NYCIDA to Help Geriatric Center and Childhood Center Expand in Brooklyn and Staten Island
New York City Industrial Development Agency (NYCIDA) approved financing assistance for a geriatric center in Brooklyn and a group of childhood centers throughout Brooklyn and Staten Island. NYCIDA Board also approved financing assistance for the expansion of an industrial firm in the Bronx. In total, the transactions will spur private investment of about $79 million and are expected to create and retain more than 1,130 jobs.
“The transactions approved today represent the deep impact NYCIDA can have on New York City’s not-for-profit institutions,” said Robert C. Lieber, President of New York City Economic Development Corporation, which administers NYCIDA. “These projects will ensure that vital social services are provided and expanded to children and aging residents in New York City, while also helping to spur private investment and create jobs.”
NYCIDA approved approximately $30 million in tax-exempt bond financing and about $840,000 in mortgage recording tax benefits to refinance bonds and a mortgage used for the construction and façade work at Shorefront Jewish Geriatric Center’s Brooklyn location. The not-for-profit long-term care and rehabilitation service provider began operations at its Coney Island site in 1994 in a seven story, 360-bed skilled nursing facility where it provides residential health and rehabilitative care and occupational, physical and speech therapy. The facility also has a special unit for patients with dementia and those requiring intensive skilled services, such as ventilators and dialysis. NYCIDA benefits will allow the organization to continue a high level of care for Brooklyn’s aged population and retain more than 440 full time jobs in New York City.
NYCIDA approved approximately $32.8 million in tax-exempt bond financing and about $918,000 in mortgage recording tax benefits to Yeled V’Yalda Early Childhood Center, a not-for-profit social service agency providing pre-school education, childcare services and health and nutritional guidance to children of low-income families. The organization will use bond proceeds to complete construction and refinance debt on a multi-purpose facility and a childcare facility and refinance debt on two existing childcare facilities in Brooklyn and Staten Island. The four locations total more than 166,000 square feet of facility space that will allow the agency to increase the number of children and families served by 25%, as well as expand related family and child health services. The $36.5 million project will retain more than 500 jobs and create more than 100 new, full-time job opportunities.
NYCIDA approved about $846,000 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. 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. In addition, the company may also qualify for about $17,000 in discounted energy from the Business Incentive Rate program and about $31,000 from the City’s Energy Cost Savings Program.
“NYCIDA continues to work with manufacturing and industrial companies that are looking to locate, relocate and expand in New York City,” said NYCIDA Executive Director Kei Hayashi. “The financing assistance approved today will help make Forma Glass continue operating and creating new job opportunities in New York 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].