City to help NBC Universal relocate unit to Manhattan.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. ) has approved an amendment to an existing agreement with NBC Universal NBC Universal is a media and entertainment company formed in May 2004 by the combination of General Electric's NBC with Vivendi Universal Entertainment (part of the French Media Group, Vivendi SA). GE owns 80% of NBC Universal with the remaining 20% owned by Vivendi SA. that will lengthen and deepen its corporate commitment to New York City and will attract to the city its MSNBC MSNBC Microsoft/National Broadcasting Company unit, including 421 jobs currently in New Jersey. IDA approved about $1.5 million in real estate tax benefits to facilitate the relocation. As a result of the agreement, NBC Universal will make significant capital and technological investments in its midtown Manhattan facilities. "NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. Universal's expanded commitment to New York City reaffirms the City's role as a global media center in an expanding digital environment," said Robert C. Lieber, president of 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. , which administers IDA. "We are pleased to assist NBC Universal with a relocation that will complement the flagship news operations of NBC News while bringing new capital investment and jobs to New York City." The deal with NBC Universal amends an existing agreement reached in 1987, which committed NBC Universal to an employment base figure through 2010. Under the new agreement, NBC Universal has committed to invest at least $57 million in its broadcasting, news gathering and production facility at 30 Rockefeller Center in order to accommodate its MSNBC unit, which will relocate 421 jobs from Secaucus, NJ. Additionally, NBC Universal will be required to maintain at least 3,850 total jobs, an increase from the currently required 2,250 total jobs NBC Universal is require to maintain today. NBC Universal will also extend by 13 years its overall city-wide job commitment to the City to 2023 from 2010. In addition, IDA Board approved financing assistance for the expansion of two not-for-profit organizations in Brooklyn and Manhattan and an industrial company in Queens. The three expansions and the agreement with NBC Universal will help spur more than $73 million in private investment, while retaining and creating more than 4,000 jobs. Greenpoint Manufacturing and Design Center, a not-for-profit developer of industrial facilities, will receive real estate tax benefits of about $4.5 million to acquire and renovate a 72,000 s/f facility in Brooklyn. IDA financing assistance will allow the company to develop long-term affordable space for small- and medium-sized industrial businesses. In addition to IDA financing assistance, the company will also receive $3.5 million in capital project funds from the New York City Council The New York City Council is the lawmaking body of the City of New York. It comprises 51 members from 51 council districts throughout the five boroughs. The Council serves as balance of power against the mayor in a "strong" mayor-council government model. through the Industrial Acquisition Write-down Fund, as well as $500,000 from the Brooklyn Borough President's Office for the project. IDA approved approximately $5 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 $140,000 in mortgage recording tax benefits for Manhattan Community Access Corporation's new Harlem location. The not-for-profit public access cablecast ca·ble·cast n. A telecast by cable television. [cable + (broad)cast.] ca and media training provider will use IDA financing assistance to acquire, renovate and equip an 8,000 s/f building to house a public access TV production and broadcast facility and a new media skills training and access center. IDA approved approximately $9 million in tax-exempt bond financing, about $2.7 million in real estate tax benefits and about $194,000 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 Cool Wind Ventilation Corporation acquire and renovate a 35,500 s/ f facility in Glendale, Queens and to purchase production equipment. |
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