2019-11-11T08:16:22-06:00 2018-12-31 364382562 MARCUM LLP 555 LONG WHARF DRIVE NEW HAVEN CT 06515 990 2018-01-01 061062368 SCIENCE PARK DEVELOPMENT CORPORATION SCIE 2037850840 5 SCIENCE PARK NEW HAVEN CT 06511 CLIO NICOLAKIS EXECUTIVE DIRECTOR & CONTROLLER 2037850840 2019-11-07 1 GREGORY C MARAZITA P00646516 2037771099 47.19.127.190 2019-11-07 10:14:52 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 7762B97206E3734BD08A74DC9FF4B9CADC651293 2018 2020-04-17 16:48:07Z CLIO NICOLAKIS 5 SCIENCE PARK NEW HAVEN CT 06511 3710060 0 X WWW.SCIENCEPARKNEWHAVEN.ORG X 1981 CT A UNIVERSITY RELATED TECHNOLOGY AND RESEARCH BUSINESS PARK LOCATED IN A STATE DESIGNATED ENTERPRISE ZONE. DESIGNED TO ATTRACT RESEARCH AND HIGH TECHNOLOGY FIRMS TO THE NEW HAVEN COMMUNITY. 9 9 1 9 0 0 0 485000 2589593 3045441 4546 24622 100000 42495 2694139 3597558 0 0 0 0 150620 150694 0 0 0 3823158 4154905 3973778 4305599 -1279639 -708041 15056586 14907430 20285054 21179699 -5228468 -6272269 X COMPLETE THE DEVELOPMENT/REDEVELOPMENT OF SCIENCE PARK AND ITS ENVIRONS FOR THE PURPOSE OF INCREASING EMPLOYMENT IN THE CITY OF NEW HAVEN IN GENERAL AND THE DIXWELL AND NEWHALLVILLE NEIGHBORHOODS IN PARTICULAR, INCREASING THE TAX BASE IN THE CITY OF NEW HAVEN, ATTRACTING RESEARCH AND TECHNOLOGICAL ENTERPRISES, AND THE EXTENT COMPATIBLE WITH THE FOREGOING, INCREASING THE VARIETY OF HOUSING IN SCIENCE PARK AND ITS ENVIRONS. 0 0 4135658 3103566 SCIENCE PARK DEVELOPMENT CORPORATION ("SPDC") WAS ESTABLISHED IN AUGUST OF 1981 AS A PART OF A COOPERATIVE EFFORT BY THE CITY OF NEW HAVEN, CONNECTICUT, YALE UNIVERSITY, AND OLIN CORPORATION TO MOBILIZE THEIR CONSIDERABLE RESOURCES TO CREATE A NEW ECONOMIC BASE AT THE SITE OF A MULTI-TRACT, PREDOMINATELY VACANT, INDUSTRIAL COMPLEX ADJACENT TO THE YALE SCIENCE HILL CAMPUS AND IN NEW HAVEN'S STATE-DESIGNATED ENTERPRISE ZONE. IT'S GOAL IS TO FURTHER THE REVITALIZATION OF THE CITY OF NEW HAVEN THROUGH THE DEVELOPMENT OF OFFICE AND LAB SPACES FOR TECH AND BIOTECH COMPANIES AND THROUGH THE ESTABLISHMENT OF A VARIETY OF HOUSING IN SCIENCE PARK WHICH WILL RESULT IN THE ENHANCEMENT EMPLOYMENT OPPORTUNITIES FOR AREA RESIDENTS, RELIEF OF POVERTY AND NEIGHBORHOOD TENSION, AND THE PREVENTION OF BLIGHT AND DETERIORATION IN THE SURROUNDING DIXWELL-NEWHALLVILLE NEIGHBORHOOD AREAS. IN JULY OF 1998, THE CONNECTICUT HOUSING FINANCE AUTHORITY ("CHFA") AND THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT ("DECD") COMMITTED $15 MILLION TO DEMOLISH OBSOLETE STRUCTURES, AND TO REHABILITATE AND/OR CONSTRUCT NEW BUILDINGS IN THE PARK WITH YALE UNIVERSITY, OLIN CORPORATION AND THE CITY OF NEW HAVEN PROVIDING ADDITIONAL FUNDS, LAND OR CAPITAL TO SUPPORT THE REDEVELOPMENT AND EXPANSION 140,000 SQUARE FEET OF OFFICES AND LAB SPACE IN 4 AND 5 SCIENCE PARK. THESE WERE IN ADDITION TO PREVIOUS COMMITMENTS TO THE PARK FROM THE CONNECTICUT DEVELOPMENT AUTHORITY ("CDA", NOW CONNECTICUT INNOVATIONS INC. "CII") AND DECD. SINCE 2000, THROUGH VARIOUS GROUND LEASES WITH DEVELOPERS, OFFICE/LAB BUILDINGS AND PARKING LOTS HAVE BEEN RENOVATED AND ABANDONED AND DERELICT BUILDINGS HAVE BEEN DEMOLISHED. IN