By ANTHONY BOTTAN
Joseph Whaley, owner of 5th Avenue Chocolatiere, is trying to move his wholesale chocolate company to 396 Rockaway Avenue and replace the empty store front that once housed a supermarket. He does a lot of international business, he said, so being closer to John F. Kennedy Airport would be convenient. "I'm also hoping to bring another family-type business into the area, and give Valley Stream a taste of New York City," Whaley said.
However, Whaley needs some financial assistance to move his business from Long Island City to Valley Stream. Whaley is a captain in the U.S. Army and just finished serving a 14-month tour in Iraq. While he was gone, his business fell on some tough financial times. "I certainly couldn't call my customers [from Iraq]," Whaley said. "We definitely took a hit."
In need of some assistance, Whaley surfed the Internet and found the Town of Hempstead Industrial Development Agency -- a non-profit, public benefit agency that helps qualified businesses relocate, expand and build in the town. According to its Web site, IDA programs offer a wide variety of financial options, including Industrial Revenue Bonds and straight lease transactions. The IDA acts as a conduit for the bonds which can be used to finance up to 100 percent of a project for a qualified business expansion or relocation. The fee for its services is $5,000.
Fred Parola, CEO and Executive Director of TOH IDA, said there are certain criteria a business must fulfill before the IDA can lend a helping hand. Parola said the renovation of the business should be at least $800,000, and must create or retain jobs. "This is economic expansion," Parola said. "This is the kind of facility we give assistance too."
Whaley's project, at $765,000, is close enough to meet the criteria and said he hopes the IDA will pass the tax exemptions he needs to move his business to Valley Stream. Whaley is looking for a mortgage record tax exemption -- which is a one percent tax on the total amount the title records -- and a sales tax and property tax exemption.
At an IDA meeting on Monday, Parola outlined the proposed property tax exemption, which would freeze a reduced property tax for the business for three years, then increase by two to three percent each year, for the next seven years. After the 10th year, the business would pay its full amount. Parola said the property tax freeze for the first three years could help Whaley get his business started in the village.
Whaley added that his business, which would be a retail chocolate store in the front, and a wholesale outlet in the back, will create 10 more full-time jobs.
The TOH IDA votes on the project next week at its monthly board meeting.
