Upcoming Project Information

In an effort to provide more transparency, NYCEDC is making detailed information available for Build NYC projects. Information for projects to be covered at the July 19, 2018, Build NYC Public Hearing to be held at 110 William Street, New York, NY, 10038, is listed below:

Congregation Machna Shalva

Therapy and Learning Center, Inc. 

Trustees of the Spence School, Inc. 

Congregation Machna Shalva

Organization Name: Congregation Machna Shalva, a not-for-profit religious corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Applicant”), 1462 CMS LLC, a New York limited liability company and 5815 CMS LLC, a New York limited liability company, both of which have the Applicant as their sole member and are disregarded entities for federal income tax purposes.
Project Description: Proceeds from the Bonds will be used to finance or refinance: (1) the acquisition, renovation, furnishing and equipping of an approximately 123,390 square foot building located on an approximately 33,835 square foot parcel of land located at 1462 62nd Street, Brooklyn, New York, (2) the acquisition, renovation, furnishing and equipping of an approximately 17,100 square foot building located on an approximately 10,001 square foot parcel of land at 5813-5815 20th Avenue, Brooklyn, New York, and (3) certain costs related to the issuance of the Bonds.
Addresses: 1462 62nd Street, Brooklyn, New York 11219 and 5813-5815 20th Avenue, Brooklyn, New York 11204.
Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. 
Cost of Benefits to City: $545,971
Projected City Tax Revenues: $2,584,737
Total Project Cost: $24,500,000
Current and Projected Jobs:  148.5 full time equivalent jobs retained, 62.5 full time equivalent jobs created.
Hourly Wage Average and Range: $20.00/hour, estimated range of $15.00/hour to $25.00/hour.

Therapy and Learning Center, Inc. 

Organization Name: Therapy and Learning Center, Inc. (the “School”), a New York not-for-profit education corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue code of 1986, as amended, as borrower.
Project Description: Proceeds from the Bonds will be used, as part of a plan of financing, to: (i) refinance approximately $3,145,000 outstanding Civic Facility Revenue Bonds, Series 2001 (2001 Therapy and Learning Center, Inc. Project) (the “2001 Bonds”) issued by the New York Industrial Development Agency; (ii) fund a debt service reserve fund for the Bonds; and (iii) pay certain costs associated with the issuance of the Bonds. Proceeds from the 2001 Bonds were used to acquire, construct, renovate, equip and furnish an approximately 16,000 square foot building on an approximately 17,000 square foot parcel of land located at 1723 8th Avenue, Brooklyn, New York 11215 (the “Facility”) for use by the School.
Address: 1723 8th Avenue, Brooklyn, New York 11215.
Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. 
Cost of Benefits to City: $91,888
Projected City Tax Revenues: $3,434,444
Total Project Cost: $3,800,000
Current and Projected Jobs: 73.5 full time equivalent jobs retained, 5.5 full time equivalent projected jobs.
Hourly Wage Average and Range: $26.32/hour, estimated range $13.00/hour to $64.10/hour.

Trustees of the Spence School, Inc.  

Organization Name: Trustees of the Spence School, Inc. (“School”), a New York not-for-profit education corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, as borrower.
Project Description: Proceeds from the Bonds, together with funds of the School and capital campaign funds, will be used as part of a plan of financing to: (1) demolish an existing building located on an approximately 15,005 square foot parcel of land located at 412 East 90th Street, New York, New York (the “Project Site”); (2) design, develop, construct, furnish and equip an approximately 53,500 square foot six-story building at the Project Site which is expected to include a gymnasium and other athletic facilities and ancillary spaces, a multipurpose space, one or more classrooms and other instructional facilities, food service facilities, one or more offices, a greenhouse and a rooftop planting area, and ancillary facilities related to the foregoing (the “Facility”); and (3) pay for certain costs related to the issuance of the Bonds.
Address: 412 East 90th Street, New York, NY 10128.
Type of Benefits: Tax-exempt bond financing.
Cost of Benefits to City: $567,352
Projected City Tax Revenues: $3,638,429
Total Project Cost: $74,843,000
Current and Projected Jobs: 15.5 full-time equivalent jobs retained.
Hourly Wage Average and Range: $29.50/hour, estimated range of $20/hour to $44/hour.