August 2012 - Empire State Development - New York State

A. New York - Restore III - Bush Terminal (W831)
August 16, 2012
Results – The project is an integral step in aiding NYCDEP’s plan to reduce the amount of
grease entering the City’s sewer system, a long standing issue that reduces the level of
service for the effected piping. Once TEI reaches a target volume of grease handling, the
facility will be upgraded to a biodiesel plant converting grease into a clean burning fuel.
Financing Uses Amount Financing Sources Amount Percent
Demolition/Enviro. Cleanup $1,781,000 ESD Grant $10,000,000 61%
On-Site Streets/Railroad Rehab 656,450 City Equity 6,293,251 39%
Water/Sewer/Electric/Gas 8,951,062
Professional
Services/Engineering/Insurance
3,045,760
Telecommunication 836,100
Contingency 1,022,879
Total Project Costs $16,293,251 Total Project Financing $16,293,251 100%
Grantee Contact:
Liza Kent, Senior Vice President, Grants Management
110 William Street
New York, NY 10038
Phone: (212) 312-3766
Project Team: Project Management Glendon McLeary
Contractor & Supplier Diversity Vikas Gera
Design & Construction
Peter Topor
Environmental
Soo Kang
Financial Terms and Conditions:
1. Upon execution of the grant disbursement agreement, the City will reimburse ESD for
all out-of-pocket expenses incurred in connection with the project.
2. The City will be obligated to advise ESD of any materially adverse changes in its
financial condition prior to disbursement.
3. The City will contribute at least a 10% match of the grant amount to the Project.
4. Up to $10,000,000 will be disbursed to Grantee during the course of the project no
more frequently than quarterly, in compliance with ESD’s Design and Construction
requirements, assuming that all project approvals have been completed and funds are
available. Payment will be made upon presentation to ESD of an invoice and such
other documentation as ESD may reasonably require. Expenses must be incurred on
or after May 4, 2009, to be considered reimbursable project costs. Previously
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