NEW YORK CITY INDUSTRIAL DEVELOPMENT AGENCY
NOTICE OF PUBLIC HEARING
The New York City Industrial Development Agency (the “Agency”) is empowered under the
New York State Industrial Development Agency Act (constituting Title 1 of Article 18-A of the
General Municipal Law), and Chapter 1082 of the 1974 Laws of New York, as amended, to issue
nonrecourse revenue bonds to provide financing for qualified projects, and to enter into industrial
and small industry incentive program transactions and other straight-lease transactions for the
benefit of qualified projects, and thereby advance the job opportunities, general prosperity and
economic welfare of the people of the State of New York (the "State”) and to improve their
prosperity and standard of living. The Agency has been requested (i) to make available the
proceeds of its bonds to be issued in the approximate aggregate dollar amounts, to be used by the
persons, for the purposes, and at the addresses identified below, and (ii) to participate in
industrial and small industry incentive program straight-lease transactions and other straight-
lease transactions for the purposes and at the addresses also identified below. As used herein,
“bonds” are bonds, the interest on which may be exempt from local and/or State and/or Federal
income taxes; and the “City” shall mean The City of New York. As used herein with reference to
bond amounts, “approximately” shall be deemed to mean up to such stated bond amount or a
greater principal amount not to exceed 10% of such stated bond amount.
Approximately $6,000,000 industrial development revenue bond transaction for a real estate
holding company to be determined for the benefit of Abigal Press, Inc, a printer and engraver,
in connection with the acquisition, renovation, furnishing and equipping of an approximately
80,000 square foot building located on an approximately 12,000 square foot parcel of land
located at 92 Third Street, Brooklyn, New York. The financial assistance proposed to be
conferred by the Agency will consist of such bond financing, payments in lieu of City real
property taxes, exemption from City and State mortgage recording taxes, and exemption from
City and State sales and use taxes.
Straight-lease (commercial retention) transaction for the benefit of Alcoa Inc. and its affiliates,
an aluminum production firm, in connection with the renovation of approximately 24,000 square
feet of office space located on the seventh and eighth floors of 390 Park Avenue, New York,
New York and for the acquisition and/or leasing and installation of machinery, equipment,
furniture, fixtures and other tangible personal property all for use at the above location. The
financial assistance proposed to be conferred by the Agency will consist of exemption from City
and State sales and use taxes
Approximately $15,000,000 civic facility revenue bond transaction for the benefit of The
Brooklyn Historical Society, a not-for-profit organization providing cultural and educational
services, in connection with the acquisition, construction, renovation, equipping and upgrading
of an approximately 10,300 square foot parcel of land and an approximately 32,500 square foot
building located thereon at 128 Pierrepont Street Brooklyn, New York. The financial assistance
proposed to be conferred by the Agency will consist of such bond financing and exemption from
City and State mortgage recording taxes.
Approximately $3,000,000 industrial development revenue bond transaction for a real estate
holding company to be determined for the benefit of Built-Rite Door Company, Inc, a
manufacturer of specialty doors and metal frames, in connection with the acquisition of 18
parcels totaling approximately 30,000 square feet located at 3315-3321 Third Avenue, Bronx,
New York and the new construction, furnishing and equipping of an approximately 30,000
square foot facility. The financial assistance proposed to be conferred by the Agency will consist
of such bond financing, payments in lieu of City real property taxes, exemption from City and
State mortgage recording taxes and exemption from City and State sales and use taxes.
Straight-lease (Industrial Incentive Program) transaction for a to be determined operating
affiliate of Designer Greetings, Inc., a printer and distributor of greeting cards, in connection
with the purchase and renovation of an approximately 44,000 square foot 2-story building on
approximately 35,000 square feet of land located at 3075 Richmond Terrace, Staten Island, New
York. The financial assistance proposed to be conferred by the Agency will consist of payments
in lieu of City real property taxes, exemption from City and State mortgage recording taxes, and
exemption from City and State sales and use taxes.
Approximately $14,000,000 civic facility revenue bond transaction for the benefit of The Hewitt
School, an educational institution serving kindergarten through 12th grade students, in connection
with (a) the acquisition, renovation, construction, furnishing, and equipping of a five story,
approximately 11,931 square foot building located on an approximately 3,065 square foot parcel
of land located at 3 East 76thStreet, New York, New York, Block 1391, Lot 6 and (b) the
renovation, furnishing, and equipping of a five story, approximately 22,000 square foot building,
located on an approximately 10,404 square foot parcel of land located at 45 East 75th Street, New
York, New York, Block 1390, Lot 28. The project is being undertaken to provide additional
classrooms for the school. The financing assistance proposed to be conferred by the Agency will
consist of such bond financing and exemption from City and State mortgage recording taxes.
