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 November 1, 2018, Build NYC Public Hearing to be held at 110 William Street, New York, NY, 10038, will be listed below: 

Brooklyn Navy Yard Cogeneration Partners Public Hearing Package

Richmond University Medical Center Public Hearing Package

 Brooklyn Navy Yard Cogeneration Partners, L.P.

Organization Name: Brooklyn Navy Yard Cogeneration Partners, L.P. (the “Applicant”), a limited partnership organized under the laws of the State of Delaware, as borrower.
Project Description: Proceeds from the Bonds, together with other funds provided by the Applicant, will be used to refund the $307,000,000 of New York City Industrial Development Agency Industrial Development Revenue Bonds (Brooklyn Navy Yard Cogeneration Partners, L.P. Project), Series 1997, which were issued to refund prior bonds issued by the New York City Industrial Development Agency to finance or refinance a portion of the cost of the development, construction and improvement of a 286 megawatt cogeneration power plant (the “Facility”) and the related acquisition and installation of machinery, equipment, furniture, fixtures and other tangible person property for use at the Facility to provide facilities for the local furnishing of electric energy. The owner of the Facility and all such related property is the Applicant. The Facility is located at Building B-41 at the intersection of Fifth Street and Morris Street in the Brooklyn Navy Yard, Brooklyn, New York.
Address: 63 Flushing Avenue, Unit 234, Building 41, Brooklyn, New York 11205.
Type of Benefits: Tax-exempt bond financing.
Cost of Benefits to City:  $346,372
Projected City Tax Revenues: $29,486,701
Total Project Cost: $446,681,000
Current and Projected Jobs: 37 fulltime equivalent jobs retained.
Hourly Wage Average and Range: $53.11/hour, estimated range of $15.57/hour to $59.57/hour.

Richmond Medical Center

Organization Name: Richmond Medical Center, doing business as Richmond University Medical Center (“RUMC”), a New York not-for-profit corporation, which is exempt from federal income taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, and which provides hospital and/or other health-care services, as borrower.
Project Description: Proceeds from the Bonds will be used as LDCMT-26-9749 part of a plan of financing to: (1) finance the design, construction, furnishing and equipping of a new approximately 56,000-square-foot building located on the southeast portion of an approximately 578,550-square-foot parcel of land located at 355 Bard Avenue Staten Island, New York; (2) finance the design and construction of a new approximately 250 space parking lot located on an approximately 115,000-square-foot vacant parcel of land located directly behind at 669 and 657 Castleton Avenue, Staten Island, New York; (3) finance the acquisition and installation of a cogeneration facility and associated equipment located within the RUMC boiler plant situated on the southeast portion of the land located at 355 Bard Avenue, Staten Island, New York which will be used to provide electrical energy to RUMC; (4) finance infrastructure improvements, including, but not limited to, elevator upgrades and roof repair and replacement, with respect to various buildings located at 355 Bard Avenue, Staten Island, New York; (5) refinance existing taxable loans that were used to finance the renovation, furnishing and equipping of an existing approximately 68,000-square-foot residential building located on an approximately 82,000-square-foot parcel of land located at 288 Kissel Avenue, Staten Island, New York, which is primarily used to provide, among other things, employee housing to interns and residents in RUMC’s physician graduate education program; (6) refinance existing taxable loans that were used to finance the acquisition, renovation, furnishing and equipping of an existing approximately 4,900-square-foot primary care facility located on an existing approximately 15,400-square-foot parcel of land located at 1058 Forest Avenue, Staten Island, New York; (7) fund a debt service reserve fund; and (8) pay for certain costs related to the issuance of the Bonds (collectively, the “Project”). The facilities to be financed and refinanced by the Project are or will be owned by RUMC and will allow RUMC to enhance and expand its medical and healthcare services.
Addresses: 355 Bard Avenue, Staten Island, New York 10310; 288 Kissel Avenue, Staten Island, New York 10310; 1058 Forest Avenue, Staten Island, New York 10310; 669 and 657 Castleton Avenue, Staten Island, New York 10301.
Type of Benefits: Tax-exempt bond financing and exemptions from City and State mortgage recording taxes.
Cost of Build NYC Benefits to City: $5,086,266
Projected City Tax Revenues: $254,734,221
Total Project Cost: $202,880,000.
Current and Projected Jobs: 13 full time equivalent jobs created, 1970.5 full time equivalent jobs retained.
Hourly Wage Average and Range: $39.40/hour, estimated range of $15.00/hour to $55.50/hour.