NEW YORK CITY—Jones Lang LaSalle and the New York City Economic Development Corp. will hold a panel discussion about the new Build NYC Resource Corp., and how it can help non-profit organizations finance real estate transactions. The event will take place on Feb. 16 at Jones Lang LaSalle’s New York offices at 601 Lexington Avenue.
Build NYC Resource Corp. was established by the city to take the place of The New York City Industrial Development Agency. The IDA, which previously issued tax-exempt bond financing on behalf of non-profits for various capital projects, had its authority rescinded in January 2008. In 2011, Mayor Michael Bloomberg took steps to form a new entity committed to helping the City's 501(c) organizations gain access to low-cost, tax-exempt financing to expand or upgrade facilities.
“Build NYC Resource Corp. is an important resource for non-profit organizations looking to obtain financing for their real estate needs,” said Ellen Herman, executive vice president with Jones Lang LaSalle’s Non-Profit Practice Group. “We launched this panel discussion with the NYCEDC to help non-profits understand how to access the many services that Build NYC makes available to them. For the past four years, New York’s non-profit organizations have lacked access to a tax-exempt financing source, which has kept many projects that bring crucial services to city residents from moving forward.”
Speakers at the Feb. 16 event include Shin Mitsugi, vice president with the NYCEDC, and John Gibb, managing director with Jones Lang LaSalle. Mitsugi is responsible for communicating Build NYC's plan on how non-profit organizations can obtain tax-exempt and taxable bond financing. Gibb assists in raising capital on behalf of non-profit organizations as a member of Jones Lang LaSalle’s capital markets and non-profit practice groups.