Metro Terminals Corp, a real estate holding company for the benefit of Metro Biofuels, LLC received authorization for $9,950,000 million in triple tax-exempt
bond financing, about $278,601 in mortgage recording tax benefits and $632,313 in sales tax exemptions.
Jamaica Hospital Medical Center, established in 1891, is scheduled to be approved for $16 million in triple tax-exempt
bonds that will be used to refinance the hospital's expansion of its Labor, Delivery and Recovery Suite and Pediatric Emergency Department.
The IDA previously approved a tax incentive package of approximately $12.4 million in mortgage recording tax waivers and sales tax exemptions for the project in addition to providing access to the triple tax-exempt
Robert Morel, director of financial services and co-founder of City One Real Estate and Financing has completed a $1,580,000 triple tax-exempt
bond private placement with the New York City Industrial Development Agency.
Charles Millard, president, New York City Economic Development Corporation (EDC) and chairman of the Industrial Development Agency, said "The Giuliani Administration is reaching out to the business community to make it aware of the benefits of our programs." He pointed out that benefit packages for a qualifying company can include access to triple tax-exempt
bonds via the IDA, reduced real estate taxes, elimination of sales taxes on construction materials, and a waiver of mortgage recording taxes.
"Building 20 percent subsidized housing units allows you the availability of triple tax-exempt
financing, the cost of which is about 6 percent fixed for 40 years," said Silverstein.