City agency to aid expansion of two Queens companies

October 20, 2009 01:07PM

The New York City Industrial Development Agency has granted preliminary approval for incentive packages for the expansion of two industrial companies in Queens. The program would give Dinas Distribution Corporation and PA Austin sales and real estate tax incentives valued at up to $1.5 million and $1.2 million, respectively.

The NYCIDA, which the New York City Economic Development Corporation oversees, said that the two groups would create 45 new jobs immediately and around 20 more over the course of three years. The two projects will also generate around $7.4 million in tax revenue in the next 25 years, according to a statement from the group.

Dinas Distribution Corporation currently owns a 10,000-square-foot facility in Maspeth and rents smaller facilities in the area, while PA Austin leases 4,350 square feet in a Metropolitan Avenue facility in Rego Park.

Both organizations will use the incentive money to help secure properties in Queens for the coming years.

“These two companies are perfect examples of the types of companies the NYCIDA was created to assist,” Seth Pinksy, NYCIDA chairperson, said. TRD