DUMBO tenants taking advantage of major tax abatement program.Two Trees Management Co. is poised to help new tenants relocating to DUMBO take advantage of a NYC NYC abbr. New York City NYC New York City Department of Finance tax incentive plan, called REAP (Relocation and Employment Assistance Program). The REAP program had been in existence for years, but had expired last June after the program's tax benefits expanded substantially in 2000. REAP was signed into law on July 6, 2004 by Governor Pakaki. REAP legislation gives large tax credits to tenants relocating all or part of their business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets from outside of 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. or south of 96th Street, Manhattan, to eligible buildings in DUMBO, or to eligible buildings in areas of the Bronx, Brooklyn, Queens, or north of 96th Street. REAP benefits are retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a to July 1, 2003. Two Trees has space available that qualifies for relocation of tenants in REAP-eligible buildings. Since 2000, the company has invested $12 million alone on two commercial buildings, 45 Main Street and 55 Washington Street The following streets in the United States are called Washington Street:
Since new tenants were targeted by Two Trees, the result is a diverse, hip DUMBO community consisting of lbusinesses, restaurants and more. "We've attracted 138 new tenants since the enhanced REAP program began--close to 750,000 s/f since our pre-built program started," said Jed Walentas, a principal with Two Trees. New tenants relocating all or part of their business operations will receive a REAP credit of $3,000 per employee for 12 years. The credit will be issued against the NYC Corporate Tax, the Bank Tax or the Unincorporated Business Tax and makes the cost of doing business considerably more affordable. "Two Trees has a person on staff to help tenants navigate through the REAP process and ensure they get their maximum benefits," Walentas said. Existing Two Trees tenants receiving REAP benefits include Williams-Sonoma; Alexis Bittar, Inc.; Centaur centaur (sĕn`tôr), in Greek mythology, creature, half man and half horse. The centaurs were fathered by Ixion or by Centaurus, who was Ixion's son. Entertainment; Emerge Records; Empire One; Flat Iron Solutions; Hahn Engineering; Harbor Engraving; Inch; Jones, Jones Larkin and O'Connell; Loot, Mionetto USA, Noah and David Construction, Paychex, RJM RJM Resistojet Module RJM Religious of Jesus and Mary (France) (religious order) 2, Strauss Consulting and The Joey Company. Two Trees is currently negotiating with the following businesses to relocate to the DUMBO waterfront community: A limousine call center that is expanding from 4,000 square feet to 10,000 square feet. 50 employees will be relocated from the existing Manhattan location. * A minority owned computer services Data processing (timesharing, batch processing), software development and consulting services. See service bureau, SaaS and ASP. company, which is expanding from two to five employees. 1,072 square feet will be leased. * A film and video company expanding from three employees to six. 1,072 square feet will be utilized. * A major apartment construction rehabilitation rehabilitation: see physical therapy. firm. * A law firm, currently with three attorneys and planning to double their size will be leasing 2,100 square feet. |
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