SCHUMER: BROOKLYN NAVY YARD UNDERGOING MASSIVE EXPANSION, CREATING THOUSANDS OF JOBS FOR NYC METRO AREA; CALLS ON NPS TO APPROVE HISTORIC TAX CREDITS FOR THESE CRITICAL PROJECTS
Brooklyn Navy Yard is in Process of Restoring and Expanding Steiner Studios and Creating Green Manufacturing Center
Development Corporation Applied for National Park Service Historic Tax Credits for Navy Yard Projects; Incentives Program Offers Credits for Income-Producing Historic Structures
Schumer Calls on NPS to Stop Dragging Feet on Application Process for Vital Brooklyn Navy Yard Projects
Late last week U.S. Senator Charles E. Schumer called on the National Park Service (NPS) to approve the Brooklyn Navy Yard Development Corporation’s (BNYDC) application for historic tax credit projects at the Navy Yard. The historic Brooklyn Navy Yard is in the process of restoring and expanding the Navy Yard site, including two projects that will generate thousands of jobs for the New York City metro area. Schumer today called on NPS to approve the historic tax credits for Brooklyn Navy Yard, which would be cost-effective projects for the New York City area.
“These vital projects at the historic Brooklyn Navy Yard have real potential for economic growth throughout the New York City area and it’s clear these projects are deserving of historical tax credits,” said Schumer. “The proposed Green Manufacturing Center and rehabilitation of Steiner Studios will generate thousands of jobs, and the National Park Service should stop dragging its feet on approving these tax credits for the Brooklyn Navy Yard.”
BNYDC is in the process of a massive restoration and expansion project. As part of the redevelopment, BNYDC is constructing a Green Manufacturing Center that will generate 300 jobs and be a state of the art industrial space for new and expanding tenants at the Navy Yard. BNYDC is also restoring a part of Steiner Studios, which will accommodate entertainment and media uses for the Studios and accommodate academic uses including the Brooklyn College Graduate School of Cinema and Carnegie Mellon University.
BNYDC has applied for historic tax credits through NPS’ Federal Historic Preservation Tax Incentives Program. The program offers 20% tax credit for the rehabilitation of income-producing historic structures.
Schumer today called on NPS to approve BNYDC’s application for historic tax credit projects that would provide incentives for constructing a Green Manufacturing Center on the Navy Yard site, as well as restoring a part of Steiner Studios. Schumer made the point these historic tax credits are critical in ensuring thousands of new jobs for the New York City area.
A copy of Sen. Schumer's letter appears below:
Dear Director Jarvis,
I am pleased to write to give urge you to give all due consideration to the applications of the Brooklyn Navy Yard Development Corporation (BNYDC) for the Historic Preservation Tax Credit. The historic Brooklyn Navy Yard is in the process of restoring and expanding the Navy Yard site, including two projects that will generate thousands of jobs for the New York City metro area.
BNYDC will restore the historic Brooklyn Navy Yard to better serve the needs of the community. As part of the redevelopment, BNYDC is constructing a Green Manufacturing Center that will generate 300 jobs and be a state of the art industrial space for new and expanding tenants at the Navy Yard. BNYDC is also restoring a part of Steiner Studios, which will accommodate entertainment and media uses for the Studios and accommodate academic uses including the Brooklyn College Graduate School of Cinema and Carnegie Mellon University and I hope their applications meets criteria for approval.
This exciting new development is only possible with the help of the Historic Preservation Tax Credit and I urge your full consideration of their applications. Thank you for your consideration.