GREENPOINT MANUFACTURING AND DESIGN CENTER (GMDC) (2012-2013)
BJH worked with Greenpoint Manufacturing and Design Center (GMDC), a non-profit industrial developer, in structuring a New York City Industrial Development Agency (NYC(DA) project agreement that afforded GMDC real property tax exemptions, as well as other tax incentives. The agreement was able to navigate the limitations NYCIDA has in assisting non-profits, yet preserve the project goals of providing high-quality, affordable industrial space to smaller urban manufacturers. With BJH’s assistance, GMDC established a new, for-profit entity to control the project, and negotiated front-loaded benefits to cover initial lease-up risk and other pre-completion cash flow shortfalls. The transaction also used New Markets Tax Credits as a funding source.