"JetBlue Airways is one of New York City's great success stories of recent years," says IDA chair Andrew M. Alper. "The airline's long-term commitment to expand and upgrade its facilities at JFK Airport will contribute almost 200 full-time jobs to New York City, where it already employs more than 1,500 people."
The Airport Facility Bonds will enable JetBlue to renovate an existing 25,000-sf facility for additional warehouse and support operations. In addition, a second facility will be demolished for the construction of a 107,000-sf building that will include a two-bay hangar to house three Airbus A320 aircraft. JetBlue will secure a ground lease from the Port Authority of New York and New Jersey for the project area.
In a separate transaction, IDA has approved $4.7 million in tax-exempt bonds to for the non-profit Dance Theatre Workshop. The group will use the revenue to finance a portion of the costs incurred to rebuild and equip its West 19th Street facility and to consolidate debt from a prior IDA transaction under a new mortgage.
In 1995, Dance Theater Workshop purchased property on West 19th Street with IDA bonds. The group sold its air rights to a private developer in 2000, an agreement that required the developer to demolish the existing structure and build a new 11-story building. The group owns the lower three floors, while the remaining floors are residential condominiums.
Dance Theater Workshop, established in 1965, exhibits artwork from emerging artists and provides services to performing artists. The group has 30 employees and will add three more within three years.
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