City's pumps $23m into purchase and expansion plans.

New York City Industrial Development Agency (IDA) Chairman Andrew M. Alper announced that IDA will provide $23 million in assistance to four industrial companies.

The IDA Board also agreed to provide assistance to a not-for-profit fundraising corporation to help it acquire an office condominium.

Alper said, "The transactions will create and retain more than 225 industrial jobs and 53 not-for-profit jobs. They will also spur more than $23 million in private investment in four of our five boroughs."

Rapid Processing LLC is a family-owned paper processing and recycling company that has been in business since 1973. The company plans to purchase a 37,000 s/f facility in Maspeth, Queens, to streamline and expand its operations.

Although the new facility is smaller than the company's current building in Brooklyn, its open layout will promote greater efficiency that will result in expanded capacity. Rapid Processing will invest $3.2 million in the project and add 11 employees to the 74 workers it has currently. IDA has approved the company for about $866,000 in sales and real estate tax benefits. In addition, Rapid Processing may qualify for up to $120,000 in discounted energy from the Business Incentive Rate program (BIR) and the City's Energy Cost Savings Program (ECSP).

Located on the East River in the Bronx, Stuyvesant Fuel Terminal Co. LLC specializes in storing and distributing fuel oil and diesel fuel. It needs to renovate its existing facilities due to the addition of a new fuel to its product mix.

The company plans to invest about $2.5 million in the project, which includes the demolition of an existing building and construction of a new 1.6-million-gallon tank facility. In addition, the company will add new loading racks to transfer the oil from the tanks to delivery trucks.

IDA approved Stuyvesant Fuel Terminal for $120,000 in real estate and sales tax exemptions for the project that will enable the company to add five employees to the 17 workers it already employs. The company is also expected to apply for up to $32,000 in discounted energy from BIR and ECSP.

Sweet Sams Baking Company LLC has more than 70 workers and would like to further expand its business by relocating to a larger facility, enter new markets and increase production.

The company is seeking IDA assistance for the acquisition, renovation and equipping of an approximately 51,000 s/f building on a 79,000 s/f parcel of land in the Zerega Industrial Park near its current 21,000 s/f facility.

IDA has agreed to provide about $6.5 million in manufacturing facility bonds and $2.7 million in real estate and sales tax benefits for the $7.3 million project. The company will also possibly qualify for up to $168,00 in discounted energy benefits.

Nu-Life Dental Laboratories Inc., located in Brooklyn, has located a property in the Mill Basin section of Brooklyn that will allow it to maximize its production capabilities and install state-of-the-art equipment necessary to meet industry demands and promote further growth. IDA has agreed to provide about $488,000 in sales and real estate tax benefits and $32,000 in energy incentives for the $1.4 million project.

The IDA Board also agreed to help the American Committee for the Weizmann Institute of Science Inc. (ACWIS) to acquire and renovate a 19,000 s/f office condominium unit in midtown Manhattan.

ACWIS must relocate from 15,000 s/f of leased midtown space because the landlord needs to make major structural renovations to the building. IDA agreed to provide approximately $8.8 million in civic facility bonds in connection with the $8.9 million project.