Greater Jamaica Development Corp. receives $21M for downtown project.Greater Jamaica Development Corporation has received $21 million in federal tax credits to attract private equity capital for a 500,000-SF office building in downtown Jamaica. The office building, sponsored by GJDC with its developer partner, LCOR Inc., is the first phase of the 4.5-million-SF JFK Corporate Square mixed-use development Mixed-use development refers to the practice of allowing more than one type of use in a building or set of buildings. In planning zone terms, this can mean some combination of residential, commercial, industrial, office, institutional, or other land uses. , located adjacent to Long Island Rail Road's Jamaica Station and the new JFK AirTrain station. The structure would be the first, privately developed Class "A" office space in the borough of Queens in more than a decade. The incentives were competitively awarded through the U.S. Treasury's New Markets Tax Credit (NMTC NMTC New Market Tax Credit NMTC Northern Maine Technical College NMTC Northeastern Maryland Technology Council NMTC National Maintenance Training Center NMTC Negative Moderator Temperature Coefficient ) initiative, a new federal program allowing community development organizations to raise equity capital from investors and to pass on tax credits to these investors over a seven-year period. GJDC officials said that Congressman Gregory Meeks (D-St. Albans), a sponsor of the NMTC program and an influential member of the House Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Committee, was successful in securing the federal incentives for JFK Corporate Square. "By attracting private investment to JFK Corporate Square, these credits will help fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. Jamaica's potential for economic growth offered by its proximity to JFK International Airport," said Tazewell A. Smith, chair of GJDC. "We applaud Congressman Meeks for his vigorous efforts on behalf of economic revitalization re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. in downtown Jamaica." "I am proud to have secured funds for JFK Corporate Square in downtown Jamaica," said Congressman Meeks. "Downtown Jamaica is a high priority for me, and its vitality is key to our community's progress. I look forward to continuing to be a strong advocate with all levels of government to promote investment in the Sixth Congressional district Noun 1. congressional district - a territorial division of a state; entitled to elect one member to the United States House of Representatives district, territorial dominion, territory, dominion - a region marked off for administrative or other purposes ." Of five New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City-based organizations that received a total of $201 million in NMTC tax credits, GJDC is the only entity that will use the credits exclusively within the city. The award was one of 66 grants nationwide totaling $2.5 billion. "From the outset, we had counted on these federal tax credits as an important component of JFK Corporate Square's formula for success," said David A. Sigman, senior vice president of LCOR. "LCOR is working in partnership with the state, the city, the Port Authority and the Jamaica community to turn this initial project into an engine for creating an airport village around AirTrain." |
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