August 2012 - Empire State Development - New York State

FOR CONSIDERATION
August 16, 2012
TO:
FROM:
SUBJECT:
REQUEST FOR:
The Directors
Kenneth Adams
New York Harbor – Agreement with the Port Authority of New York and
New Jersey (“PANYNJ”) for Funding with Regard to the Transportation,
Economic Development and Infrastructure Renewal Master Agreement
(“TEDIR Agreement”)
Authorization to (i) Approve Funding to the Brooklyn Navy Yard
Development Corporation for the Brooklyn Navy Yard Green
Manufacturing Center; (ii) Adopt the Proposed General Project Plan; (iii)
Amend the TEDIR Agreement to Include this Project; and (iv)
Authorization to Take Related Actions
Project Summary
Grantee:
General Project Plan
Brooklyn Navy Yard Development Corporation (“BNYDC”)
ESD* Investment:
A grant of up to $5,000,000 to be used to repay a portion of the funds
that BNYDC lends to a New Market Tax Credit (“NMTC”) and Historic Tax
Credit (“HTC”) Investment Fund (the “Investment Fund”). By using the
Grant in this manner, the Grant funds are being funded into a structure
that generates NMTCs and HTCs and, as a result, BNYDC will receive
additional funds from the NMTC and HTC investor referenced above.
Through the above structure, the Grant proceeds ultimately are utilized
for the purpose of rehabilitation of the Property.
Project Location: 63 Flushing Avenue - Buildings 28, 123, and 128
Brooklyn Navy Yard, Brooklyn, Kings County
Proposed Project:
Regional Council:
Redevelopment of Brooklyn Navy Yard's Buildings 28, 123, and 128 into a
215,000 square-foot multi-tenanted manufacturing facility (the
“Project”).
The Project is a New York City Regional Economic Development Council
(“Council”) priority project. The Incentive Offer was accepted in March
2012. The Project is consistent with the Regional Plan in that it is a
“transformative project that positions the region as a leader in the