Community Initiatives Development Corporation
"For the purpose of lessening the burdens of government"
Portfolio
U. S. District Courthouse, Middletown, New York
This Facility was Financed with Industrial Revenue Bonds.
Read MoreNewcomb Medical Alliance Center, Vineland, New Jersey
CIDC is working for the City of Vineland, which has selected the Danza Group, to develop a former hospital into a multi-purpose facility. This facility will become a condominium, which will contain a medical school, a small shopping center, student housing, medical offices and a senior nursing facility, an adult day care center associated with the senior nursing facility and two assisted living facilities. The scope of the $50 million project is seen in schematic.
Read MoreGoggle Works, Reading Pennsylvania
CIDC assisted in financing for Our City Reading’s $12 million Arts Center, which included a $4.3 million Section 108 loan, a $3 million grant from the Commonwealth of Pennsylvania, the syndication of Historic Tax Credits and the donation of the 165,000 sq. ft. former industrial space. The mixed-use project contains an art center, five galleries, a theater for art and foreign films and workspace for at least 60 artists. Reading Community College committed to rent space in the project to house its arts program. The largest facility of its kind in the United States, Goggle Works opened its doors in September 2005.
Read MoreCity of Hudson Central Firehouse
Hudson New York’s newly constructed Central Firehouse opened in May 2005. The $3.5 million facility is owned by CIDC and leased to the City for a term of 30 years, after which it reverts to the City for $1.00.
Read MoreBaron Sign Manufacturing
CIDC packaged the financing for this $3.4 million project, which included the first HUD Section 108 Loan ($1.659 million) ever closed in the County of Palm Beach, Florida (2006). For over 25 years Baron Sign has built and designed custom interior, exterior and way finding signage. It provides fabrication and installation solutions for residential developments and commercial projects.
Read MoreNew Yankee Stadium Garage Complex
Bronx Parking Development Company, LLC (BPDC) was selected as the developer of the $387 million garage complex at the new Yankee Stadium in Bronx, New York. CIDC is the sole member of BPDC. The Project consists of the financing by the New York City Industrial Development Agency, on behalf of Bronx Parking Development Company, LLC, a limited liability company duly organized and validly existing under the laws of the State of New York (“BPDC”), of a portion of the costs of a civic facility (the “Facilities”) which includes the acquisition, construction, renovation, improving, equipping and furnishing of the parking lots and parking garages located in the Borough of...
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