VisionNYC Newsletter on Business Programs, Winter 1999

NYC 9/11 Public Portal Document

) ! n ; business profiles

A-Lite Vertical Products Looks At A Bright Future With The Help Of An IDA Program e have an exclusive contract to carry Hunter Douglas, the world’s largest window covering '■ New York City I WrI ww Industrial Development Agency “W manufacturer, and we were looking to expand that product line. But we needed more space,” said David Packer, president of A-Lite Vertical Products, a manufacturer and distributor of window coverings. Having been a fixture in Glendale, Queens, for 17 years. Packer wanted to stay in New York City. But due to the rising cost of running his business, he looked at space in New Jersey, South Carolina and Alabama. To ensure the growth and expansion of New York City's manufacturing and After locating a building a short distance from A-Lite’s current location, the only obstacle to securing a new industrial firms, the Giuliani administration facility was financing. A few years ago. Packer attended a breakfast on financing programs sponsored by has reduced or eliminated taxes, such as Chase Manhattan Bank. Through contacts he made at the breakfast, he learned about the New York City the Commercial Rent Tax, and ensured Economic Development Corporation’s triple tax-exempt industrial development bond program. The program .. that a number of business assistance allowed him to purchase a building large enough to handle A-Lite’s new product line and keep him close to programs are in place to serve these his customers and workers in Glendale. companies.

“Working with the people at EDC was great. They were very helpful and if it weren’t for them, my company FUNDING SOURCES would not be located in New York City today,” said Packer. If you are a manufacturer planning to purchase a facility or upgrade your present facilities, you should know about our tax- exempt bond financing programs. These Empire Erectors And Electrical Co. Stays Above The Rest programs may also assist you with the With The Help Of The IDA purchase of new production machinery and equipment.

if you are a manufacturing or industrial w hile wandering the streets of New York City, you’re likely to have seen a sign produced and hung by Empire Erectors and Electrical Company, one of New York City's premier sign companies. With business booming, the company rapidly outgrew its facility. With the help of the Small Industry Incentive Program, this Bronx-based company was able to purchase another larger building near its current location. Although areas company requiring assistance in securing outside New York City were considered, staying in the Bronx was important to the owners, who wanted to capital for start-up or expansion of opera­ keep their valued employees who live in the area. tions, our loan programs may meet your needs. “Without the help of the IDA, we would not have been able to stay in New York City,” said Richard Theryoung, president of Empire Erectors and Electrical Co. “This program enabled us to stay in the Bronx and to keep TAX INCENTIVES our employees.” It you are planning to purchase or rent property and undertake improvements, The signs that Empire produces are custom fabricated at the company’s headquarters, delivered to a specific real estate tax reductions may be available. location and erected on-site by its employees. The company also installs the electrical fixtures necessary to Companies intending to purchase facilities _ make the signs operational. A satellite operation includes sign posting on buildings and pole structures. may also be able to receive mortgage recording tax and sales tax savings.

ENERGY ASSISTANCE The IDA Helps British Airways Improve Its Terminal If you would like to reduce energy costs, we'll review the programs that may allow your company to save. w ith more than four million arriving and departing passengers walking through the British Airways Terminal at JFK International Airport each year, the airline wanted to look its best. So, British Airways determined it needed to update its facility. With help from the Industrial Development Agency (IDA) bond program, British Airways is constructing an addition and renovating its existing terminal.

To find out how your business can When the project is completed, the airline will have an additional 50,000 square feet that will include an access the advantages in New York City, expanded check-in area, retail space, lounges, immigration check-in areas and improved security checkpoints. please call the New York City Economic The expanded facility is expected to be completed within 24 months from start of construction. Development Corporation toll-free at *,,(888) NYC-0100, or call (21 2) 31 2-3600 A second phase of the project will increase parking capacity to 800 cars from 400, improve curbside or e-mail us at [email protected]. " : check-in and improve road access to the terminal. The second phase should be completed within 36 months of start of construction.

New York City is a top choice for many international travelers and this new facility will take British Airways and New York City’s JFK Airport into the next century.

viewpoints New York City

“Being in New York gives you a lot ofcredibility overseas. The attitude is that anyone who can build a business in New York is real. ” — Kevin O’Connor, co-founder ofDoubleClick, Inc. - It 1'0

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