Stimulus $ On Deck For ABTS
Arverne By The Sea residents may soon begin to see the construction of the promised super market and transit plaza in their development.
The New York City Economic Development Corporation (EDC) has announced $16 million in federal stimulus aid for the construction of the renewal area's long awaited Super Stop and Shop and transit retail plaza, officials said this week.
The money award is pending approval by the city's Capital Resource Corporation, which will hold a hearing on the plan on September 10.
The funds have been made available through a bond program, called Recover NYC, created in an attempt to provide financial assistance to privatesector for-profit companies seeking lower-cost financing for shovel-ready construction projects, according to EDC. Also, funding was based on projects that had been stalled by the eco- nomic downturn and where the bonds would allow them to go forward, EDC spokesperson David Lombino said.
Arverne By The Sea officials have never said publicly that either the Super Stop and Shop or the transit retail plaza were stalled financially, however, stating instead that there were secondary issues to work out, none of which dealt with financing. They continuously stated the transit retail plaza and Super Stop and Shop were coming, but construction never commenced.
Arverne By The Sea officials were unavailable for comment about whether or not these projects depended on this stimulus aid in order to move forward.
The funding comes in the form of access to triple tax-exempt bond financing made possible through the American Recovery and Reinvestment Act of 2009.
"The requirements were that the project needed to fall within one of the existing urban renewal zones, be shovel ready and the money had to go into ground before the end of next year," Lombino said.
He added that the developer had to apply for the funding and indicate the project would move forward as a result of the funds.
It is good news for Arverne By The Sea and it's increasing number of residents. As a result of this funding construction is guaranteed to start before the end of next year or perhaps sooner.
The public hearing on the matter will be held at the New York City Economic Development Corporation, located at 110 William Street, 4th Floor, New York, New York 10038.
"We've been concerned about the lack of commercial lending for long-term construction projects during the economic downturn, so we're eager to sustain the momentum in neighborhoods like the Rockaways that had benefited from significant private investment in good times but are seeing little today," Lombino said.