NYCIDA to Assist Expansion of Three Children and Family Services Organizations in Queens, Brooklyn, and Manhattan
Five Projects Spur Private Investment That Secures 2,497 Jobs.
New York City Industrial Development Agency (IDA) approved financing assistance for three not-for-profit organizations that provide a variety of services for children and families for expansion projects. Ruach Chaim Institute will use IDA bonds to refinance debt, acquire land, construct and equip a school. Spence-Chapin, Services to Families and Children will use IDA bonds to acquire commercial condominiums for a new headquarters location. YMCA of Greater New York will use IDA bonds to finance the construction, renovation and equipping of seven facilities located throughout New York City. The IDA Board also approved financing assistance for two industrial companies. The five projects are expected to create and retain over 2,497 jobs. IDA is administered by the New York City Economic Development Corporation.
“Private investments catalyzed by sound use of government financing are at the core of IDA’s mission and providing assistance to youth and family services organizations is an important IDA function,” said Interim IDA Chairman Joshua J. Sirefman. “New York City would not be as family-friendly and livable without the daily services provided by groups like these. I’m delighted IDA can help them renovate their facilities and expand their services, and retain and create new jobs in the process.”
IDA approved a mortgage recording tax waiver of $263,200 and approximately $9.4 million in bonds on behalf of Ruach Chaim Institute to refinance the acquisition and construction of an approximately 30,000-square-foot facility on Avenue L in Brooklyn. The school, which serves children from pre-kindergarten to eighth grade, currently leases space in four locations throughout Brooklyn. The new school will consolidate operations into one building that can accommodate 500 students and will include a library, computer room, indoor recreational area, study hall, office space and 12 classrooms. The project will create 14 new jobs in addition to 43 existing ones.
IDA approved the sale of approximately $9.9 million in bonds on behalf of Spence-Chapin, Services to Families and Children to acquire and outfit four commercial condominium units for use as its new headquarters. The organization will also receive a mortgage recording tax waiver of about $180,400. The organization currently provides adoption and related services for infants and young children from a townhouse on East 94 Street in Manhattan. It will acquire condominium space on East 92 Street for additional staff offices, client consultation rooms, space for educational events, post adoption workshops, play shops, and a baby clinic.
YMCA of Greater New York, a community service organization that includes numerous branches and program sites throughout the five boroughs, is receiving approximately $29 million in IDA bonds to finance the construction, renovation and equipping of seven separate YMCA facilities located in Brooklyn, Queens and Manhattan. The new and renovated facilities will allow the YMCA to continue serving 170,000 New York City youth through a range of programs that build character, leadership and life skills. The projects will create more than 180 jobs and retain 1,827.
“The five projects receiving approval today represent the wide spectrum of organizations IDA assists,” said IDA Executive Director Steven M. Berzin. “Promoting development that will retain and create over 2,600 jobs is a true testament to the Administration’s economic development strategy and excellent use of IDA assistance.”
With financial assistance from IDA, Federal Express Corporation is moving out of its West 34th Street site to allow construction of the number 7 subway extension. The global parcel shipping company will renovate and construct a 10,000-square-foot addition to its existing 50,000-square-foot facility on Leroy Street in Manhattan. The project will retain 69 jobs and create two more. Over a 25-year period, Federal Express anticipates receiving a $354,518 land tax abatement waiver, a $1.4 million building tax exemption and a $289,635 sales tax exemption.
Gourmet Boutique, L.L.C., a manufacturer and distributor of fresh, ready-to-eat entrees, salads, wraps and sandwiches, will receive $5.5 million in IDA bonds, a mortgage recording tax waiver of about $154,000, land abatement waiver of $836,992 and a sales tax exemption of $152,917 to renovate and equip a 50,000-square-foot building in Jamaica, Queens. The project will consolidate two existing manufacturing locations in Queens to expand the company’s operations, comply with USDA standards and increase efficiency. The renovated facility will include an approximately 10,000-square-foot mezzanine, installation of fiberglass reinforced plastic wash-down walls and USDA-approved food preparation areas. The company explored moving operations to New Jersey, but IDA benefits will allow it to remain in New York City, keeping 219 existing jobs and creating 66 new ones.
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 [email protected].