ADDITION, A 1000-CAR PARKING STRUCTURE, CHILLER PLAN AND PARKING LOTS HAVE BEEN CONSTRUCTED AND HISTORIC FACTORY BUILDINGS HAVE BEEN RENOVATED INTO AN OFFICE BUILDING (2011) AND 158 LOFT-STYLE RESIDENTIAL APARTMENTS (2015).IN 2014, TWO OF THE GROUND LEASES WERE SOLD TO THE OWNERS OF THE BUILDINGS THEREON. SIMULTANEOUSLY, THE CII AND CHFA LOANS WERE REFINANCED. OVER $500,000 IN REPAIRS WERE COMPLETED IN 2015 AND SINCE 2014, OVER $1.5 MILLION WAS INVESTED IN THE ENVIRONMENTAL ASSESSMENT AND DEVELOPMENT DESIGN FOR THE UNDEVELOPED REMAINS OF SCIENCE PARK USING THESE PROCEEDS AND DECD GRANT MONIES, NOT INCLUDING ADDITIONAL FUNDS SPENT BY SPDC'S DEVELOPMENT PARTNERS.IN 2016, THE S*PARK INNOVATION LAB WAS ESTABLISHED AND EXPANDED IN 5 SCIENCE PARK TO HOUSE START-UP OR EARLY-STAGE BIOTECH COMPANIES IN SHARED AND SMALL LAB SPACES. SPDC CONTINUES TO EXPLORE NEW OPPORTUNITIES TO EXPAND THEIR LAB INCUBATOR SPACE TO SATISFY THE HIGH DEMAND FOR SMALL LAB SPACES FOR NEW STARTUP COMPANIES.IN 2017, SPDC PARTICIPATED IN THE ELM CITY INNOVATION COLLABORATIVE ("ECIC") APPLICATION TO CTNEXT, A QUASI-PUBLIC AGENCY FOR THE STATE OF CONNECTICUT, FOR AN INNOVATION PLACES GRANT. ECIC WAS AWARDED A $2,000,000 GRANT. AS PART OF ECIC'S GRANT AGREEMENT, SPDC RECEIVED A TOTAL OF $485,000 AND TOGETHER WITH OVER $600,000 FROM SPDC AND THEIR TENANT, INVESTED IN AND EXPANDED THE INFRASTRUCTURE OF LIFE SCIENCE SUPPORT SERVICES IN SCIENCE PARK, FOR BOTH SPDC TENANTS AND THE BIOTECH COMMUNITY IN NEW HAVEN. SINCE DECEMBER 2017, THE SPDC HAS BEEN WORKING WITH A NEW DEVELOPMENT PARTNER TO EXPLORE REDEVELOPMENT OF THE LAST 300,000 SQUARE FEET OF SCIENCE PARK, AND, IN DECEMBER 2018 WAS AWARDED A $200,000 BROWNFIELDS GRANT FROM THE DECD TO COMPLETE THE ENVIRONMENTAL ASSESSMENT OF THIS PARCEL. SPDC EXPECTS TO COMPLETE THE ASSESSMENT AND RECEIVE THE GRANT PROCEEDS IN BY FIRST HALF OF 2020.THE PARK HAS CONTINUED TO ATTRACT START-UP BIOTECH AND TECHNOLOGY FIRMS, INCLUDING LIFE SCIENCE, HIGH TECHNOLOGY, DIGITAL MEDIA, AND LIGHT MANUFACTURING INDUSTRIES. IN ADDITION, SPDC HAS MADE OFFICE SPACE AVAILABLE TO SEVERAL SOCIAL SERVICE AND EDUCATIONAL ORGANIZATIONS, WHICH DIRECTLY SERVE THE FAMILIES IN THE NEIGHBORHOOD AND THROUGHOUT NEW HAVEN. THE SCIENCE PARK PLANNED DEVELOPMENT DISTRICT ("PDD") TALLIES OVER 25 COMPANIES AND NOT-FOR-PROFIT ORGANIZATIONS WITH OVER 1300 PEOPLE. TENANT COMPANIES AT SCIENCE PARK ARE PART OF A DYNAMIC R&D COMMUNITY AND CAMPUS-LIKE ENVIRONMENT. THESE COMPANIES BENEFIT BY ASSOCIATION AND USE OF FACILITIES WITH NEARBY YALE UNIVERSITY. YALE UNIVERSITY CONTINUES TO MAINTAIN A LARGE PRESENCE IN SEVERAL OF THE BUILDINGS IN THE SCIENCE PARK PDD AS WELL. THE DEMAND FOR LAB SPACE IN NEW HAVEN, CLOSE TO THE RESEARCH FACILITIES OF YALE UNIVERSITY, HAS LED TO FULL OCCUPANCY OF SPDC-OWNED BUILDINGS IN 2019.SCIENCE PARK WITH ITS GROWING BIOTECH ECOSYSTEM, AS WELL AS THE STRONG BASE OF SOCIAL SERVICE AND NOT-FOR-PROFIT ORGANIZATIONS, CONTINUES TO BE, A VIBRANT, INTEGRAL PART OF SURROUNDING NEIGHBORHOODS, NEW HAVEN AND CONNECTICUT AS A WHOLE. 