Archives of the Mayor's Press Office

FOR IMMEDIATE RELEASE
Date: Thursday, December 23, 1999

Release #483-99

Contact: Sunny Mindel/Curt Ritter (212) 788-2958
Bernadette O'Leary 212/312-3523(EDC)



MAYOR GIULIANI ANNOUNCES INTERNET FIRM ABOUT.COM TO EXPAND IN MANHATTAN WITH CITY'S HELP

City's Industrial Development Agency to Assist Six Additional Companies in Expanding

Mayor Rudolph W. Giuliani today announced that the New York City Industrial Development Agency (IDA) has approved a transaction to assist Internet company About.com in expanding its operations in Manhattan. At its December Board meeting, the IDA also approved agreements with six additional companies, which will lead to a total of 2,684 new jobs in New York City in the next 25 years.

"Once again, New York City has proven itself as an essential location for online business," said Mayor Giuliani. "About.com's decision to invest in New York City helps to take our high-tech community another step forward in the global technology marketplace. I am also pleased that the City's Industrial Development Agency is able to assist a variety of companies presented at today's meeting. They range from the largest passenger facility at American Airlines to a not-for-profit organization offering international educational exchange programs."

Currently with 231 employees in New York City, online information resource site About.com has outgrown its present Manhattan facility and plans to move to an 110,000-square-foot facility at 1440 Broadway. About.com, a human-guided network that links to 700 topic-specific sites, plans to add approximately 2,893 employees over the next 15 years. The company is slated to receive $4 million net present value (NPV) in sales tax exemptions for the growth of these jobs and $230,000 (NPV) in energy discounts over a 15-year period.

Also planning to build new storage facilities is Bronx start-up National Storage Partners. National Storage plans to construct an 81,000-square-foot building and a 115,000-square-foot building on 6.5 acres of land at 200 East 135th Street, located within the Bronx Economic Development Zone and Federal Empowerment Zone. The facilities will contain warehousing and office space.

"National Storage will be making an $18 million investment in this Bronx community -- one that is in need of such a commitment," said Randy Levine, Deputy Mayor for Economic Development, Planning and Administration. "With this agreement, the IDA is once more exhibiting its diverse strategy to promote investment and job creation in all of the boroughs of New York City."

The Council on International Educational Exchange (CIEE), a not-for-profit organization that coordinates foreign educational and work exchange programs for university-level students, plans to expand its headquarters in New York City. Established in 1947, CIEE presently employs 65 workers in Manhattan and 600 worldwide, and plans to move to 19,000 square feet of office space that it will purchase and renovate at 633 Third Avenue in Manhattan. CIEE is approved to receive approximately $4.56 million (NPV) in triple tax-exempt Civic Facility bonds, as well as a mortgage recording tax waiver over 25 years.

"This year the IDA closed agreements that will contribute $1.3 billion in development activity throughout New York City," said IDA Chairman Michael Carey. "The IDA has proved itself an invaluable resource for the City's industrial, manufacturing and commercial industries, as well as for not-for-profit organizations."

Several other companies received commitments from the IDA at its December Board meeting, including as International Airport Centers, a new air cargo facility located near JFK International Airport and American Airlines, which is constructing a new passenger terminal at JFK International Airport.

The IDA is the City's primary vehicle for providing assistance to businesses, including small industrial and manufacturing companies. The IDA is a conduit agency that issues tax-exempt industrial revenue bonds that assist eligible industrial, commercial 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.



www.ci.nyc.ny.us


Go to Press Releases | Giuliani Archives | Mayor's Office | NYC.gov Home Page
Contact Us | FAQs | Privacy Statement | Site Map