KNIC State Loan Formally and Finally Approved

On Nov. 16, the Board of Directors for Empire State Development (ESD), New York State’s economic development arm, voted to approve the agency’s $138 million capital loan to the Kingsbridge National Ice Center (KNIC). Under the terms of the loan, KNIC agrees to pay a commitment fee totaling one percent of the loan’s principle (or, $1.38 million) at the loan’s closing. KNIC also has agreed to hire a construction monitor to be “selected at ESD’s sole discretion.” KNIC must also contribute at least $20 million to the project’s development, which boasts a $353 million price tag. The capital loan will carry


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Getting Into Nitty Gritty of Kingsbridge Ice Project Loan

State officials are in the midst of finalizing a $138 million capital loan to the developers of the Kingsbridge National Ice Center (KNIC) after a five-member board approved the measure during their latest meeting. During its Oct. 18 meeting, the Public Authorities Control Board (PACB), which supervises the activities of New York’s numerous public benefit corporations, unanimously approved the general project plan outlined by the state’s Empire State Development (ESD) agency. In addition to the $138 million loan commitment, the ESD plan also includes $26.4 million in historic tax credits and an additional $20.7 million in “other preferred equity.” All


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Latest Edition of the Norwood News is Out!

Dear Fellow Readers, The latest edition of the Norwood News, covering the northwest portion of the Bronx, is out with plenty of community news you can use. For the sake of consistency, we begin with page one as usual and a story that keeps on giving–the Kingsbridge Armory. This time, in a move aimed at advancing the reconfiguration of the building to a massive ice center, state officials heard from the community on whether to fund give the beleaguered project a $138 million state loan to begin phase one. The findings were near unanimous. Reporter Aaron Mayorga chronicles reaction from


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How to Pay for Kingsbridge Ice Center In Focus…Again

The beleaguered project to convert the Kingsbridge Armory into the world’s largest ice skating center overcame a major financing hurdle as residents and community leaders backed a multi-million-dollar state loan for developers at a hearing. The state-mandated hearing represents a return to square one for backers of the Kingsbridge National Ice Center (KNIC), an expected to be state-of-the-art ice rink that is estimated to cost $353 million. Since receiving the green light from the New York City Council in December 2013, the project has languished in delays, with construction at the Armory yet to begin. At the Oct. 12 hearing,


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Editorial: The Kingsbridge Ice Center, and Cuomo the Sorcerer

Could the curse of the Kingsbridge Armory be lifted? For decades, it seemed any time there’s some headway in turning it into a promising venue, a barrier gets in the way. There was the failed attempt to repurpose the enormous castle into a public school and then a mall by the Related Companies. The latest proposal that’s within reach of reality is the Kingsbridge National Ice Center (KNIC). And even then, that project has hobbled along, facing lawsuits along the way. But Governor Andrew Cuomo appears to have broken the spell. Even as the now-approved Fiscal Year 2018-19 $153 billion


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BP Report: Total Bronx Investment at $3 Billion

Just more than $3 billion in residential, commercial and institutional projects have been pumped into the Bronx in 2016, according to a newly released report, signaling a continued trend of a Bronx on the mend. But the report hedges its bets somewhat, throwing in its report the Kingsbridge National Ice Center project, which was mired in delays and near extinction last year. Bronx Borough President Ruben Diaz Jr., which drafted the report and presented it at a forum focusing on development projects in the Bronx, included the $350 million project in the report nonetheless. The KNIC project stalled after developers


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Latest Edition of the Norwood News is Out!

Dear Fellow Readers! The year’s last edition of the Norwood News is out, crammed with plenty of Bronx community news you can use. Before we begin our summary of stories, some breaking news: A Bronx judge has dismissed a lawsuit filed by the Kingsbridge National Ice Center, which one again signals significant delays for a project envisioned as a game changer. We wrote a lengthy piece on the story that you can find here. Now back to our regularly scheduled programming: Our Page One story focuses on Assemblyman Mark Gjonaj (pronounced jo-nigh), who’s declared a run for New York City Council.


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KNIC to City: Let Us Buy Kingsbridge Armory

Vacant Armory purchase price assessed at $17 million, says KNIC In the last year, progress at the Kingsbridge Armory, which was expected to house a large ice skating complex by next year, has stalled with nary a shovel in the ground. A lawsuit by developers of the Kingsbridge National Ice Center (KNIC) against the New York City Economic Development Corporation prompted the stall. Attorneys for KNIC have since regrouped with a new tactic to settle the case: an offer to buy the landmark Armory. In a two-page letter obtained by the Norwood News, KNIC, the developer picked by the city


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