Approximately $20,000,000 civic facility revenue bond transaction for the benefit of The Legal
Aid Society, a not-for-profit corporation that provides legal services to the indigent of New York
City, in connection with the acquisition, construction, furnishing, and equipping of a five story,
approximately 29,200 square foot building, located on an approximately 4,800 square foot parcel
of land located at 2002-2016 Madison Avenue, New York, New York, Block 1752 Lot 57. The
building to be built on the site will provide office space for The Legal Aid Society's Civil
Division and for other office uses of the Society. The financial assistance proposed to be
conferred by the Agency will consist of such bond financing and exemption from City and State
mortgage recording taxes.
Straight-lease (commercial retention) transaction for the benefit of Nasdaq Stock Market Inc.
and its affiliates, a financial exchange, in connection with the renovation of approximately
52,800 square feet of office space located at 1500 Broadway, New York New York and for the
acquisition and/or leasing and installation of machinery, equipment furniture, fixtures and other
tangible personal property all for use at the above location. The financial assistance proposed to
be conferred by the Agency will consist of exemption from City and State sales and use taxes.
Approximately $5,000,000 industrial development revenue bond transaction for a real estate
holding company to be determined for the benefit of National Compressor Exchange of NY,
Inc, a re-manufacturer and distributor of compressors, motors, pumps, and generator re-winders,
in connection with the acquisition, renovation and equipping of an approximately 42,592 square
foot 2 story building located on an approximately 62,678 square foot parcel of land located at 75
Onderdonk Avenue, Flushing, Queens, New York Block 3393, Lot 179. The financial assistance
proposed to be conferred by the Agency will consist of such bond financing, payments in lieu of
City real property taxes, exemption from City and State mortgage recording taxes, and
exemption from City and State sales and use taxes.
Approximately $36,000,000 civic facility revenue bond transaction for the benefit of the New
York Hotel Trades Council and Hotel Association of New York City, Inc, Health Center
Inc., a not-for-profit organization providing health care services, in connection with the
construction, furnishing and equipping of an approximately 102,000 square foot facility on an
approximately 13,500 square foot parcel of land located at 133 Morningside Avenue, New York.
New York, Block 1951, Lot 4. The financial assistance proposed to be conferred by the Agency
will consist of such bond financing and exemption from City and State mortgage recording taxes.
Approximately $32,000,000 civic facility revenue bond transaction for the benefit of The
Roundabout Theatre Company, Inc., a not-for-profit theater, in connection with the
acquisition of an easement at 254 West 54th Street, New York, New York to gain access to the
theater building located at 229-237 West 53rd Street New York, New York and the acquisition,
renovation, furnishing and equipping of an approximately 33,000 square foot building located on
approximately 12,000 square feet of land located at 229-237 West 53rd Street New York, New
York Block 1025, Lot 58. The financial assistance proposed to be conferred by the Agency will
consist of such bond financing and exemption from City and State mortgage recording taxes.
Straight-lease (Industrial Incentive Program) transaction for a real estate holding company to be
determined for the benefit of Sixtrees USA, Ltd, an im porter and distributor of home decor and
gift items, in connection with the financing and/or refinancing of the acquisition, renovation,
furnishing and equipping of an approximately 90,000 square foot building located upon an
approximately 163,000 square foot parcel of land located at 2319 Richmond Terrace, Staten
Island, New York. The financial assistance proposed to be conferred by the Agency will consist
of payments in lieu of City real property taxes, exemption from City and State mortgage
recording taxes, and exemption from City and State sales and use taxes.
The Agency will present its proposed changes and amendments to the Agency's Uniform Tax
Exemption Policy.
Approximately $16,000,000 empowerment zone bond transaction for the benefit of West 127th
Street LLC, a developer, and Harlem Dowling West-Side Center for Children and Family
Services, a social service agency, in connection with the refinancing, reimbursement and/or
financing of the acquisition of land and the construction of a 9-story commercial building located
at 2135 Adam Clayton Powell Jr. Boulevard, New York, New York. The area of the land Is
approximately 10,000 square feet and the area of the building will be approximately 65,000
square feet The financial assistance proposed to be conferred by the Agency will consist of such
bond financing, payments in lieu of City real property taxes, exemption from City and State
mortgage recording taxes, and exemption from City and State sales and use taxes.
Pursuant to Section 859a of the General Municipal Law of the State of New York and Internal
Revenue Code Section 147(f), the Agency will hold a hearing on the proposed financings
and transactions set forth above at the office of the New York City Industrial Development
Agency, 110 William Street 6th Floor, New York, New York commenting at 10:00 A.M. on
Monday, June 10, 2002. Interested members of the public are invited to attend. The Agency
will present information at such hearing on the proposed financings and transactions set forth
above. Pursuant to subdivision 3 of the above-referenced Section 859a of the Agency will, in
addition, provide an opportunity for the public to review at such hearing the project application
and the cost-benefit analysis for each of the proposed financings and transactions. Persons
desiring to make a brief statement regarding the proposed financings arid transactions should
give prior notice to the Agency at the address or phone number shown below. Written comments
may be submitted to the Agency at the address shown below.
New York City Industrial Development Agency
110 William Street 6th Floor
New York, New York 10038
(212) 619-5000