Assistance Retains More Than 800 Jobs and Bolsters Key Manufacturing Industry

Mayor Rudolph W. Giuliani today announced that the City's $8 million Printers Relocation Fund is set to provide $1.6 million in relocation assistance to 34 printing and graphic arts companies. Created in May 2000, the Printers Relocation Fund provides financial assistance to printing and graphics arts companies that want to relocate within New York City.

Under the program, which is administered by the New York City Economic Development Corporation (EDC), commercial printers and graphic arts companies are reimbursed for 50 percent of their eligible moving costs, up to $200,000 per company. Applications must be submitted prior to signing a new lease or contract of sale, and grant recipients must agree to remain in New York City for a minimum of five years.

"Many of the world's most successful and competitive printing and graphic communications firms are located in New York City, and they comprise a critical part of New York City's manufacturing sector," said Mayor Giuliani. "New York City's robust economy and dynamic environment is creating opportunities for these companies to invest in new technology and expand operations to a newer or larger facility. This fund makes such business decisions easier and more affordable."

Eleven of the 34 companies receiving assistance through the Fund have relocated or are in the process of relocating to Long Island City, Queens. Last month, Lynn Art Offset Corporation received a $65,000 grant after relocating from Hudson Street in Manhattan to Long Island City, and Dependable Lithographers, Inc. received a $20,000 after moving from Greenwich Street in Manhattan to Long Island City.

"Through the Printer's Fund we can assist all of the printing and graphic arts companies that would like to relocate in New York City," said Deputy Mayor for Economic Development and Finance Robert M. Harding. "These companies can also take advantage of our new Commercial Expansion Plan, which offers incentives such as tax credits, rent abatements, and low-cost energy programs. We have created an impressive real estate and benefit package to ensure that this important industry thrives in New York City."

The Commercial Expansion Program (CEP) provides a package of City benefits designed to help qualified businesses relocate and expand in New York City. Through CEP, qualified businesses are entitled to an annual credit against city business tax liability of up to $3,000 per employee for a period of up to 12 years, and owners of renovated and newly constructed commercial and industrial buildings may be granted real estate tax exemptions. Tenants in eligible buildings may receive three or five-year rent abatements worth up to $2.50 per square foot.

Companies can also qualify for discounts of up to 45 percent on electric delivery costs and a 35 percent discount on natural gas delivery costs through the City's Energy Cost Savings Program and the Con Edison Business Incentive Rate offered through EDC. In total, companies can save up to $15 per square foot through CEP and the City's low-cost energy programs.

In addition to the eleven printing companies that relocated to Long Island City, seventeen companies have been able to find new space in Manhattan, primarily on the West Side between 14th Street and 42nd Street. Another 5 companies are relocating to or within Brooklyn with the assistance of the Printers Relocation Fund, and one firm is relocating to the Bronx.

Invincible Business Forms, a printer of office-related products that purchased and renovated a building on W. 36th Street, received a $70,000 grant from the Printers Relocation Fund, and also qualified for an estimated $675,000 in benefits from the New York City Industrial Development Agency (IDA). The IDA offers low-cost financing, tax reductions, and energy programs for businesses that purchase a new facility, make improvements to an existing facility, or purchase new machinery or equipment.

"The IDA helps New York City printers to expand and create new jobs for the City's talented workforce, and the Printers Relocation Fund will help us in our efforts to provide meaningful assistance to this key industry," said EDC President and IDA Chairman Michael G. Carey.