In early June, Virgin America chose Manhattan over Boston, SanFrancisco, Philadelphia and Los Angeles to be the home base for itsnew domestic, low-cost airline. The IDA Board approved $4.9 millionin sales tax benefits for equipping and renovating the airline'sheadquarters location and ongoing capital expenditures. The companyalso may qualify for discounted energy benefits under the BusinessIncentive Rate program worth approximately $348,000. Virgin will beeligible for other economic incentives that will vary dependingupon where they choose a location for the headquarters.

The company's capital investment in initial facility improvementand equipment expenditures will be $6.5 million with projectedcapital investment to total over $50 million in 15 years. Thecompany expects to create 400 jobs in five years and 700 jobs over15 years with an estimated city tax revenue of nearly $60million.

In addition to Virgin America, IDA greenlighted funds of varyingamounts for New York Container Terminal, Orion Mechanical Systems,A to Z Bohemian Glass, S. DiFazio and Sons Construction and FaztecIndustries. The NYCT will receive benefits part of the overallmodernization program for the marine terminal in Staten Island.That expansion aims to add 500 feet of berth, an on-dock railfacility, a 212,000-sf warehouse as well as four new post-panamaxcranes. The IDA Board approved sales tax benefits of $3.5 millionfor the purchase of the additional equipment, while the companywill invest $49 million to acquire other cargo handling equipment.Approximately 430 people are employed at the terminal and NYCTexpects to add 50 or so more over the next few years.