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IDA Board Approves Financing Assistance for Two Projects Expected to Create and Retain 239 Jobs and Promote About $89 Million in Private Investment
New York City Industrial Development Agency (IDA) today unveiled a new application design for the discretionary programs it offers to industrial companies and not-for-profit organizations. The applications now highlight the criteria used to determine which companies may receive benefits. The sleek, color-coded design also clearly indicates what forms and information are necessary for submission. The application will now be available in a writeable PDF format, which can be sent by e-mail or regular mail on CD-ROM. The IDA Board also approved financing today for a K-12 school and two industrial companies.
“Mayor Bloomberg is committed to strengthening New York City’s industrial sector, and we are always trying to find ways to improve the process of helping companies expand or locate here,” said IDA Chairman Andrew M. Alper. “IDA staff, together with our marketing team, have created a user-friendly application that eases the burden of necessary paperwork. It will help companies submit their requests by making clear the program criteria and it will increase our efficiency by reducing the number of applications that arrive with insufficient information.”
Improving access to benefits is one of the provisions of the New York City Industrial Policy unveiled by Mayor Michael R. Bloomberg in January 2005 and being implemented by the new Mayor’s Office of Industrial and Manufacturing Businesses. A survey of industrial companies conducted by the City indicated that many companies were unaware of several City and State benefit programs available and that information on eligibility requirements was lacking. Specifically, companies said that the applications for certain benefits were confusing. As part of the Citywide industrial policy, the IDA pledged to create a new, easier to use application.
“The improvements in the application will go far in helping industrial and manufacturing businesses access the financing options they need to grow and prosper in New York City,” said Carl Hum, Director of the Mayor's Office of Industrial and Manufacturing Businesses. “This is yet another example of Mayor Bloomberg's effort to protect, retain and grow our industrial and manufacturing job base.”
The new design is the IDA’s latest effort to improve the application process and become more accessible to industrial companies, not-for-profits and the general public. In 2003 the IDA adopted several policy changes to make its activities more transparent and to enable the public to have a more active role in IDA proceedings, including extending the time allotted for public review. In March 2004 the IDA created a new website, www.nycedc.com/nycida, to more effectively disseminate important information about benefit programs.
The IDA Board today approved financing assistance for Ethical Culture Fieldston School, a not-for-profit, private school with students from pre-kindergarten through the 12th grade with two campuses, one in Manhattan and one on Fieldston Road in Riverdale. The school plans to construct on and renovate its Riverdale campus. It will build a four-story 47,000-square-foot building to house a newly created middle school for grades six through eight. Fieldston also will build an athletic complex that will include a 14,000-square-foot pool facility and a 38,000-square-foot building, housing a gymnasium, locker rooms, a fitness center, a training room and two classrooms. Finally, the school will renovate about 34,000 square feet of existing space to create a new dining hall, music and art facilities, admissions offices, student common space and other academic spaces. The IDA authorized the sale of up to $75 million in Civic Facility Bonds on behalf of Fieldston to help finance the project, which will cost about $84 million.
The Board also approved assistance for Milgo Industrial and Bufkin Enterprises, two Brooklyn-based industrial companies with shared ownership that make architectural metal for buildings, sculpture and furniture. The companies will receive a mortgage recording tax waiver of about $113,000 and sales and real estate tax benefits of about $1.3 million to renovate their existing 30,000-square foot facility on Lombardy Street and buy two additional properties at 32 Beadel Street and 45 Division Place totaling 28,000 square feet. The companies may also receive $51,000 in discounted energy benefits through the Business Incentive Rate (BIR) program and $85,000 through the Energy Cost Savings Program (ECSP). The companies plans to add 20 jobs to its workforce of 70 as a result of the $4.5 million project.
The New York City Industrial Development Agency provides financing assistance to businesses, including small industrial and manufacturing companies and not-for-profit organizations. IDA is a conduit agency that issues tax-exempt industrial revenue bonds to assist eligible commercial, industrial, not-for-profit and other qualified entities to finance expansion opportunities. IDA also offers qualified companies abatements on sales, real estate and mortgage taxes. To request information and details on IDA programs, call (212) 312-3600 or e-mail firstname.lastname@example.org.
About the Mayor’s Office of Industrial and Manufacturing Businesses
Mayor Bloomberg created the Office of Industrial and Manufacturing Businesses in January 2005 to support and stimulate the industrial job base of New York City. The Office serves as a single point of coordination within City government to ensure that important City services and programs are working together to retain and grow New York's industrial economy.