IDA To Assist Six NYC Companies and Non-Profits

The manufacturing companies involved with the IDA ( Rome Knitting Mills/Orbit Industries, Laboratories Inc., Bentley Meeker Lighting and Staging) will receive triple tax-exempt bond financing, real estate tax benefits and sales tax exemptions in exchange for keeping their businesses here. "The IDA has proven to be an important supporter for small businesses and not-for-profits," says deputy mayor for Economic Development and Finance Robert M. Harding. "In the year 2000 alone, the IDA closed transactions for 46 organizations throughout the five boroughs that resulted in the retention and creation of more than 17,201 jobs, representing more than $394 million in private investment."

Several NYC non-profits will receive financing from the city through the IDA's Not-For Profit Pool Facility Program. The program is designed to pool the needs of qualified not for-profit 501(c)(3) corporations into one triple tax-exempt bond to lower each participant's bond issuing cost and obtain lower interest rates.

Through the program, the InterAgency Council of Mental Retardation & Developmental Disabilities Agency will receive funding on behalf of Program Development Services and Women's League Community Residence of Brooklyn; Working Organization for Retarded Children and Adults of Queens; and the Young Adult Institute of the Bronx. Two not-for-profit schools, Marymount School of New York and Village Community School, will also receive funding for refinancing and facility improvements.