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NEW YORK CITY-Federal tax-exempt bonds helped jumpstart a 55,000-square-foot supermarket on the Rockaway Peninsula in Queens, which opened Friday. The New York City Economic Development Corp. says it’s on track to make full use of the city’s $122-million Recovery Zone bond allocation by year’s end, when the program expires.

The EDC, which selects the projects eligible for the bonds across the city, authorized $5.5 million in tax-exempt financing late last year toward the completion of a 55,000-square-foot, $23-million Stop & Shop supermarket at 70-20 Rockaway Beach Blvd., part of the Arverne by the Sea development complex. Earlier in the year, the EDC had developed the Recover NYC Program to ensure that the bond allocation through the American Recovery and Reinvestment Act was deployed equitably and efficiently.

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