IDA also approves tax -exempt bonds for 2 health care entities and 1 private school. On October 9, 2007, the New York City Industrial Development Agency voted to provide financial assistance to four entities.
IDA awarded the Bronx Parking Development Company $225 million in tax-exempt bonds to finance the design, construction, and renovation of three new parking garages, two existing garages and six surface lots that would serve the new Yankee Stadium. According to IDA, the parking project will create approximately 555 construction and operational jobs.
IDA also awarded about $30 million in tax-exempt bonds and about $840,000 in mortgage recording tax benefits to Congregation Darchei Torah, a private boys’ school, to help construct and equip a 160,000-square-foot building in the Far Rockaway section of Queens. IDA says the project will increase the school’s enrollment by 300 students, and retain and create about 180 jobs.
The Peninsula Hospital Center in the Far Rockaway section of Queens will receive about $20 million in tax-exempt bonds and about $587,000 in mortgage recording tax benefits. The North Shore Long Island Jewish-affiliated community hospital will use the money to refinance existing 1998 civic facility revenue bonds, issue new bonds, and renovate and equip its 185,000- square-foot facility. IDA says the project will create and retain 812 jobs.
Lastly, Heart Share Human Services of New York, a not-for-profit affiliated with the Roman Catholic Diocese of Brooklyn, will receive $10.27 million in tax-exempt bonds and approximately $287,561 in mortgage recording tax benefits to acquire, renovate, furnish and equip its facilities. Heart Share serves people in need throughout the city, including children in need of foster care and adoption and people with HIV and AIDS.
IDA: Notice of Public Hearing (Oct. 1, 2007); Bd. of Dir. Mtg. Press Release (Oct. 10, 2007).