Industrial sector receives $14 million in financial assistance.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 chairman Andrew M. Alper announced that six industrial companies have been approved for financial assistance in connection with expansion projects in Manhattan, Queens, Brooklyn and the Bronx. These six transactions represent about $14 million in private capital investment and will retain and create more than 500 jobs. "The industrial sector is a very important component of 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's economy," said Alper. "I am pleased NYCIDA NYCIDA New York City Industrial Development Agency has programs that help these vital companies to grow and prosper." Polo Linen Services Inc., located in Long Island, needed $1.4 million in real estate and 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. benefits to acquire a 52,000-SF building in the Bronx, in order to streamline and consolidate its operations. They said they also hoped relocating would attract new business from markets north of the city. The $3 million project will add 40 employees to Polo Linen's current workforce of 115. The NYCIDA board also approved a real estate and sales tax industrial incentive transaction for Maya Overseas Foods Inc., an importer of Eastern food products. Because of increasing demand for its products, the company said they need to purchase a larger facility to consolidate and expand its operations. Federated Connected and treated as one. See federated database and federated directories. Mechanical Corporation, located in Manhattan, has been approved for a $764,000 real estate and sales tax benefit package in connection with the acquisition and renovation of a facility in the Bronx. This $1.56 million project will also allow Federated Mechanical to add 20 jobs to its workforce of 50 over the next three years. Gelmart Industries Inc. was approved for $1.3 million in real estate and sales tax benefits to renovate a facility it owns in College Point, Queens College Point is a neighborhood in the New York City borough of Queens. It is located north of Flushing on Flushing Bay and the East River and is part of the NYPD's 109th Precinct and Queens Community Board 7. , which it plans to reoccupy Re`oc´cu`py v. t. 1. To occupy again. . The renovated College Point facility will employ 140 workers. Another industrial company NYCIDA is helping to acquire larger facilities is Manhattan Laminates Ltd, a building supply wholesaler specializing in laminates. NYCIDA approved up to $2 million in real estate and sales tax benefits for the $4 million project, which will enable Manhattan Laminated to increase its workforce from 18 to 30 employees. Smart Plumbing & Heating Corporation, also requested NYC NYC abbr. New York City NYC New York City 1DA assistance to expand. Beginning with only one worker, today the company employs 40 workers and expects to nearly double in size over the next seven years. NYCIDA has agreed to provide $481,000 in real estate and sales tax benefits for the project. "These projects clearly demonstrate the desirability of New York City as a location for industrial entrepreneurs and their determination to do business here," said Alper. "In each case, the companies identified locations that would result in lower operating costs, but remain in or return to the city. NYCIDA is committed to helping companies like these." |
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