NYCIDA to Help NBC Universal Relocate MSNBC Unit to New York City
IDA Board Also to Help Two Not-For-Profit Groups and an Industrial Company Expand.
New York City, March 13, 2007 – New York City Industrial Development Agency (IDA) today approved an amendment to an existing agreement with NBC Universal that will lengthen and deepen its corporate commitment to New York City and will attract to the City its MSNBC unit, including 421 jobs currently in New Jersey. IDA approved about $1.5 million in real estate tax benefits to facilitate the relocation. As a result of the agreement, NBC Universal will make significant capital and technological investments in its midtown Manhattan facilities. In addition, IDA Board approved financing assistance for the expansion of two not-for-profit organizations in Brooklyn and Manhattan and an industrial company in Queens. The three expansions and the agreement with NBC Universal will help spur more than $73 million in private investment, while retaining and creating more than 4,000 jobs.
“NBC Universal’s expanded commitment to New York City reaffirms the City’s role as a global media center in an expanding digital environment,” said Robert C. Lieber, President of New York City Economic Development Corporation, which administers IDA. “We are pleased to assist NBC Universal with a relocation that will complement the flagship news operations of NBC News while bringing new capital investment and jobs to New York City.”
The deal with NBC Universal amends an existing agreement reached in 1987, which committed NBC Universal to an employment base figure through 2010. Under the new agreement, NBC Universal has committed to invest at least $57 million in its broadcasting, newsgathering and production facility at 30 Rockefeller Center in order to accommodate its MSNBC unit, which will relocate 421 jobs from Secaucus, NJ. Additionally, NBC Universal will be required to maintain at least 3,850 total jobs, an increase from the currently required 2,250 total jobs NBC Universal is require to maintain today. NBC Universal will also extend by 13 years its overall city-wide job commitment to the City to 2023 from 2010.
Greenpoint Manufacturing and Design Center, a not-for-profit developer of industrial facilities, will receive real estate tax benefits of about $4.5 million to acquire and renovate a 72,000-square-foot facility in Brooklyn. IDA financing assistance will allow the company to develop long-term affordable space for small- and medium-sized industrial businesses, while helping to stem the loss of industrial businesses and employment in New York City. The new facility is anticipated to house about 100 jobs and will join five other project sites developed by Greenpoint Manufacturing, that house more than 100 businesses in about 770,000 square feet of space. In addition to IDA financing assistance, the company will also receive $3.5 million in capital project funds from the New York City Council through the Industrial Acquisition Write-down Fund, as well as $500,000 from the Brooklyn Borough President’s Office for the project.
IDA approved approximately $5 million in tax-exempt bond financing and about $140,000 in mortgage recording tax benefits for Manhattan Community Access Corporation’s new Harlem location. The not-for-profit public access cablecast and media training provider will use IDA financing assistance to acquire, renovate and equip an 8,000-square-foot building to house a public access TV production and broadcast facility and a new media skills training and access center. The organization’s cablecast distributes more than 50,000 programs a year and more than 50 foreign language series in more than a dozen languages. More than 50 community-based organizations have benefited from Manhattan Community Access Corporation’s award winning media education and training grants in the past eight years. The $5.9 million project will create eight new jobs.
IDA approved approximately $9 million in tax-exempt bond financing, about $2.7 million in real estate tax benefits and about $194,000 in sales tax exemptions to help Cool Wind Ventilation Corporation acquire and renovate a 35,500-square-foot facility in Glendale, Queens and to purchase production equipment. The designer, manufacturer and installer of sheet metal duct work for HVAC systems is running at capacity in its current Long Island City location. The company explored several locations outside New York City, but IDA benefits will allow them to remain. The company will create and retain 120 jobs as a result of the $9.5 million project. In addition to IDA Bonds and tax benefits, the company may also qualify for about $65,500 in discounted energy from the Business Incentive Rate program and about $120,000 from the City’s Energy Cost Savings Program.
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].