tremendously successful tool for New York City non-profits looking to reduce costs and finance important expansion projects,” said Build NYC Chairman Seth W. Pinsky. “The four non-profit projects approved today will now allow their sponsors to save critical resources, which can be directed towards supporting and ultimately expanding the core missions of these organizations.”

Life's W.O.R.C., Inc., a not-for-profit organization providing residential and community services to developmentally disabled individuals of all ages, was approved for up to approximately $3 million in bond financing to refinance existing debt.

The New York Foundling Charitable Corporation, a not-for-profit provider of housing and other service facilities to its affiliated child welfare agencies, was approved for up to approximately $15.2 million in tax-exempt financing to refinance an loan used for the construction, renovation, furnishing and equipping of an approximately 56,059 square foot building located at 170 Brown Place in the Mott Haven section of the Bronx.

Royal Charter Properties, Inc., a not-for-profit organization which develops and manages real estate properties for the benefit of health-related charitable organizations such as The New York and Presbyterian Hospital, was approved for up to approximately $28.4 million in tax-exempt financing which will be used to refund existing tax-exempt bonds issued in 2001.

NYCIDA also today approved assistance for five projects. Aero JFK, LLC, a subsidiary of CalEast Air Cargo, LLC, which operates two air cargo facilities and aircraft-related service facilities at JFK International Airport, was approved for up to approximately $145 million in tax-exempt special airport facility bonds. The bonds will be used to refund existing bonds, and help Aero JFK reduce costs.

Big Farm Corp., a distributor and wholesaler of groceries, plans to invest approximately $4 million-- with the assistance of approximately $1.4 million in real-estate and sales-tax exemptions--to renovate and equip an approximately 30,000 square foot facility at 515 Bryant Avenue in the Bronx. The project will be assisted with approximately $1.4 million in real-estate and sales-tax exemptions, and will result in the creation of four new jobs, and the retention of four existing jobs.

National Grid NY plans to install, maintain, and operate anaerobic digester gas purification equipment at the Newtown Creek Wastewater Treatment Plant in Greenpoint, Brooklyn. The approximately $14.4 million project will be assisted with approximately $3 million in real-estate tax exemptions.

ProAudioStar, a wholesale distributor of professional audio equipment and related electronics, plans to invest approximately $4.5 million to acquire and renovate an approximately 22,000 square foot industrial warehouse facility located at 217 Russell Street in Brooklyn. The project will be assisted with approximately $1.6 million in real-estate and sales-tax exemptions, and will result in the creation of 16 new jobs, and the retention of 22 existing jobs.

ReyCo Supermarkets LLC, plans to invest approximately $2.6 million to construct a 12,500-square-foot Super Fi Emporium supermarket in East Harlem. The project was approved for approximately $560,000 in tax exemptions through the FRESH program. The supermarket will employ 27 people.

About NYCEDC

New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.

About Build NYC

The Build NYC Resource Corporation (Build NYC) is a conduit bond issuer administered by NYCEDC and assists qualified not-for-profit institutions and other entities in obtaining tax-exempt and taxable bond financing. To request information on Build NYC, call (212) 312-3600 or e-mail info@nycedc.com.

About NYCIDA

The New York City Industrial Development Agency (NYCIDA) is administered by NYCEDC and provides financing assistance to businesses, including small industrial and manufacturing companies. NYCIDA is a conduit agency that issues tax-exempt industrial revenue bonds to assist eligible commercial, industrial, and other qualified entities to finance expansion opportunities. NYCIDA also offers qualified companies abatements on sales, real estate and mortgage taxes. To request information and details on NYCIDA programs, call (212) 312-3600 or e-mail info@nycedc.com.