Project is Part of the Five Borough Economic Opportunity Plan Designed to PutNew York City on a Path to Economic Recovery and Growth
New York, NY – June 30, 2009 – (RealEstateRama) — The Board of the New York City Industrial Development Agency (NYCIDA) has approved a sales and real estate tax incentive package that will help Boundary Fence & Railing Systems Inc. to expand its operations in Richmond Hills, Queens. The company plans to invest approximately $4 million dollars in the expansion project, which will result in a return to City of about $7.5 million over 25 years. The company has leased the property from New York City Economic Development Corporation for 25 years. Boundary received preliminary approval from NYCIDA for up to $1.4 million in sales and real estate tax benefits. Located in the South Jamaica Empire Zone, the company also qualifies for $425,235 in Empire Zone Wage Tax credits. It has decided to remain in New York City despite identifying properties in New Jersey that would be cheaper to acquire and operate. Boundary Fence and Railings employs 64 employees and expects to hire four more in the next three years.
“Manufacturing companies like Boundary Fence and Railing are the backbone of our industrial sector,” said IDA Chairman Seth W. Pinsky. “I am pleased that IDA is able to help them stay in the City and expand. Projects like this are at the heart of the Bloomberg Administration’s five borough economic opportunity plan.”
The company plans to purchase the 47,500-square-foot property it currently leases, renovate the existing 23,000-square foot industrial building and construct a 2,000-square-foot warehouse facility on the site. Renovations will include a new roof and solar panels with the goal of generating 50% of its electricity by solar power.
“For 25 years, Boundary Fence & Railings has successfully operated at its location in Queens,” said Aldo Sibeni, President. “I am happy that with assistance from IDA, we will be able to acquire the site we’ve previously leased and not only remain in New York City, but to expand and improve our operations as well.”
Boundary Fence & Railing Systems, a designer, manufacturer and distributor of fencing and sheet metal work, was formed in 1949 as a retail hardware store, later becoming a wholesale distributor of chain link fence to the trade. In the late 1970s, the company began to manufacture products and expanded its production to include gates, and ornamental aluminum, steel and stainless steel stair railings.
About NYCIDA
The New York City Industrial Development Agency (NYCIDA) is administered by the New York City Economic Development Corporation and 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.
About the Five Borough Economic Opportunity Plan
The Five Borough Economic Opportunity Plan is a comprehensive strategy to bring New York City through the current economic downturn as fast as possible. It focuses on three major areas: creating jobs for New Yorkers today, implementing a long-term vision for growing the city’s economy, and building affordable, attractive neighborhoods in every borough. Taken together, the initiatives that the City has launched to achieve these goals will generate thousands of jobs and put New York City on a path to economic recovery and growth.
CONTACT
- David Lombino/Janel Patterson
- (212) 312-3523
