City approves $650M Liberty Bond refund for BofA Tower.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 (NYCIDA NYCIDA New York City Industrial Development Agency ) has approved a refunding bond refunding bond A bond that is issued for the purpose of retiring an outstanding bond. Issuers refund bond issues to reduce financing costs, eliminate covenants, and alter maturities. See also crossover refunding bonds, prerefunding. issuance of Liberty Bonds for the construction and development of One Bryant Park, the world's most environmentally-friendly high-rise office tower. The nod paves the way for the issuance of $650 million in refunding Liberty Bonds in connection with the permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. of the One Bryant Park tower. Liberty Bonds were issued in 2004 for the construction of a 51-story, 2.1 million square-foot building. The tower, which will serve as Bank of America's headquarters for its NYC NYC abbr. New York City NYC New York City operations, is expected to generate substantial fiscal revenues and economic activities that will benefit all of New York City, generating City tax revenue annually of about $4.88 billion over the next 50 years, creating 8,400 construction jobs and housing and more than 6,600 tenant jobs. The refunding bond issuance is part of the permanent financing of the building and will result in no new Liberty Bond allocation. Construction of the $2.2 billion tower, which includes $790 million for Bank of America's tenant improvements and specialty work necessary to build the Bank's trading floor, began in August 2004 and is expected to be ready for occupancy in the second quarter of 2008. "By helping Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. build this state-of-the-art global securities trading headquarters, NYCIDA is helping strengthen the City's position as the premier location for the financial services industry," said NYCIDA executive director Kei Hayashi. NYCIDA also approved approximately $125 million in tax-exempt bond Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. financing and about $3.2 million in mortgage recording tax benefits to Polytechnic University, the nation's second oldest private engineering university. The organization will use bond proceeds to refund existing NYCIDA bonds used for renovation, acquisition and construction of various campus facilities. Funds will also be used to refinance about $6 million in debt used to finance construction of the Dibner building on its main campus. The total project cost is expected to be the same as the issuance. NYCIDA approved about $10 million, about $4.4 million in mortgage recording tax and real estate tax benefits and about $77,000 in 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 to help S&L Aerospace Metals, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control acquire, renovate and expand a 41,000 s/f facility in the College Point section of Queens. NYCIDA approved up to $50 million in tax-exempt bond financing and about $1.4 million in mortgage recording tax benefits for the United States Fund for UNICEE The United States Fund will the money to acquire, renovate and equip three commercial condos in one building in Lower Manhattan that will serve as its new national headquarters. And the NYCCRC Board approved approximately $50 million in tax-exempt bond financing for Cobble Hill Health Center, Inc., a Brooklyn-based skilled nursing organization. |
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