2 firms to expand with IDA help.New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Industrial Development Agency (IDA Ida (ē`dä), city (1990 pop. 91,859), Nagano prefecture, central Honshu, Japan, on the Tenryu River. It is an agricultural market and railway junction. ) chairman and New York City Economic Development Corporation Overview New York City Economic Development Corporation (NYCEDC) is a non-profit local development corporation that promotes economic growth across New York City's five boroughs. (EDC EDC See: Export Development Corp. ) president Andrew M. Alper announced at the January 2003 IDA board meeting financing assistance for two companies to expand their operations in New York City. The agreements will retain 291 jobs and create 19 new ones in Brooklyn and the Bronx. "These transactions illustrate the ways in which the City, through the IDA, can help businesses in all the boroughs," said Alper. "I am pleased these two companies were able to turn to the IDA to help them grow and prosper in New York City. These two family-owned businesses are representative of the types of small businesses that are the backbone of our city's workforce." Acme Smoked Fish, a manufacturer and distributor of fish products, is scheduled to receive approximately $2.5 million NPV NPV See: Net present value (net present value) in real estate and sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. exemptions over 25 years. IDA assistance will enable Acme to renovate its building at 192 Banker St. and acquire and renovate the adjacent building at 190 Banker St. in East Williamsburg, Brooklyn East Williamsburg is a marketing term created by real-estate speculators for the area in the northwestern portion of the borough of Brooklyn in New York City, which is in or around Bushwick. . Acme Smoked Fish has 125 employees and plans to add 10 more workers within seven years. Established in the early 1900s, Acme Smoked Fish has been operated by the Brownstein family for four generations. The largest processor of smoked fish and herring in the United States, the company sells more than one million pounds of Pacific and Atlantic salmon Atlantic salmon Oceanic trout species (Salmo salar), a highly prized game fish. It averages about 12 lbs (5.5 kg) and is marked with round or cross-shaped spots. Found on both sides of the Atlantic Ocean, it enters streams in the fall to spawn. a year. Port Morris Tile & Marble, an importer and fabricator of ceramic tile, marble and granite, is scheduled to receive about $224,000 NPV in real estate and sales tax exemptions over 25 years. The company currently occupies two buildings in the Port Morris section of the Bronx and plans to buy a third building at 940 Bryant Ave. Port Morris Tile & Marble has 176 employees and plans to add nine more workers within seven years. Founded in 1904 by the DeLazzero family, the company installs marble, ceramic and terrazzo terrazzo Type of flooring consisting of marble chips set in cement or epoxy resin that is poured and ground smooth when dry. Terrazzo was ubiquitous in the 20th century in commercial and institutional buildings. in buildings throughout New York City, including major projects such as the Plaza Hotel, the Empire State Building and Grand Central Station. Alper also announced a change in IDA's public hearing procedure, set to take effect next month. Applications for IDA financing and related cost benefit analyses prepared by IDA staff will be available for public review commencing at noon of the Tuesday preceding the regularly scheduled (Monday) monthly public hearings. This additional review time is intended to permit greater participation and allow interested parties to provide more informed testimony at the public hearings. "This change in the public hearing process is another example of the greater transparency we're bringing to IDA and EDC operations," said Alper. "It also represents another step toward achieving the Bloomberg Administration's goal of being more responsive to the public. It signals an important shift in how we communicate economic development opportunities to the people of New York City. EDC will continue to identify and implement ways to establish a more accessible, open process." |
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