370 likes | 565 Views
NYCIDA Board of Directors Meeting . February 14, 2012. Minutes of the January 10, 2012 Meeting. Seth Pinsky. Interim Financial Statements (December 2011). Bulent Celik. Approval of Selected Trustees Approval of Trustee Fees. Joseph Gill. Actions Requested.
E N D
NYCIDA Board of Directors Meeting February 14, 2012
Minutes of the January 10, 2012 Meeting Seth Pinsky
Interim Financial Statements (December 2011) Bulent Celik
Approval of Selected TrusteesApproval of Trustee Fees Joseph Gill
Actions Requested • To approve two Bond Trustees, proposed by staff, to perform Bond Trustee services for the Agency’s Bond Financings and PILOT Trustee services for the applicable Bond Financings and Straight Lease Transactions. • To approve Bond Trustee fees that the approved firms will be permitted to charge for the services in connection therewith.
Summary • Proposed Trustees • BNY Mellon Trust Company, N.A. • U.S. Bank National Association • Proposed Fees
Officer Appointment Seth Pinsky
Appointments of Committee Members Heidi Springer
Appointments of Committee Members • Audit Committee – Eugene Lee • Finance Committee – MaryaCotten • Governance Committee – Matthew Mirones
Accurate Specialty Metal Fabricators, Inc. Tabby Gillim
Project Summary • Accurate is seeking to acquire, renovate and equip a 29,000 SF facility in Queens • Currently leasing a 28,000 SF facility in Brooklyn • Project will be entirely funded by the company and its affiliates • All 44 current employees to be relocated
Current Location: 1333 Flushing Ave, Brooklyn • 28,000 SF • Inefficient layout, odd configuration of buildings • Foreman cannot oversee all employees at once • Narrow doorways make moving materials and products difficult
Proposed Location: 64-20 Admiral Ave, Queens • Advantages: • 29,000 SF • One large, open space • Will allow Accurate to set up assembly line style production • All employees visible to foreman • Wide doorways to easily move materials and products
Employment Summary • Employment (on-site) To be re-located from 1330 Flushing: 44 jobs New Jobs within Three Years:1 job Total 45 jobs • Estimated Average Hourly Wages: $26.37 • Employee Benefits: • All field mechanics at ASMF belong to Local Union 28 of the Sheet Metal Worker’s International Association. • Time and a half for overtime • 11 paid holidays • One annual sick day and one annual personal day • Vacation benefits • Employer contributions to the Workers' Welfare Fund (New York)
Actions Requested • Approval of and Inducement and Authorizing Resolution for an IIP transaction for Accurate Specialty Metal Fabricators
Fresh Direct, LLC and U.T.F. Trucking, Inc. Michael Toth
Fresh Direct, LLC • Fresh Direct plans to build a new $112.6 million state-of-the-art 500,000 square foot facility in the Bronx • Will retain nearly 2,000 existing jobs • Create almost 1,000 new jobs • Create approximately 684 construction jobs • A significant investment by a growing industrial business in a community in need of jobs $16,235
Fresh Direct: Proximity to South Bronx Greenway Fresh Direct Site
Summary of Assistance IDA: • $74.0 million Industrial Incentive Program • Up to $10.5 million asset acquisition EDC: • $1.0 million Industrial Development Loan Program • $4.9 million Business Incentive Rate (“BIR”) energy discounts The Project is estimated to generate $255 million in City tax revenues.
Manhattan Beer Distributors, LLC Heidi Springer
Project Background • Currently leasing a 225,000 SF facility at 400 Walnut Ave., Bronx • 2009 Agreement to purchase and renovate 1080 Leggett Ave., Bronx will be terminated • Total amount of sales tax and property tax benefits received will be subject to future recapture in agreement for proposed new project • Escrow account to be established to hold potential recapture funds between termination and closing of the proposed new project
Project Summary • Assemblage of four parcels located at E. 149th St. in the Bronx to create an approximately 19.3 acre distribution facility with rail access • Parcels have 4 buildings containing, 292,500 SF of space • Total project costs are estimated to be: $60,407,000 • Project will be funded through commercial loans and company equity
Project Summary (con’t.) • Employment (on-site) To be re-located from 400 Walnut: 528 jobs To be re-located from Brooklyn: 67 jobs To be grown25 jobs Total 620 jobs • Estimated Average Hourly Wages: $17.97 • Employee Benefits • Paid sick time up to 6 days/year • Paid vacation time of 5 days after 1 year of service increasing to 25 days after 15 years • Medical and dental plans • All non-union supervisory employees are provided group life insurance • 401K for non-union employees and Company-funded pension for union employees
Actions Requested • Approval of and Inducement and Authorizing Resolution for an IIP transaction for Manhattan Beer Distributors LLC • Approval to enter into an Escrow Agreement related to the potential recapture liability related to the to-be-terminated 1080 Leggett Ave. Agreement.
