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GlobeSt.com UPDATE: IDA Approves First Commercial Liberty Bond Issuance

NEW YORK CITY-At a meeting yesterday the New York Industrial Development Agency voted to issue $114M in Liberty Bonds, marking the first commercial development approval under the federal program. The bonds will aid Forest City Ratner's FC Hanson Office Associates, which will begin construction by the end of this year on a 10-story office tower in Downtown Brooklyn.

By Michael Gilliard | Updated on September 11, 2002

NEW YORK CITY-The New York Industrial Development Agency’s board of directors yesterday approved a $113.9-million Liberty Bonds issuance, marking the first time a commercial project will receive aid under the federally sponsored program. Upon obtaining permanent financing for the 10-story office project in Downtown Brooklyn, Forest City Ratner’s FC Hanson Office Associates will appear again before the IDA for final approval of the issuance on its behalf. A New York City comptroller spokesperson tells GlobeSt.com that obtaining this financing should take one month, with the actual issuance scheduled for mid-2004.

In February of this year, the Securities and Exchange Commission, federal comptroller of the currency and New York State comptroller issued guidelines to the Bank of New York, a prominent handler of federal monies, requiring that the company diversify its employee locations in New York City. Among those sites selected by BNY was the Atlantic Terminal, located on a 3.6-acre site, bounded by Flatbush Avenue, Atlantic Avenue, Fort Greene Place and Hanson Place in Brooklyn. The parcel already has a 375,000 sf retail component under construction, and development of the 396,000-sf office tower will begin by the end of the year. Additional GlobeSt.com coverage of the process and a history leading up to the IDA’s decision can be found here.

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