City IDA approves $65M for tennis center upgrades.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 Andrew M. Alper announced that USTA National Tennis Center The USTA Billie Jean King National Tennis Center is located in Flushing, in the New York City borough of Queens and has been the home of the US Open Grand Slam tennis tournament played every year in August and September. Incorporated (NTC NTC Notice NTC National Training Center NTC National Telecommunications Commission NTC National Transport Commission (Australia) NTC Negative Temperature Coefficient NTC Naval Training Center ) has been approved to receive up to $40 million in triple tax-exempt Triple tax-exempt Municipal bonds featuring federal, state, and local tax-free interest payments. bonds and up to $35 million in taxable bonds, not to exceed a total of $65 million, to help finance major upgrades for its recreation and civic facility in Flushing Meadows, Queens. The project will increase seating capacity, expand and improve facilities, upgrade security and facilitate greater access to the center. "This project will help NTC continue to achieve its mission of fostering international and national amateur sports competition, and promoting tennis as healthful health·ful adj. 1. Conducive to good health; salutary. 2. Healthy. health  ful·ness n. recreation for the general public," said IDA Chairman. Alper. "With the notoriety of the U.S. Open, the world's premier tennis tournament, the public use of the facility tends to be overlooked." The renovation program will include adding 600 seats to the Louis Armstrong stadium Louis Armstrong Stadium is the second tennis stadium of the U.S. Open, the last of each year's four Grand Slam tournaments. It is located at the USTA Billie Jean King National Tennis Center in Flushing, in the New York City borough of Queens. , replacing 5,000 and adding 800 seats at the Grandstand stadium, as well as renovating all walkways, steps and railings. New concession stands will be constructed between Louis Armstrong and Grandstand stadiums. At the Arthur Ashe stadium Arthur Ashe Stadium, located in Flushing Meadows Park, is the main tennis stadium of the U.S. Open, the last of each year's four Grand Slam tournaments. The stadium is also where the annual Arthur Ashe Kids Day takes place. , escalators will be installed, as well as new concession stands and elevators, and two restaurants will be renovated. In addition, the existing one-story indoor tennis facility will be replaced with a two-story structure to increase the number of courts from nine to fourteen and add world-class exercise and training facilities. This is the second IDA financing transaction for the benefit of NTC. In 1994, IDA issued $150 million in bonds to help finance an expansion project that included constructing the 23,160-seat Arthur Ashe Stadium, renovating the Louis Armstrong and Grandstand Stadiums, and expanding outdoor courts. As a result of that program, the facility became the largest public tennis facility in the world. A separate transaction approved by the IDA Board will ensure the continued operation of a film production facility at 110 Leroy St. in the West Village. The resolution allows Royalton Realty Associates, the owner of the building, to use the remainder of $1.3 million in tax incentives granted in 1998 to The Shooting Gallery shooting gallery Substance abuse A place–eg, an abandoned building in an economically-depressed urban area–ie, a ghetto, where IV drug users congregate, purchase, inject–'shoot' heroin, cocaine, oxycodone or other drug. to encourage operating the building as a film production facility for 25 years. The Shooting Gallery is no longer in business, but several of the building's independent tenants, including Paramount, Castle Rock and Technicolor, continue to lease space in the facility. By assuming the benefits, Royalton Realty will be responsible for the continued operation of the building as a dedicated film production facility until 2023. The IDA board also approved transactions for two dairy companies and a manufacturer. Mehadrin Dairy Corporation and L.F.W. Dairy Corporation of Williamsburg, Brooklyn, will receive up to $3 million, net present value (NPV NPV See: Net present value ), in tax exemptions over 25 years, to construct and equip a 70,000-SF facility on 46,000 SF of land they purchased to relocate and expand their businesses. The total cost of the project is estimated at $6.3 million. The companies have 78 employees and expect to add an additional 9 jobs in the next three years. Mehadrin and L.F.W., which share the same ownership and management, are both distributors of kosher dairy products. The new facility would allow them to expand their operations into manufacturing and expand product lines. The companies date back to 1950 when Mehadrin distributed three products - cottage cheese, sour cream and butter - with one truck to stores around Williamsburg. Economy Pump & Motor Repair Inc. was approved for $238,000 in tax abatements to assist in the purchase of a 6,250-SF building in Long Island City, Queens Long Island City (often abbreviated L.I.C.) is the western-most neighborhood of the borough of Queens in New York City. It is bounded on the north and west by the East River; on the east by Hazen Street, 49th Street . The new building will allow the company, which manufacturers and distributes plumbing parts for heating systems, to expand into the repair of air conditioning pumps and motors. The company has nine employees and plans to hire four more as a result of the expansion. Economy Pump and Motor expects to invest $840,000 in the new facility. |
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