Archives of the Mayor's Press Office

MAYOR GIULIANI ANNOUNCES 35 PRINTING AND GRAPHIC ARTS COMPANIES
TO RECEIVE $1.6 MILLIONI N FIRST YEAR OF PRINTERS RELOCATION FUND

Mayor Rudolph W. Giuliani today announced that the City's $8 million Printers Relocation Fund is set to provide $1.6 million in relocation assistance to 35 printing and graphic arts companies. Created in May 2000, the Printers Relocation Fund provides financial assistance to printing and graphic arts companies that want to relocate within New York City.

Under the program, which is administered by the New York City Economic Development Corporation (EDC), commercial printers and graphic arts companies are reimbursed for 50 percent of their eligible moving costs, up to $200,000 per company. Applications must be submitted prior to signing a new lease or contract of sale, and grant recipients must agree to remain in New York City for a minimum of five years.

"Many of the world's most successful and competitive printing and graphic communications firms are located in New York City," said Mayor Giuliani. "These companies comprise a critical part of the City's manufacturing sector. The robust economy and dynamic environment in New York City today is creating opportunities for these companies to invest in new technology and expand operations to newer or larger facilities. This fund makes such business decisions easier and more affordable."

"New York City was founded on the success of manufacturing. I am pleased to see that the Printers Relocation Fund will be instrumental in bringing not one, but eleven companies to the borough of Queens," said City Council Speaker Peter Vallone. "The businesses that take advantage of this fund bring the potential for millions of dollars in revenue and thousands of jobs to Queens. While the transition and evolution of our neighborhoods continue, we must support firms that choose to locate their businesses in the outer boroughs. We cannot let our precious manufacturing base slip away. Great businesses belong in our great City."

Eleven of the 35 companies receiving assistance through the Fund have either relocated, or are in the process of relocating, to Long Island City, Queens. Last month, Lynn Art Offset Corporation received a $65,000 grant after relocating from Hudson Street in Manhattan to Long Island City; and Dependable Lithographers, Inc. received a $20,000 grant after moving from Greenwich Street in Manhattan to Long Island City.

"Through the Printers Relocation Fund we can assist all of the printing and graphic art companies that would like to relocate in New York City," said Deputy Mayor for Economic Development and Finance, Robert M. Harding. "These companies can also take advantage of our new Commercial Expansion Program, which offers incentives such as tax credits, rent abatements, and low-cost energy programs. We have created an impressive real estate and benefit package to ensure that this important industry thrives in New York City."

The Commercial Expansion Program (CEP) provides a package of City-sponsored benefits designed to help qualified businesses relocate and expand in New York City. Through CEP, qualified businesses are entitled to an annual credit against City business tax liability of up to $3,000 per employee for a period of up to 12 years, and owners of renovated and newly constructed commercial and industrial buildings may be granted real estate tax exemptions. Tenants in eligible buildings may receive three- or five-year rent abatements worth up to $2.50 per square foot.

Companies can also qualify for discounts of up to 45 percent on electric delivery costs and a 35 percent discount on natural gas delivery costs through the City's Energy Cost Savings Program and the Con Edison Business Incentive Rate offered through EDC. In total, companies can save up to $15 per square foot through CEP and the City's low-cost energy programs.

In addition to the eleven printing companies that relocated to Long Island City, eighteen companies have been able to find new space in Manhattan, primarily on the West Side between 14th Street and 42nd Street. Another 5 companies are relocating to, or within, Brooklyn with the assistance of the Printers Relocation Fund; one other firm is relocating to the Bronx.

Invincible Business Forms, a printer of office-related products that purchased and renovated a building on West 36th Street, received a $70,000 grant from the Printers Relocation Fund, and also qualified for an estimated $675,000 in benefits from the New York City Industrial Development Agency (IDA).

The IDA offers low-cost financing, tax reductions, and energy programs for businesses that purchase a new facility, make improvements to an existing facility, or purchase new machinery or equipment.

"The IDA helps New York City printers to expand and create new jobs for the City's talented workforce. The Printers Relocation Fund will help us in our efforts to provide meaningful assistance to this key industry," said EDC President and IDA Chairman Michael G. Carey.

EDC has aggressively marketed the Printers Relocation Fund program to New York City's printing and graphic arts industry. Announcement letters were sent to more than 1,000 printing and graphic arts companies, and an information seminar drew executives from more than 60 interested companies. Advertisements have been placed in trade and general news publications, including Crain's and Printing News, generating approximately 250 requests for applications. EDC will continue marketing this program in the coming months.

For more information about the Printers Relocation Fund, the Industrial Development Agency, and the Commercial Expansion Program, please visit EDC's website at www.newyorkbiz.com, or call 212-312-3600.