Contact: : Sunny Mindel/Curt Ritter 212-788-2958
Bernadette O'Leary 212-312-3523 (EDC)
Mayor Rudolph W. Giuliani today announced that the New York City Industrial Development Agency (IDA) has agreed to assist seven companies in expanding in New York City, which will add approximately 1,676 jobs over the next 25 years.
"From Internet companies to compact disc manufacturers, the companies approved for IDA assistance this week reflect the tremendous growth taking place in all sectors of the city's marketplace," said Mayor Giuliani. "The City is committed to helping manufacturers in a variety of industries to expand in New York City, and the programs offered by the IDA are an excellent way to ensure this growth."
Internet Service Provider, Greeting Card Company Expand
Leading global Internet services provider USWeb/CKS plans to establish its northeastern regional headquarters at 105 East 17th Street, adding 1,357 employees over 15 years. Currently employing 586 workers at various locations in the City, USWeb/CKS plans to renovate and equip the 122,000-square-foot space. The company is slated to receive approximately $3 million net present value (NPV) in sales tax exemptions and energy benefits.
"USWeb/CKS's decision is testimony to the strength of our growing high-tech industry," said Randy Levine, Deputy Mayor for Economic Development, Planning and Administration. "With offices in 10 countries, the firm will benefit from the City's international marketplace and booming Internet community."
Staten Island greeting card distributor Designer Greetings plans to construct a new 10,000-square foot facility on Holland Avenue to house its warehousing space and administrative offices. Serving 3,000 retail stores in the United States and approximately 50 distributors in other countries, Designer Greetings employs 83 workers at three Staten Island locations and plans to add approximately nine new jobs over the next three years. The company is slated to receive approximately $3.4 million NPV in sales tax exemptions and real estate tax benefits over 25 years.
Three Manufacturers Expand in Long Island City
Three companies plan to expand into facilities in Long Island City, Queens, with IDA assistance. Start-up food manufacturer and distributor Fedele Gourmet Holdings, LLC plans to purchase and renovate a 192,000-square-foot building at 23-30 Borden Avenue. Gourmet Holdings will offer delivery within 24 hours to institutional clients such as restaurants and hospitals. The company is slated to receive approximately $4.4 million NPV in real estate tax benefits and sales tax exemptions over the next 25 years.
"Gourmet Holdings will create 160 jobs in Long Island City within three years," said IDA Chairman Michael Carey, "and will offer its clients the ease of ordering high-quality products via the Internet."
Relocating from Manhattan is compact disc and record manufacturer Europadisk, Ltd., which plans to purchase and renovate an 80,000-square-foot facility at 47-51 33rd Street. Currently employing 90 people, Europadisk plans to add approximately 70 employees over the next three years. The company is slated to receive approximately $6 million NPV in triple tax-exempt bond financing and approximately $1.5 million in tax benefits over the next 25 years.
Hand-painted wood furniture manufacturer Julia Gray, Ltd. plans to renovate and move to a 31,500-square-foot facility at 43-22 36th Street from its present Long Island City location. The company employs 55 people and plans to add nine jobs. Julia Gray is slated to receive approximately $2 million NPV in triple tax-exempt bond financing and $716,520 in sales tax exemptions and real estate tax benefits over the next 25 years.
IDA Assists Commercial Mover, School for Learning Disabled
Queens-based commercial storage and moving company Moving Right Along Service, Inc. plans to purchase and renovate a 35,500-square-foot facility at 101-21 101st Street in Ozone Park, Queens. Moving Right Along employs 25 people and plans to add four more employees. The company has been approved to receive approximately $1.5 million in real estate tax benefits and sales tax exemptions over the next 25 years.
The Manhattan not-for-profit Churchill School & Center for Learning Disabilities, Inc. provides education to students from kindergarten through eighth grade. It plans to expand its services to include a high school and additional seats in its elementary and middle schools. Churchill School will purchase and relocate to a five-story building at 301 East 29th Street, and is slated to receive approximately $20 million in tax-exempt civic facility bonds to assist with the expansion.
The IDA is the City's primary vehicle for providing assistance to businesses, including small industrial and manufacturing companies. The IDA is a conduit issuer that issues tax-exempt industrial revenue bonds that assist eligible industrial and not-for-profit entities to finance expansion opportunities. The IDA also offers qualified companies abatements on sales, real estate and mortgage recording taxes and reduced energy costs.