Proposal for Purchase Contract for Accounting Policies and Procedures Manual Spencer Hobson Bulent Celik
Proposal for Purchase Contract for Harlem Incubator Alejandro Baquero
Project Background • Nine incubators established to date in different NYC neighborhoods • More than 100,000 sf affordable real estate created for start-up companies, freelancers, entrepreneurs, and small businesses • Incubators support approx. 550 businesses, over 800 jobs, and have attracted over $78 million in VC funding
Project Summary • Incubator to be located along 125th Street or its immediate vicinity • Key consultant responsibilities • Develop the incubator • Launch and lease the incubator • Manage the incubator • Report on incubator operations and collaborate on publicity • Competitive, publicly-advertised RFP released 11/11 • Consultant team to be selected in the coming weeks
Actions Requested • Authorization to purchase consultant services to develop and launch incubator space in Harlem, preferably along or within the immediate vicinity of 125th Street
Proposal for Purchase Contract for Industrial Business Support Services Miquela Craytor
Employment in the industrial sector continues to makes up 16.4% of private sector employment in NYC Industrial Employment in US and NYC has been on a decline Historical industrial employment The size of industrial businesses also decreased Average # of employees However, industrial remains a significant part of NYC’s economy NYC Industrial employment (jobs) TOTAL 495,444 13.7 Manufacturing (16%) -14% Transportation & Warehousing (25%) 86 -22.8% -34% (24%) Construction 66 (35%) Wholesale Trade 10.6 Source: 1990-2009, NYS Dept. of Labor, QCEW , 1990 = 100 Source: 1990-2009, NYS Dept. of Labor, QCEW Source: NYS Dept. of Labor, QCEW , 2009 • Industrial represents 16.4% of NYC private sector employment • Increasing share of smaller industrial businesses • Stable Subsectors: • Construction, warehousing, transportation • Food manufacturing, short-run fashion production • Custom fabrication Note: Industrial sector is primarily comprised of the subsectors of Manufacturing, Transportation and Warehousing, Construction and Wholesale
The City looks to build upon its ongoing investment and support of industrial businesses • The City established 16 Industrial Business Zones in 2006 • Committed not to rezone IBZs to allow residential uses • Tax credits are offered to encourage industrial relocation into IBZs • Four IBZs experienced industrial job growth between 2000 and 2008 – North Brooklyn, Hunts Point, East New York and Brooklyn Navy Yard • The Bloomberg Administration proposed a suite of 22 initiatives to address the following challenges facing the overall sector: • Scarcity of industrial space in appropriate size, condition and configuration • Limited financing resources for smaller industrial businesses across business cycles • Lack of entrepreneurial support Sources: NYC Small Business Services/NYCEDC PLUTO, May 2009 (09v1), NYC DCP, NYC DDC, NYC DOT Brooklyn Army Terminal
Industrial Business Support Services Program description and objective The Program will help small industrial businesses through the support services provided by local economic development corporations (the “LDCs”) • Provide a range of support, education and technical services to New York City industrial businesses, including but not limited to customers in the following subsectors: Manufacturing, Construction, Wholesale Trade, Repair and Maintenance, Transportation and Warehousing, Motion Picture and Sound Recording, and Waste Management and Remediation Services. • Conduct an assessment of all clients using standard intake procedures, and provide services appropriate to each customer’s unique needs. • Enable Industrial Business Zone enterprises to take advantage of small-business services and assistance offered by the City and to track such assistance-relationships. Assistance provided • The Agency’s purchase through EDC would subdivide as follows: • Approximately $35,800 in service-purchases from each of Brooklyn East, Manhattan, and Staten Island • Approximately $62,500 in service-purchases from each of Bronx, Queens East, Queens West, Brooklyn North, and Brooklyn South Budget Subcontractor New York City Business Assistance Corporation (“NYBAC”)