Upcoming Project Information

In an effort to provide more transparency, NYCEDC is making detailed information available for NYCIDA projects. Information for projects to be covered at the February 8, 2018, NYCIDA Public Hearing, to be held at 110 William Street, New York, NY, 10038, at 10:00am, is listed below:

Baco Enterprises, Inc. Public Hearing Package

Hi-Tech Metals, Inc. Public Hearing Package

Tapps Supermarkets, Inc. Public Hearing Package

Baco Enterprises, Inc.

Company Name: Baco Enterprises, Inc., together with an affiliated real estate holding company
Project Description: The Company seeks financial assistance in connection with the acquisition, renovation and equipping of an existing approximately 10,000-square-foot building located on an approximately 10,000-square-foot parcel of land.
Address: 627-631 Tiffany Street, Bronx, New York 10474
Type of Benefits: Payments in lieu of City real property taxes, limited exemption of City and State mortgage recording taxes, and exemption from City and State sales and use taxes
Cost of Benefits to City: $1,632,934
Projected City Tax Revenues: $2,546,437
Total Project Cost: $3,725,000
Projected Jobs: 10 full-time equivalent jobs retained, 6 additional full-time equivalent jobs projected

Hourly Wage Average and Range: $17.50/hour; estimated range of $13/hour to $87/hour

Hi-Tech Metals, Inc.

Company Name: Hi-Tech Metals, Inc.
Project Description: The Company seeks financial assistance in connection with the acquisition, renovation, furnishing and equipping of an existing approximately 36,400-square-foot building located on an approximately 37,400-square-foot parcel of land.
Address: 59-20 56th Avenue, Maspeth, New York 11378
Type of Benefits: Payments in lieu of City real property taxes, limited exemption of City and State mortgage recording taxes, and exemption from City and State sales and use taxes
Cost of Benefits to City: $3,149,730
Projected City Tax Revenues: $18,654,519
Total Project Cost: $6,825,000
Projected Jobs: 114 full-time equivalent jobs retained, 5 additional full-time equivalent jobs projected

Hourly Wage Average and Range: $22.75/hour; estimated range of $12.25/hour to $60/hour

Tapps Supermarkets, Inc.

Company Name: Tapps Supermarkets, Inc., together with a to-be-formed affiliated real estate holding company
Project Description: The Company seeks financial assistance in connection with the construction, furnishing and equipping of a new approximately 19,900-square-foot condominium as part of a new approximately 118,000-square-foot building located on an approximately 27,500-square-foot parcel of land
Address: 575 Grand Street, Brooklyn, New York 11211
Type of Benefits: Payments in lieu of City real property taxes and exemption from City and State sales and use taxes
Cost of Benefits to City: $4,062,927
Projected City Tax Revenues: $6,282,774
Total Project Cost: $4,680,000
Projected Jobs: 25.5 full-time equivalent jobs retained, 6 additional full-time equivalent jobs projected

Hourly Wage Average and Range: $19.38/hour; estimated range of $15/hour to $35/hour