Qualified Empowerment Zone businesses are eligible for a new category of triple tax exempt bonds, called EZ Facility Bonds, which facilitate construction financing of new facilities and renovation or expansion financing of existing facilities.
Click on the following links to learn about the Tax Exempt Bond Program:
In the fall of 2005, UMEZ approved a $40 million in triple-tax exempt Empowerment Zone Bonds that will help turn the former Wasburn Wire factory site located on the FDR Drive between 116th and 119th Streets into the 6.2 acreEast River Plaza, a vibrant commercial center in East Harlem, New York. The project's retailers will offer a shopping environment that is unique from that which is presently available in Manhattan.
In March 2004, General Motors closed on $17 million in EZ Facility Bonds issued for the construction of a Chevrolet/Saturn dealership, the only automobile dealership in Manhattan north of 57th Street.The Chevrolet/Saturn dealership will renovate the formerly blighted land area at 127th Street, between second and third avenues and is expected to provide a number of well-paying permanent jobs.