ICIP. Landlord hereby notifies Tenant that Landlord intends to avail itself of the Industrial and Commercial Incentive Program (“ICIP”). In connection therewith, all of Tenant’s construction managers, contractors and subcontractors employed in connection with construction work at the Building shall be contractually required by Tenant to comply with the New York City Department of Small Business Services/Division of Labor Services (“DLS”) requirements applicable to construction projects benefiting from the ICIP. Such compliance, as of the date hereof, includes the following: the submission and approval of a Construction Employment Report, attendance at a pre-construction conference with representatives of the DLS and adherence to the provisions of Article 22 of the ICIP Rules and Regulations, the provisions of New York City Charter Chapter 13-B and the provisions of Executive Order No. 50 (1980). Furthermore, at Landlord’s request, Tenant shall (A) report to Landlord the number of workers permanently engaged in employment in the Premises, the nature of each worker’s employment and, to the extent applicable, the New York City residency of each worker, (B) provide access to the Premises by employees and agents of the Department (as such term is defined in the ICIP Rules and Regulations) at all reasonable times upon reasonable advance notice, and (C) enforce the contractual obligations of Tenant’s construction managers, contractors and subcontractors to comply with the DLS requirements.
ICIP. Twenty Five year ICIP tax abatement is in place for this property. Existing Financing The purchaser has an option to assume the existing first mortgage and pay all required lender costs associated with the assumption of the mortgage. $1,800,000 first mortgage originated in 2005, at 6.50% interest, 10 year term, 30 year schedule, estimated balance as of October 2008 $1,693,690. Annual debt service is $143,028. Location / Building Overview Location Liberty Xxxxxxx Plaza is situated on at the intersection of Xxxxxxx Boulevard and Liberty Avenue in South Queens. Parcel Number Block: 10155 Lot: 0069 Land Area 7,000 Square Feet Foundation Poured in-place reinforced concrete Frame Structural steel frame Floor Construction Poured in-place reinforced concrete slab Building Size 4,650 Year Built 2005 Parking Customer Store Front Parking Investment Information Pine Grove Shopping Center 000-00 Xxxxxxx Xxxxxx, Xxxxxxx XX Listing Price $ 3,200,000.00 Building S.F. 4,650 Current CAP 7.01% Percent Occupied 100% Price Per S.F. $ 688.17 Land S.F. 7,000 Parking +/- 20 vehicles Annualized Operating Data Scheduled Income $ 242,322.32 Recapture / Taxes $ 15,628.75 Recapture / Insurance $ - Recapture / CAM $ 1,150.96 Gross Operating Income $ 259,102.03 Less Expenses $ 34,926.00 Net Operating Income $ 224,176.03 Annualized Expenses Taxes $ 24,526.00 Insurance $ 6,400.00 CAM $ 4,000.00 Snow Removal $ 2,000.00 Sweeping / Cleaning $ 2,000.00 Total Expenses $ 34,926.00 Rent Roll Summary Space Number Tenant Name Start Date End Date S.F. Annual Rent S.F. Annual Rent % of Total Escalations / Options / Comments 1 Popeyes Dec-05 Nov-15 1,700 $ 47.26 $ 80,340.00 36.56% GROSS Next Increase on 12/2011 by 3% (4 / 5 year options) 2 Jamaica Four Donuts d/b/a Dunkin Donuts Apr-06 Mar-16 1,200 $ 49.17 $ 59,007.24 25.81% GROSS Next Increase on 4/2012 by 3% (2 / 5 year options) 3 Subway Jul-06 Jun-11 750 $ 52.17 $ 39,125.40 16.13% NNN Rent Increases on 7/2012 by 3% (3 / 5 year options) 4 Papa Xxxx's Pizza Aug-05 Jul-15 1,000 $ 55.85 $ 55,849.68 21.51% NNN Rent Increases on 8/2012 by 3% (2 / 5 year options)
ICIP. Landlord hereby notifies Tenant that Landlord intends to avail itself of the Industrial and Commercial Incentive Program ("ICIP"). In connection therewith, all of Tenant's construction managers, contractors and subcontractors employed in connection with construction work at the Building shall be contractually required by Tenant to comply with the New York City Department of Business Services/ Division of Labor Services ("DLS") requirements applicable to construction projects benefiting from the ICIP. Such compliance, as of the date hereof, includes the following: the submission and approval of a Construction Employment Report, attendance at a pre-construction conference with representatives of DLS and adherence to the provisions of Article 22 of the ICIP Rules and Regulations, the provisions of New York City Charter Chapter 13B and the provisions of Executive Order No. 50 (1980). Furthermore, at Landlord's request from time to time as may be necessary to comply with the ICIP, Tenant shall (i) report to Landlord the number of workers permanently engaged in employment in the Premises, the nature of each worker's employment and to the extent applicable, the New York City residency of each worker, (ii) provide access to the Premises by employees and agents of the Department (as such term is defined in the ICIP rules and regulations) at all reasonable times, (iii) enforce the contractual obligations of Tenant's construction managers, contractors and subcontractors to comply with the DLS requirements, and (iv) submit required ICIP documentation which shall include copies of blueprint plans, building permits, architect's description of project and detailed certified cost statements.
ICIP. An assignment to Purchaser of the benefit of any tax exemptions under the New York City Department of Finance, Property Division, Industrial and Commercial Incentive Program or any other tax abatement or incentive program, which assignment will be made by Seller without recourse.
ICIP. (a) Tenant acknowledges that Landlord is seeking or has obtained benefits under the ICIP program;
ICIP. 35.01. (a) For purposes of this Article 35, the term "
ICIP. (a) For purposes of this Article 58, the term "
ICIP. 44.01 For purposes of this Article 44, the term “
ICIP
