NYCIDA Approved Financing Assistance to Two Companies in Brooklyn and Queens
New York City Industrial Development Agency (NYCIDA) approved financing assistance to two companies in Brooklyn and Queens. The financing assistance approved at the meeting will help these companies grow, acquire, retain and equip new facilities. Furthermore, the companies will create or retain 295 jobs in the City.
“Supporting New York City’s manufacturing and industrial sectors is a critical component of the Administration’s initiative to diversify the City’s economy,” said Seth W. Pinsky, President of the New York City Economic Development Corporation. “With the financing approved at today’s meeting, these companies will continue to grow in the City and employ hundreds of new workers.”
Approved Oil Co. of Brooklyn, Inc received approval for City and State mortgage recording tax benefits of approximately $700,000 and City and State sales tax exemptions totaling about $20,938 for the acquisition, renovation and equipping of two sites in Brooklyn. Also approved were City Land Tax Abatement of about $348,730 (NPV 25 years) and a City Building Tax Stabilization of about $1,840,509 (NPV, 25 years). The first site will be developed into a 20,000 square foot building to house Approved Oil’s main operations, service crews, administrative offices and employee amenities. The second site will house a 7,500 square foot facility for the company’s trucks. Approved Oil is one of the City’s leading heating oil distributors and boiler installer and service companies serving more than 8,000 businesses, commercial properties and residential properties. Currently employing 66 workers, the Company will expand its services thereby creating 69 additional jobs.
United Airconditioning Corp. II, a company that designs, fabricates, installs and services heating, ventilation, air conditioning and mechanical systems for commercial building, received approval for City and State mortgage recording tax benefits of about $140,000 and approximately $106,782 in City and State sales tax exemptions. Also approved were City and State Forgone Income Tax on Bond Interest totaling about $262,126, City Land Tax Abatement of about $364,987 (NPV 25 years) and a City Building Tax Exemption of about $3,593,726 (NPV, 25 years). The Company will acquire, renovate and equip a 27,600 square foot facility in the Long Island City section on Queens. The facility will house the company’s manufacturing, warehousing and office operations. The company will add 40 new jobs to their existing 120.
New York City Industrial Development Agency (NYCIDA) 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 NYCIDA programs, call (212) 312-3600 or e-mail [email protected].