SICIS North America, Inc.

NYCIDA PROJECT COST/BENEFIT ANALYSIS
January 8, 2015
APPLICANT
SICIS North America Inc.
470 Broome Street
New York, NY 10013
PROJECT LOCATION
150 Bruckner Boulevard
Bronx, New York 10454
A. Project Description:
SICIS North America, Inc., (”SICIS”) a corporation that distributes mosaic and decorative art
including furniture, lighting, home accessories and jewelry and its affiliate Bianca USA Real
Estate, Inc. (“Bianca”, and together with SICIS, collectively, the “Companies”), a New York
corporation that functions as a real estate holding company; seek assistance from NYCIDA in
the acquisition, renovation, and furnishing of an approximately 50,000 square foot commercial
building on an approximately 25,000 square foot lot located at 150 Bruckner Boulevard in the
Port Morris neighborhood of the Bronx.
Total Project costs are estimated to be $15.5 million with $14,000,000 for land and building
acquisition, $1,200,000 for renovations, and $300,000 for machinery, furnishing and
equipment.
The Companies currently employ 14 full-time equivalent employees in New York City. Within
three years, it is expected that the Company will employ 20 full-time equivalent employees.
B. Costs to City (New York City taxes to be exempted):
Land Tax Abatement (NPV, 25 years):
Building Tax Exemption (NPV, 25 years):
Sales Tax Exemption:
Total Cost to NYC
C. Benefit to City (Estimated NYC direct and indirect taxes to
be generated by Company) (estimated NPV 25 years @
6.25%):
$
$
30,044
9,551,779
51,300
9,633,123
$12,219,085