August 2012 - Empire State Development - New York State

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Approximately $155 million will be spent to rehabilitate the Project. The rehabilitation will be subject to federal prevailing-wage rates and include a conversion from electric to gas heat, renovation of the lobbies and common areas, replacement and upgrading of mechanical systems, window replacement of two of four buildings, roof repair, brick pointing, completion of elevator modernization, replacement of doors and entrances, structural repair to the adjoining parking structure, landscaping, and a new DVR security system with approximately 1,500 security cameras. Improvements within tenant dwelling units will include repainting of units, new floors, new kitchen cabinets, new appliances, countertops and fixtures, and new bathroom vanities, sinks, faucets, and bath tubs. To ensure quality management of the property, the Section 236 subsidy will be decoupled to allow for the issuance of project based Section 8 vouchers for all eligible current tenants. The project-based vouchers will allow the Property to receive higher rents while ensuring that tenants will pay no more than 30% of their income for their new rent. This affordability will be maintained for 35 years. NON-DISCRIMINATION AND CONTRACTOR & SUPPLIER DIVERSITY ESD’s Non-Discrimination and Contractor & Supplier Diversity policies will apply. Purchaser and every successor in interest to the Property shall not discriminate upon the basis of race, creed, color, sex or national origin in the sale, lease or rental, or in the use or occupancy of the Property or improvements erected or to be erected thereon or any part thereof. This covenant shall run with the land in perpetuity. ENVIRONMENTAL REVIEW ESDC staff has determined that the project constitutes a Type II action as defined by the New York State Environmental Quality Review Act (“SEQRA”) and the implementing regulations for the New York State Department of Environmental Conservation. No further environmental review is required in connection with the project. REQUESTED ACTION The Directors are requested to authorize: (i) acceptance of a partial prepayment of cash and allow the assumption of the remaining balance of outstanding indebtedness and (ii) the taking of all related actions. RECOMMENDATION Based on the foregoing, I recommend approval of the requested action. ATTACHMENT Resolution 3
August 16, 2012 BRONX COUNTY - RIVER PARK TOWERS RESIDENTIAL PROJECT - UDC LOAN NO. 18 - REQUEST FOR AUTHORIZATION TO (I) ACCEPT A PARTIAL PREPAYMENT OF CASH AND ALLOW THE ASSUMPTION OF THE REMAINING BALANCE OF OUTSTANDING INDEBTEDNESS AND (II) TAKE ALL RELATED ACTIONS. RESOLVED, that, based on the materials submitted to this meeting and ordered filed with the records of the New York State Urban Development Corporation (“Corporation”) relating to the River Park Residential Project (UDC Loan No. 18), the Corporation be and hereby is authorized to: (i) Accept a Partial Prepayment of Cash and Allow the Assumption of the Remaining Balance of Outstanding Indebtedness and (ii) Take All Related Actions, and be it further RESOLVED, that the Officers of the Corporation, be, and each of them hereby is authorized and directed to take any and all actions necessary to carry out the foregoing resolutions and to carry out any authority or delegation granted to the Corporation or in conjunction with such authorizations, including, but not limited to, the preparation and execution of any agreements, instrumentation and/or documents as such authorized officer may deem necessary or appropriate. 4
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PLEASE NOTE - We welcome public com
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3 V. ADMINISTRATIVE ACTION A. Harle
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DRAFT - SUBJECT TO REVIEW AND REVIS
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FOR CONSIDERATION August 16, 2012 T
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Market: ESD Involvement: Competitio
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Full-time Permanent Employee. The p
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2. 3. The proposed project would be
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August 16, 2012 Long Island City (N
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Project Summary Benefit-Cost Evalua
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The Project: A. Water Lilies Food M
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A. Water Lilies Food MAP Capital (X
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Page 71 and 72: FOR CONSIDERATION August 16, 2012 T
Page 73 and 74: municipality or region of the State
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Page 77 and 78: A. New York - Restore III - Bush Te
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Page 88 and 89: RESOLVED, that the President and Ch
Page 90 and 91: II. Project Cost and Financing Sour
Page 92 and 93: operations in the nine-county Regio
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Page 98 and 99: A. City of Yonkers - Saw Mill River
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Page 108 and 109: RESOLVED, that the provision of ESD
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Page 117 and 118: August 16, 2012 NEW YORK HARBOR - A
Page 119: CURRENT STATUS The 38-year old Proj
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Page 127 and 128: FOR INFORMATION August 16, 2012 TO:
Page 129 and 130: Subsidiary Capital Budget Summary V
Page 131: Departmental Budget Variance Report
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August 2012 - Empire State Development - New York State

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