Archives of the Mayor's Press Office

Mayor Rudolph W. Giuliani announced today that the New York City Industrial Development Agency (IDA) agreed at its May 2001 board meeting to assist six companies and organizations throughout New York City. The six transactions -- three manufacturing companies and three not-for-profits -- will increase economic development in the Bronx, Brooklyn, Manhattan and Queens.

"This month's IDA transactions will further contribute to New York City's healthy economy," said Mayor Giuliani. "These companies could have decided to move and expand outside of New York City but, thanks to IDA assistance, the companies will remain and grow right here. These agreements are great examples of the City's ongoing commitment to support manufacturers and not-for-profits and help them succeed in New York City."

Manufacturing and Industrial Companies Grow With IDA Assistance

Rome Knitting Mills Inc./Orbit Industries, LLC manufactures fabrics for the bridal industry. Rome currently leases 18,000 square feet of space, and is seeking to vacate its current facility and expand its operations. Rome will purchase, renovate and equip a new 26,500-square-foot building in the Westchester Square section of the Bronx. Rome presently has 10 employees and proposes to add 19 new jobs within three years. The company will receive approximately $1.5 million in triple tax-exempt bond financing and $551,137 (NPV) over 25 years in real estate tax benefits and sales tax exemptions.

Tri-State Surgical Supply & Equipment Ltd and H&H Laboratories Inc. are related through common ownership and function under the same structure. Tri-State distributes medical supplies and H&H manufactures health and beauty aids. The companies serve approximately 350 nursing homes in the New York City metropolitan area. The companies are seeking to acquire two facilities: a 10,000-square-foot facility at 66 Fourth Street and a 24,600-square-foot facility on Third Street, both located in the Carroll Gardens section of Brooklyn. The two companies will move 15 workers to the new sites and plan to add 11 more over three years. The companies are scheduled to receive $884,413 (NPV) over 25 years in real estate tax benefits and sales tax exemptions.

Bentley Meeker Lighting & Staging Inc. assembles, installs and distributes lighting systems for clients such as the Whitney Museum of Art, American Ballet Theater and the New York Philharmonic. Bentley Meeker plans to purchase, expand and improve its current 10,000-square-foot facility at 341 East 109th Street in Manhattan. Bentley Meeker currently employs 40 workers and intends to add an additional six workers within three years. The company will receive $273,825 (NPV) over 25 years in real estate tax benefits and sales tax exemptions.

"The IDA has proved to be an important supporter for small businesses and not-for-profits," said Deputy Mayor for Economic Development and Finance Robert M. Harding. "In the year 2000 alone, the IDA closed transactions for 46 organizations throughout the five boroughs that resulted in the retention and creation of more than 17,201 jobs, representing more than $394 million in private investment."

Not-For-Profits Expand Their Organizations in New York City

The InterAgency Council of Mental Retardation & Developmental Disabilities Agency (IAC) is comprised of not-for-profit organizations providing health and human services to people with developmental disabilities and chronic illnesses. IAC was approved to receive financing that will benefit four not-for-profit organizations through the IDA's Not-For-Profit Pool Facility Program. The Program is designed to pool the needs of qualified not-for-profit 501 (c)(3) corporations into one triple tax-exempt bond to lower each participant's bond issuing cost and obtain lower interest rates.

The four participants are:

The organizations will receive approximately $6.9 million in triple tax-exempt bond financing for renovations, acquisitions and debt refinancing. Combined, the companies employ 4,010 workers and plan to create an additional 155 new jobs.

Marymount School of New York is a not-for-profit school providing education for girls from nursery school through grade 12. Marymount is planning to refinance and renovate a building at Two East 82nd Street, in close proximity to its existing main building at 1026-28 Fifth Avenue in Manhattan. The renovated building will include new classrooms and dining facilities for Marymount's Middle School. The project will allow the school to expand and improve its educational, cultural and athletic programs. The school currently has 115 employees and is projected to create an additional nine jobs within three years. Marymount is seeking to close on approximately $17 million in triple tax-exempt bond financing.

Village Community School is a not-for-profit school serving kindergarten through eighth grade students. The school is seeking to construct and equip a new four-story, 21,000-square-foot building at its present location at 272 West 10th Street in Manhattan. The new building will include additional classrooms, seminar rooms, a gymnasium, and a sheltered rooftop playground. The school will receive $6.5 million in triple tax-exempt bond financing.

"Through the assistance provided today, we have ensured that not-for-profit corporations will remain an integral component of our City's economy," said IDA Chairman Michael G. Carey. "The IDA reaches out to these not-for-profits and provides them with access to valuable benefits to make the cost of doing business in our City more affordable, and enables them to serve more New Yorkers."

The IDA is the City's primary vehicle for providing financing assistance to businesses, including small industrial and manufacturing companies, and not-for-profit organizations. The IDA is a conduit agency that issues tax-exempt industrial revenue bonds to assist eligible industrial, not-for-profit and other qualified entities to finance expansion opportunities. The IDA also offers qualified companies abatements on sales, real estate and mortgage recording taxes.

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