New York City – January 8, 2008 – New York City Industrial Development Agency (NYCIDA) approved financing assistance to a Very Special Place, Inc. a not-for-profit organization serving people with developmental disabilities of all ages in Staten Island. Financing was also approved for Precision Gear Inc., a manufacturing firm located in the College Point section of Queens, which serves the aviation industry. In total, the projects are expected to create and retain more than 165 jobs throughout the City.
“The projects approved today will help improve services and create jobs in New York City and that is an important example of the impact NYCIDA can have on our economy,” said NYCIDA Executive Director Maureen Babis. “Making our City’s economy more dynamic and diverse is an important mission of this entity, and I’m delighted NYCIDA can help them renovate their facilities and expand their services, and retain and create new jobs in the process.”
A Very Special Place, Inc. a not-for-profit which provides services to people of all ages with developmental disabilities, will receive $5,720,000 in triple tax exempt bond financing and a mortgage recording tax waiver of about $160,160 to acquire and construct an approximately 15,850 square foot building to house the agency administration and program administration staff. A Very Special Place serves over 1,200 individuals residing in Staten Island providing daytime recreation and counseling, employment training and placement assistance, senior citizen centers, outreach services, evening and weekend recreational centers, after-school programs, supportive and supervised residences and transportation services. The expansion will allow the organization to open two new group homes each year over the next three years providing residential services to an additional 75 individuals.
NYCIDA approved about $3.766 million in Manufacturing Facilities bond financing and an exemption on the City portion of sales tax of approximately $144,000 to Precision Gear, Inc., a manufacturer of gears and other critical flight safety parts for the aircraft and jet engine industries. Precision will renovate their current location and acquire new machinery and equipment. The company serves military and commercial aircraft manufacturers as well as helicopter manufacturers and is located in the College Point section of Queens. The project will create and retain 128 jobs.
About NYCIDA
New York City Industrial Development Agency (NYCIDA) provides financing assistance to businesses, including small industrial and manufacturing companies and not-for-profit organizations. NYCIDA is a conduit agency that issues tax-exempt industrial revenue bonds to assist eligible commercial, industrial, not-for-profit and other qualified entities to finance expansion opportunities. NYCIDA also offers qualified companies abatements on sales, real estate and mortgage taxes. To request information and details on NYCIDA programs, call (212) 312-3600 or e-mail info (at) nycedc (dot) com.
