Timeline
Investing in Community
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New Markets Tax Credits
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"Zone" Benefits
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Project Sustainability
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Current Financial Partners
US Dept. of Health and Human Services: In September 2004, EHBCC was awarded a $700,000 grant from the US Department of Health and Human Services, Office of Community Services, for the funding of hard costs.
Ford Foundation/Project for Public Spaces: From more than 110 applications, EHBCC was chosen to receive $200,000 from a partnership grant program between the Ford Foundation and PPS, for the funding of soft costs related to pre-development stages of La Marqueta.
Upper Manhattan Empowerment Zone: The Upper Manhattan Empowerment Zone has indicated that it can provide both grants and below market rate loans to projects, such as La Marqueta Internacional, within the Zone’s geographic boundaries. In addition, employers within the Zone (i.e., the businesses that occupy space within the Project) are also eligible for certain wage tax credits and accelerated depreciation that can improve the economic returns to businesses that hire local workers or make substantial tenant improvements in the project.
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The Development Team
East Harlem Business Capital Corporation, with its various designations, access to financing and, most recently, as a registered CDE (Community Development Enterprise) able to channel Federal New Market Tax Credits, has the mindset and the capability to make this project happen. In the past five years it has achieved Intermediary Lender status with the U.S. Small Business Association; been certified by the U.S. Treasury as a Community Development Financial Institution (CDFI); been designated by the Upper Manhattan Empowerment Zone as its East Harlem Community Partner; been designated as the NYS Empire Zone Administrator, and recently completed a first-time Boundary Expansion of East Harlem’s NYS Empire Zone. Since its inception in 1997, EHBCC has been on the forefront of economic development and revitalization in East Harlem.
The architectural firm of Cybul & Cybul has been retained for the La Marqueta project. Throughout the past 52 years, Cybul & Cybul has designed and implemented a diverse range of project types from a high tech car wash facility that was awarded the New Jersey A.I.A. silver medal for design excellence, to office buildings, office interiors, pier design, borough halls, retail specialty food stores, supermarkets, restaurants, food processing facilities to freezer/cooler warehousing, and multi-story high-rise apartment buildings. Cybul & Cybul has specific expertise in the design of retail wholesale food markets. Some of the more prominent projects include the new Fulton Fish Market, The Brooklyn Coop Meat Market, the renovation and addition to the NY City Produce Market and the Hunts Point Meat Market.
Urbitran is a planning firm headquartered in New York City with an outstanding record of experience in the fields of transportation, environmental planning, parking, and land use. Urbitran has completed a number of relevant transportation planning/traffic engineering studies in East Harlem, and can anticipate where issues may arise. Their knowledge of the area is gained through recent traffic impact studies for the Harlem Gateway, GothamPlaza, PathmarkShopping Center, and the proposed Harlem Auto Mall, as well as environmental services for the recent East Harlem Rezoning initiative, covering 57 blocks of the neighborhood.
ddm development and services is an experienced, locally based developer of mixed use, residential, school, community, hotel and retail and office projects in East Harlem, as well as other New York area communities. ddm is the development consultant to EHBCC, creating a financial strategy to market this project to investors, anchor tenants, and financial institutions.
Weil, Gotshal & Manges has agreed to represent East Harlem Business Capital Corporation in the development of La Marqueta. Weil, Gotshal & Manges LLP is one of the world's leading law firms, and has been recognized as having one of the nation's best litigation departments. The January 2004 issue of The American Lawyer, the nation's leading legal monthly publication, announced the results of a biennial review of the nation’s top law firms. Weil Gotshal was the only New York-based firm named to the list comprised of the top six litigation departments. As a premier firm in NYC, their participation on a pro-bono basis is a major asset to the La Marqueta project.
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Timeline
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