Contact: Sunny Mindel/Curt Ritter 212/788 2958
Bernadette O'Leary 212/312-3523
Mayor Rudolph W. Giuliani announced today that the Industrial Development Agency (IDA) has agreed to assist 17 companies in expanding their businesses throughout the City, which will create 9,536 additional new jobs. The businesses represent a variety of the City's industries, from food manufacturers to entertainment companies.
"The City is committed to helping small businesses flourish, and these IDA transactions are a great example of how the City helps growing companies in all industries and communities," said Mayor Giuliani. "The companies that will benefit from these IDA agreements are important to New York City's marketplace, and I am pleased that the City is able to assist them in attaining further success."
FOOD AND BEVERAGE INDUSTRY FEEDS CITY'S JOB POOL
Dairy Maid Ravioli Manufacturing Corporation, a pasta manufacturer and distributor, and Tasty Mix Quality Foods, Inc., a dough mix manufacturer, are both owned and operated by brothers Louis and Salvatore Ballarino. To accommodate their expanding businesses at a location close to their family, the Ballarinos plan to acquire a 20,000-square-foot plot of land at 730 Richmond Terrace in Brighton, Staten Island, and to construct and equip an 11,000-square-foot facility. Over a 25-year period, Dairy Maid and Tasty Mix are slated to receive approximately $1.5 million in triple tax-exempt industrial development bonds and up to $777,864 net present value (NPV) in tax exemptions over a 25-year period. The companies will add 14 jobs to their present staff of 13 employees.
Specialty foods distributor M&V Provisions Co., Inc., the originator of Ham Capacolla, has been doing business in New York City since 1949. The company plans to expand its operations by purchasing and renovating a 50,000-square-foot facility as well as purchasing a 10,000-square-foot lot in Maspeth, Queens. M&V has been approved to receive approximately $841,831 (NPV) in tax benefits over 25 years, and will add eight jobs to its current staff of 40 workers.
Two additional food and beverage manufacturers expanding in Maspeth, Queens that have received second-phase approvals are Big Geyser, a distributor of non-alcoholic beverages such as Perrier and Nantucket Nectars; and World Casing Corporation, a sausage casings manufacturer that has been operating in New York City since 1952. With assistance of approximately $1,675,423 (NPV) over 25 years, Big Geyser plans to consolidate its operations and its 130 employees in Long Island, Brooklyn and the Bronx in a new facility on 48th Street, and will add 32 jobs. World Casing plans to expand by purchasing new facilities at 47-06 Grand Avenue and 4681 Metropolitan Avenue with IDA assistance of approximately $2,075,000 in triple tax-exempt bonds, and will expand its 35-person staff with 15 jobs.
"The Administration is committed to ensuring that New York City continues to be the place to do business for companies of all sizes," said Deputy Mayor for Economic Development, Planning and Administration Randy Levine. "Last month, the IDA moved to assist a record number of 20 businesses, and this month, it has followed up by supporting companies from a wide variety of the City's industries. It is the success of companies like these that help to make New York City the Business Capital of the World."
CITY HELPS BUSINESSES MAKE HOME IMPROVEMENTS
Crystal Window and Door Systems, LTD., a window and door manufacturer located in College Point, Queens, is an example of the Giuliani Administration's efforts to revitalize under-used City-owned land. Crystal Window is slated to receive IDA assistance to construct a new 145,000-square-foot manufacturing facility at 31 Whitestone Expressway, which it purchased from the City last year. Currently employing 130 workers, Crystal Window will add 240 more jobs to the College Point community. The company received second-phase approval for approximately $3,641,000 (NPV) in tax benefits over a 25-year period.
CNC Associates, a prominent tri-state area kitchen cabinet manufacturer and distributor, plans to purchase the 150,000-square-foot facility it presently rents in Maspeth, Queens. With 60 employees working to serve over 600 showrooms, CNC plans to hire 30 additional employees and renovate its facility with tax benefits up to $1,710,000 (NPV) over 25 years.
A number of businesses received second-phase approvals for IDA assistance at the July IDA Board meeting, including Royal Airline Laundry Services Corp., an industrial laundry servicing the airline industry that is planning to purchase a vacant lot and construct a 35,000-square-foot building in Far Rockaway, Queens. Royal Airline will move 200 employees from Long Island, New York, to its new location in the Far Rockaway Economic Development Zone.
Also receiving second-phase approvals were:
"Small businesses play an invaluable role in New York City's economy, with 98 percent of our businesses employing fewer than 100 workers," said Michael Carey, Chairman of the IDA. "Since 1994, the IDA has helped over 300 of the City's small businesses and organizations to expand. This translates into significant job growth for New Yorkers, as well as added revenue and an improved quality of life for neighborhoods throughout the City."
The IDA is the City's primary vehicle for providing assistance to businesses, including small industrial and manufacturing companies. The IDA is a conduit issuer that issues tax-exempt industrial revenue bonds that assist eligible industrial and not-for-profit organizations to finance expansion opportunities. A broader range of companies may also qualify for abatements on sales, real estate and mortgage recording taxes and reduced energy costs.