2003 Section 108 Project Summary - New York

Economic Development

Hanford Pharmaceuticals
BORROWER: SYRACUSE INDUSTRIAL DEVELOPMENT AGENCY
STATE: NY
COMMITMENT AMOUNT: $5,000,000

The Syracuse Industrial Development Agency (SIDA), acting on behalf of the City of Syracuse, will borrow Section 108 guaranteed loan funds and re-lend them to Hanford Life Services (HLS), LLC, an affiliate of Hanford Pharmaceutical Company ("the Company"). HLS, a for-profit entity, will use the guaranteed loan funds together with HUD Brownfields Economic Development Initiative (BEDI) grant funds in the amount of $1,000,000 for purchase of machinery and equipment, acquisition, selective demolition, payment of interest, and environmental remediation. This project will involve expansion of the company's current facility through the development of a campus plan which will ultimately include installation of three (3) new production lines, a new laboratory and warehouse space.

Globe Automotive Imports, Inc.
BORROWER: MIDDLETOWN
STATE: NY
COMMITMENT AMOUNT: $250,000

Middletown, New York has been award a $250,000 loan guarantee under Section 108 to provide a loan to Globe Automotive Imports (GAI), Inc. to assist in expanding GAI's operations. Section 108 funds will be used to purchase inventory and update existing computer systems. The assistance of Section 108 funds will aid in the creation of forty-four full time jobs for low- and moderate-income persons.


Housing

Bushwick Gardens Urban Renewal Project
BORROWER: NEW YORK CITY
STATE: NY
COMMITMENT AMOUNT: $3,265,000

New York City was awarded a $3,265,000 Section 108 loan guarantee to finance the commercial component of Bushwick Gardens, a complex consisting of 18,000 square feet of commercial space and 40 residential units affordable to low income families. The City will use the loan funds in conjunction with a FY 2002 HUD Brownfields Economic Development Initiative (BEDI) grant in the amount of $665,000. This development is on a portion of the former site of the Rheingold Brewery in West Bushwick, Brooklyn. Specifically, the city will lend the guaranteed loan proceeds and BEDI grant, through a subrecipient agreement, to the Ridgewood Bushwick Senior Citizens Council (RBSCC), an experienced, private, not for profit owner and manager of revitalization projects in the Bushwick section of Brooklyn, for the financing of the development of the building's 18,000 square feet of retail space. The RBSCC will use the Section 108 guaranteed loan proceeds and $500,000 of the BEDI funds for the commercial construction. The city will use $165,000 of the BEDI funds for a debt service reserve. The project will provided benefit to low- and moderate-income residents on an area basis.

Public Facilities

Downtown Neighborhood Project
BORROWER: AUBURN
STATE: NY
COMMITMENT AMOUNT: $3,178,000

The City of Auburn, New York, has received loan guarantee assistance under Section 108, in the amount of $3,178,00, which will be part of a funding package of $3,978,000 to be used by the City to undertake a major urban revitalization project in the City's core. The City will borrow the Section 108 funds and will use the funds directly to undertake the proposed public facilities improvements. The City is proposing to undertake an extensive effort to build/rebuild the necessary infrastructure improvements in the core area of the City. The improvements include street improvements, pedestrian ways including the provision of handicapped accessibility, improving existing and constructing new public gathering areas including recreational facilities and general landscaping and streetscape improvements. The project will provide benefit on an area basis to low- and moderate-income residents of the City.

Katzen Facility / Jawanio, Inc.
BORROWER: ROCKLAND COUNTY
STATE: NY
COMMITMENT AMOUNT: $900,000

Rockland County, New York received Section 108 assistance in the amount of $900,000 to assist in carrying out a public facilities project, which will be undertaken by a subrecipient. The subrecipient, Jawonio, is a non-profit 501(c)(3) corporation provides comprehensive services such as medical, clinical, and educational programs to children and adults with physical, developmental, and/or emotional disabilities. The Section 108 assistance will be used to address costs overruns estimated at $900,000 associated with a facility expansion project located at 155 Phillipsville Road (Katzen Facility) in New City. The facility, which was formerly used as an adult residence, contains 13,120 square feet of building space and is located on a 4.27-acre site. Once complete, the facility will contain 17,120 square feet of building space, which will include classroom treatment rooms and related space for educational and developmental programs for children.

Camp Venture
BORROWER: ROCKLAND COUNTY
STATE: NY
COMMITMENT AMOUNT: $640,000

Rockland County will use $640,000 in Section 108 loan guarantee assistance to make a loan to the Town of Orangetown. The funds will be used to acquire and rehabilitate a 6,300 square foot building to be used by Camp Venture, Inc., a non-profit corporation, as a Day Treatment Program facility for adults with severe developmental disabilities. The project will provide benefit to low and moderate-income persons on a limited clientele basis.

 
May 19, 2011