MAYOR GIULIANI ANNOUNCES THAT TWO QUEENS MANUFACTURERS WILL REMAIN AND EXPAND IN NEW YORK
Agreement Retains 500 Jobs -- Creates 80 New Jobs
Mayor Rudolph W. Giuliani announced today incentive packages for Petrocelli Electric Company, Inc., a manufacturer and installer of electrical and communication products located in Long Island City, Queens, and Campbell and Dawes Ltd., an electrical component manufacturer in Elmhurst, Queens. The agreements will retain 500 jobs in the borough and will lead to the creation of an additional 80 jobs.
"Our Administration is committed to keeping manufacturing companies here in the City," said Mayor Giuliani. "These incentive packages will enable Petrocelli Electric and Campbell and Dawes Ltd. to remain competitive with other manufacturers around the world. These agreements are evidence that our programs are working and that manufacturing companies are able to grow in New York City."
Through the New York City Industrial Development Agency (IDA), the companies will receive tax incentives enabling them to renovate and expand their current facilities and to provide jobs for City residents. These agreements are part of Mayor Giuliani's commitment to facilitating the growth and expansion of small- and medium-size companies throughout the five boroughs by offering qualified business tax incentives for capital projects.
"Under Mayor Giuliani's leadership, the IDA has reached out to manufacturers in all five boroughs, providing assistance to ensure that they remain in the City and continue to provide important jobs and products for New Yorkers," said New York City Economic Development (EDC) President and IDA Chairman Charles Millard.
PETROCELLI ELECTRIC COMPANY INC. Petrocelli will purchase and renovate a new facility in Long Island City, Queens. Approximately $5.56 million in triple tax-exempt bonds will be issued by the IDA toward the purchase of this new building. The company is currently functioning at full capacity and is unable to expand its manufacturing sector due to space constraints. While looking to expand Petrocelli was actively pursued by New Jersey. However, as a result of IDA financing, the company will remain in New York City.
Petrocelli currently employs 400 people and is expected to add 50 jobs within the next three years. CAMPBELL AND DAWES, LTD. Campbell and Dawes Ltd. will purchase and renovate a new facility in Kew Gardens, Queens with assistance from the IDA's Industrial Incentive Program. Through this program, the company will receive a mortgage recording tax waiver, a land tax of abatement up to $500 per employee for 25 years, a building tax stabilization for 25 years, and a sales tax abatement on the hard costs of renovations.
Campbell & Dawes currently has 100 full-time employees and expects to create 30 new positions within the next three years.
The company plans to purchase an 11,260-square-foot building which is on a 12,500-square-foot piece of land that will include a 2,000-square-foot parking lot. Renovations to the building will include the rehabilitation of interior walls and floors, facade repairs, new interior lighting and painting of the interior.
The Industrial Incentive Program provides incentives for small capital investment through various tax exemptions for industrial companies with annual revenue in gross excess of $5 million per year or that have more than 100 employees. Other programs include the Small Industry Incentive Program, the Equipment Financing Program and the Capital Access Program. To date, 29 companies have received assistance through the City's incentive programs, retaining a total of 2,811 jobs and creating 958 new jobs
. IDA is a public-benefit corporation contractually administered by EDC and established to encourage business expansion and development.
EDC is the City's primary vehicle for economic development services. Using its real estate and financial resources, it helps develop businesses and create jobs throughout the five boroughs.
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