IDA assisting Extell and nonprofits with financing

Real Estate Weekly,  Nov 28, 2007  

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New York City Industrial Development Agency (IDA) approved financing assistance to two not for profit organizations serving communities in Queens, as well as financing for a manufacturing facility in Brooklyn. The NYCIDA board also approved assistance to Extell Diamond Tower LLC, an affiliate of Extell Development Company to develop an integrated diamond and jewelry industry facility for various segments of the diamond and jewelry industry ineluding trading, cutting, brokerage, sales and support services. The financing assistance approved at the meeting will create or retain 3,117 jobs in the City.

"The organizations helped by the NYCIDA represent some of the most innovative and creative projects throughout the City," said Robert C. Lieber, president of the New York City Economic Development Corporation which administers the NYCIDA. "From facilitating production of Biofuels, to expanding recreational resources at the USTA, NYCIDA helps important businesses expand and grow in New York City."

NYCIDA approved approximately $18 million in triple tax-exempt bond financing, and about $514,220 in mortgage recording tax benefits for the Margaret Tietz Nursing and Rehabilitation Center to renovate, furnish and equip existing space, and construct, furnish and equip a 4,560 square foot addition to the facility in Jamaica, Queens.

The Center operates a 200 bed licensed skilled nursing facility providing short-term rehabilitation, sub-acute and long-term care services, as well as an adult day health care center funded by Medicaid, at the facility. The project will enhance the quality of life for facility residents, and lower the Center's debt service, while retaining 285 jobs.

NYCIDA also approved about $25 million in tax-exempt bond financing for USTA National Tennis Center Incorporated (USTA NTC). USTA NTC operates a public recreation and civic facility promoting tennis as a means of healthful recreation, while hosting international and national amateur sports competitions.

The financing will be used to complete construction of a new indoor tennis facility at the USTA Billie Jean King National Tennis Center in Flushing Meadows--Corona Park in Flushing, Queens. The project will expand the USTA facility by about 243,000 s/f. The project will create five, and retain 83, jobs.

Metro Terminals Corp, a real estate holding company for the benefit of Metro Biofuels, LLC received authorization for $9,950,000 million in triple tax-exempt bond financing, about $278,601 in mortgage recording tax benefits and $632,313 in sales tax exemptions.

The financing will allow for the construction and equipping of a 5,000 s/f biofuel production facility in Brooklyn.

Metro Biofuels, LLC plans to construct its 110 million gallon biodiesel production facility adjacent to Metro Terminals, a wholesale marketer of petroleum products including gasoline, heating oil and diesel fuels. The new facility will produce two trademark biofuel products--Biomax (biodiesel made primarily from virgin soy oil) and Greenheat (heating fuel). With this project, Metro Terminals will retain and create about approximately 15 jobs.

"The breadth and variety of projects approved by the IDA Board exemplifies the Agency's commitment to helping a diverse array of companies and not-for-profits expand throughout New York City," said IDA executive director Maureen Babis.

COPYRIGHT 2007 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning