NYCIDA to Assist Three Industrial Companies Expand in Brooklyn and Queens
New York City Industrial Development Agency (IDA) today approved financing assistance for three industrial companies, including a security systems supplier in Long Island City, a maker of air conditioning duct work in Brooklyn, and a commercial printer in Queens. IDA is administered by the New York City Economic Development Corporation.
“These three projects are beneficial to the individual organizations and to New York City as a whole,” said IDA Chairman Andrew M. Alper. “I am pleased the IDA is helping these organizations expand and create jobs in the City. The transactions are expected to retain 170 jobs, create more than 20 new ones, and spur close to $8 million in private investment.”
The IDA Board agreed to provide American Security Systems, which provides and installs alarm systems for commercial and residential customers as well as government agencies, with sales and real estate tax benefits of about $1.1 million and a mortgage recording tax waiver of $55,000. The Manhattan-based company, one of the largest independent alarm companies in the City, plans to buy and renovate a 10,000-square-foot building on 50th Avenue in Long Island City, Queens. The company may also qualify for up to $11,000 in discounted energy from the Business Incentive Rate (BIR) program and $18,000 from the City’s Energy Cost Savings Program (ECSP). The $2.5 million project is expected to create 15 new jobs and retain 40 current ones.
Aleta Industries and Aleta Group, which make and install air conditioning duct work, will receive about $1.3 million in real estate and tax benefits to acquire, renovate and equip a new, larger facility in Brooklyn. The new facility, located on Freeman and Eagle Streets in the North Brooklyn Empire Zone, has three buildings totaling about 18,000 square feet on three parcels of land. The company may also qualify for up to $18,000 in BIR benefits and $30,000 from ECSP. The $4.6 million project will add four new jobs to the company’s 40 employees.
MIB Industries, known as Rite Price Printing, and its affiliate, On the Spot Binding, located in one facility on Metropolitan Avenue in Queens, offer commercial printing and binding services. The companies plan to renovate the manufacturing facility, including a full upgrade to the electrical system, which will allow them to continue to expand operations. The IDA Board agreed to provide the companies with about $820,000 in sales and real estate tax benefits and a mortgage recording tax waiver of $12,500. The total cost of the project is $540,000. The project is expected to add four employees to the 87 currently employed by MIB and On the Spot. The companies may also qualify for up to $72,000 in benefits from the BIR program and $121,000 from ECSP.
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. IDA is administered by the New York City Economic Development Corporation. For more information go to http://www.nycedc.com/nycida.