IDA’s June Calendar

$85 million in bond offerings on the calendar for IDA’s June public hearing. The New York City Industrial Development Agency, a component of the Economic Development Corporation, held its monthly public hearing on June 7, 2007. Eighteen projects were on the notice of public hearing, including bond offerings totaling $85 million and seven straight-leases.

Among the 18 projects on the calendar was a straight-lease to News America Publishing Inc., a wholly owned subsidiary of Rupert Murdoch’s News Corp. The lease is for 75,000 sq.ft. of office space at the company’s current U.S. headquarters at 1211 Avenue of the Americas. News America Publishing Inc.’s parent company has approximately $62 billion in assets and total annual revenues of approximately $28 billion. On approval, the IDA action would extend the company’s exemption from City and state sales and use taxes in connection with renovating and equipping the building’s 12th and 13th floors.

Federated Department Stores, Inc., the owners of Macy’s and Bloomingdale’s, applied to extend sales and use exemptions for 104,000 sq.ft. of office space at 11 Penn Plaza.

Also proposed was a $9 million bond to the Lower East Side Tenement Museum. The museum focuses on the city’s immigration history and attempts to preserve historic apartments and exhibits. Proceeds from the tax exempt bond would be used to acquire, renovate, and furnish 21,432 sq.ft. of a building located at 103 Orchard Street, which would serve as a home for the museum. Bond proceeds would also facilitate the refinancing of an existing mortgage held by the museum.

As of the date of publication, IDA had not released the final information on the public hearing, or which projects went forward for a vote at the June 12, 2007 Board of Directors Meeting. The full official notice can be found at

New York City Industrial Development Agency, Notice of Public Hearing (June 7, 2007).

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