NYCIDA to Help Five Special Needs Organizations Expand in New York City
New York City Industrial Development Agency (NYCIDA) approved financing assistance to five not-for-profit organizations dedicated to special needs clients at seven sites in Brooklyn, Queens, Manhattan and the Bronx as part of the agency’s Special Needs Facilities Pooled Program. NYCIDA also approved financing assistance to two not-for-profit organizations serving communities in Brooklyn, and Manhattan, and five industrial and manufacturing companies in Queens, Manhattan and Brooklyn to help expand capacity and create jobs.
“The Bloomberg Administration is constantly exploring innovative ways to help the City’s not-for-profit organizations grow and the Special Needs Facilities Pooled Program does just that,” said Robert C. Lieber, President of New York City Economic Development Corporation, which administers NYCIDA. “Nearly 50 groups have expanded their services to the special need community through participation in this program since its inception eight years ago, while spurring more than $120 million in private investment throughout New York City in the process.”
Administered in conjunction with the InterAgency Council of Mental Retardation and Developmental Disabilities Agencies, NYCIDA’s Special Needs Facilities Pooled Program is designed to group the capital project financing needs of qualified not-for-profit organizations in order to achieve economies of scale. The five organizations assisted today will together receive up to $9.2 million in tax-exempt bond financing and about $281,000 in mortgage recording tax waivers. Bond proceeds will be used for facility acquisition, renovation and equipment and debt refinancing. Together, the organizations will invest more than $9.2 million in their facilities and are expected to retain 379 jobs and add 17 more. The five organizations and site locations are:
- Community Resource Center for the Developmentally Disabled, Bronx
- Creative LifeStyles Inc, Bronx
- Human Care Services for Families & Children Inc., Brooklyn
- SUS – Development Disabilities Services Inc., Bronx and Brooklyn
- Young Adult Institute Inc., Manhattan
NYCIDA approved approximately $105 million in tax-exempt refunding bond financing and about $1.7 million in mortgage recording tax benefits for Lycée Français de New York, a not-for-profit school offering a traditional French program of study for about 1,310 students. Bond proceeds will refund a 2002 agency bond issuance used to finance a portion of the acquisition, construction and equipping of a new, approximately 150,000-square-foot new school facility in Manhattan. The use of tax-exempt bond financing enables Lycée Français to devote more of its financial resources to enhanced education services. The approximately original project retained and created more than 215 jobs.
The Lower East Side Tenement Museum was approved for approximately $9.1 million in tax-exempt bond finance assistance and a $255,000 mortgage recording tax waiver. The museum which preserves historic apartments and exhibits to focus on immigration, will use bond proceeds to acquire, renovate and furnish a portion of a building to be used as a visitor center, retail store, exhibit space and classrooms and to refinance a mortgage on its existing facility. Currently, more than 125,000 patrons visit the Museum annually, while more than 10,000 are turned away due to space constraints. The museum will retain and create more than 50 jobs. Total project cost is approximately $14.8 million.
NYCIDA approved about $859,000 in mortgage recording tax and real estate tax benefits and about $5,200 in sales tax exemptions to help Forma Glass, Corp. acquire and renovate a 12,500-square-foot facility in the Port Morris section of the Bronx. The designer and manufacturer of architectural glass currently operates out of three separate facilities in Astoria, Queens. The new facility will allow the company to expand its production capabilities and increase its operational efficiency through consolidation. The company explored several locations outside New York City, but NYCIDA benefits will allow them to remain in the City. The company will retain nine jobs and is expected to create 11 new jobs within the first year of closing the $3.25 million project.
NYCIDA also approved about $1.6 million in mortgage recording tax and real estate tax benefits and about $8,375 in sales tax exemptions to help Precision Glass & Metal Works Co., Inc, a fabricator and installer on architectural metal and glass. Precision Glass & Metal Works Co., Inc plans to acquire and renovate a 23,000-square-foot facility in the Maspeth section of Queens. The company also plans to acquire a nearby parcel of land of about 4,800-square-feet to be used for employee parking. The new facility will allow the company to continue to grow in this area of Queens. The company explored several locations outside New York City, but NYCIDA benefits will allow them to remain in the City. The company currently has 59 jobs and will create 14 new positions over the coming three years as a result of the $3.6 million project.
Approximately $2.86 million in mortgage recording tax and real estate tax benefits and about $17,700 in sales tax exemptions were approved to help Proxima, Inc. acquire, renovate and equip an approximately 55,000-square-foot facility in the Maspeth section of Queens. Proxima, Inc. is engaged in the import, export, assembly and distribution of cosmetic and hair care appliances serving wholesale and retail purchasers within throughout the United States and abroad. The company will use the benefits to acquire and conduct a gut renovation of the building replacing the air conditioning, heating and plumbing systems. The new facility will contain 4,000-square-feet of office space in addition to the warehouse and processing space. The company will retain 21 jobs and create about 11 new ones as a result of the $7.6 million project.
“Private investment in New York City is robust and diverse as highlighted by the industrial companies and not-for-profit organizations NYCIDA approved for assistance today,” said NYCIDA Executive Director Maureen Babis. “Since 2002, NYCIDA has helped fund nearly 270 projects, creating and retaining more than 93,500 jobs and spurring billions of dollars in private investment across the City.”
The New York City Industrial Development Agency (NYCIDA) provides financing assistance to businesses, including small industrial and manufacturing companies and not-for-profit organizations. NYCIDA 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. NYCIDA 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].