August 2012 - Empire State Development - New York State

Project Cost and Financing Sources
emerging clean tech sector. It would offer built space for clean tech
companies [and] would help generate cluster development.” The Project
supports three main goals of Priority Projects: Transformative Roles, Job
Creation and Regional Impact.
* The New York State Urban Development Corporation doing business as
the Empire State Development (“ESD or the “Corporation”)
The Project budget has been updated since June 2012 to include the full scope of the
rehabilitation to qualify for NY State and Federal historic rehabilitation tax credits.
Financing Uses
Amount
Hard costs $50,596,415
A/E and testing costs $2,000,000
Design contingency costs $5,259,641
NMTC/HTC closing costs & fees $2,526,500
Total Project Costs $60,382,556
Financing Sources Amount Percent Rate/Term/Lien
ESD - Grant (X771) $5,000,000 8%
ESD - Grant (W932) – Downstate
Revitalization, approved
March 23, 2011 $1,000,000 2%
U.S. Economic Development
Administration - Grant $2,500,000 4%
NYC Capital grant $10,000,000 17%
NYC Regional Center - Loan $34,570,056 57% 3%/5 yrs./rent roll
NMTC Equity** $7,312,500 12%
Total Project Financing $60,382,556 100.0%
** $12,000,000 in NMTC allocation from ESNMC will yield $3.5M of the total $7.3M in gross NMTC tax credit
equity, before fees and closing costs.
Project Description
A. Company
Funding Source:
In November 2003, the Port Authority of New York and New Jersey
(“PANYNJ”) and ESD executed the TEDIR Agreement that authorized a
program of capital expenditures for transportation, economic
development and infrastructure renewal projects in the State of New
York. Pursuant to the TEDIR Agreement, ESD has the authority to request
funding from PANYNJ for projects. ESD has received preliminary advice
that PANYNJ will provide the required concurrence for the Project.
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