July public hearing notice lists $143 million in bond offerings and six straight leases. The New York City Industrial Development Agency, a component of the Economic Development Agency, held its monthly public hearing on July 19, 2007. The 14 project applications detailed in IDA’s public notice included over $143 million in bond offering and six straight leases.
The largest bond application on the July calendar was made by the Lycée Français de New York, an exclusive Upper East Side private school, for a $55.6 million civic facility revenue bond to be used to refinance 2002 IDA bonds. The private school used the 2002 bonds to acquire, design and develop a portion of its 150,000-square-foot school located on East 75th Street at York Avenue. The financial assistance requested to be conferred by IDA for the new bond would include exemption from City and State mortgage recording taxes.
DoubleClick, Inc., an internet advertising provider, applied for a straight lease for the renovation and equipping of 23,088 sq.ft. of office space at its global headquarters at 111 Eighth Avenue in Manhattan. DoubleClick is currently the subject of a contentious $3.1 billion acquisition proposal by Google. If approved, IDA would offer DoubleClick financial assistance in the form of City and State sales and use tax exemptions.
HeartShare Human Services of New York, a non-profit agency serving individuals with developmental disabilities, children, and families, applied for a $10.3 million civic facility revenue bond. Of the $10.3 million, HeartShare would use $5.4 million to refinance an outstanding line of credit used for acquisition, construction, and furnishing of 34 housing projects and the agency’s administrative offices.
IDA’s board of directors met on July 23, 2007, and approved four new transactions, including straight leases for DCD Marketing, an advertising and printing company, and Excellent Poly, a plastic bag manufacturer, both located in Brooklyn. In Queens, three architectural woodworking manufacturers and Safe Art SAT, a company that moves and stores fine art, will be the beneficiaries of straight leases from IDA.
The official public hearing notice and the board meeting’s press release can be found at http://www.nyc.gov/edc.
New York City Industrial Development Agency, Notice of Public Hearing (July 19, 2007); Board of Directors Meeting Press Release (July 24, 2007).