4135658 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 24 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 CT X X CLIO NICOLAKIS 2037850840 5 SCIENCE PARK NEW HAVEN CT 06511 BRUCE D ALEXANDER DIRECTOR 1.00 X 0 0 0 PETER A PENCZER DIRECTOR 1.00 X 0 0 0 CURT M RICHARDS DIRECTOR 1.00 X 0 0 0 MICHAEL A SCHAFFER TREASURER; DIRECTOR 1.00 X X 0 0 0 DAVID SILVERSTONE BOARD CHAIRMAN/PRESIDENT 15.00 X X 60000 0 0 JEROME E TURECK VICE PRESIDENT; DIRECTOR 1.00 X X 0 0 0 CHARLES H BREWER III DIRECTOR 1.00 X 0 0 0 CLIO NICOLAKIS EXECUTIVE DIRECTOR & ASST 30.00 X X 83200 0 0 MATTHEW NEMERSON DIRECTOR 1.00 X 0 0 0 NICLAS A FERLAND SECRETARY 1.00 X X 0 0 0 CYNTHIA PETRUZZELLO DIRECTOR 1.00 X 0 0 0 143200 0 0 0 0 0 0 PERFORMANCE ENVIRONMENTAL SERVICES LLC 111 KENDALL STREET NEW HAVEN CT 06512 CLEANING SERVICES 121849 TLB ARCHITECTURE LLC 92 WEST MAIN STREET CHESTER CT 06412 ARCHITECTURAL SERVICES 114816 2 485000 485000 PROG.SERV.REVENUE 531120 3045441 3045441 3045441 8992 8992 128132 112228 274 15904 -274 15630 15630 BAD DEBT RECOVERY 531120 35000 35000 MISCELLANEOUS INCOME 900099 7495 7495 42495 3597558 3103566 0 8992 143200 42000 101200 7494 7494 170192 170192 6481 7986 -1505 30000 30000 2219 2219 34951 33779 1172 69441 50000 19441 750005 750005 735184 732073 3111 113182 109424 3758 UTILITIES 1098245 1098245 REPAIRS & MAINTENANCE 477966 477966 PROPERTY & OTHER TAXES 353640 352577 1063 BUILDING SECURITY 234632 234632 78767 76779 1988 4305599 4135658 169941 0 157524 113724 382694 239448 506701 45210 213250 217168 27854149 14156635 13352574 13697514 228804 234700 215039 359666 15056586 14907430 230801 415155 110176 187056 14701538 14581792 5242539 5995696 20285054 21179699 X -5228468 -6272269 -5228468 -6272269 15056586 14907430 -708041 -335760 0 X X 0 1 X 1 0 X 19022 196297 485000 700319 5457136 2507416 2666274 2689593 3045441 16365860 5476158 2703713 2666274 2689593 3530441 17066179 0 0 0 17066179 141 1702 1796 4917 8992 17548 141 1702 1796 4917 8992 17548 5476299 2705415 2668070 2694510 3539433 17083727 0.99900 0.99950 0.00100 0.00050 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 6045483 6045483 21764478 14132492 7631986 44188 24143 20045 13697514 SECURITY DEPOSITS 241491 ACCRUED INTEREST 5634459 CURRENT PORTION OF LONG TERM DEBT 119746 5995696 X 3226798 -335760 -335760 3562558 35000 35000 3597558 4270599 0 4270599 35000 35000 4305599 PART X, LINE 2: THE CORPORATION HAS BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE AS A NOT-FOR-PROFIT CORPORATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE CODE. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE ORGANIZATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN AND HAS CONCLUDED THAT AS OF DECEMBER 31, 2018, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE CORPORATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS PENDING OR IN PROGRESS. PART XI, LINE 4B - OTHER ADJUSTMENTS: BAD DEBT RECOVERY 35,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: BAD DEBT RECOVERY 35,000. CURT RICHARDS DIRECTOR OF SPDC AND VP OF ENVIRONMENTAL HEALTH & SAFETY AT OLIN CORP OLIN CORP IS RESPONSIBLE UNDER CT LAW FOR CERTAIN REMEDIATION ACTIVITIES ON SITES OWNED BY SCIENCE PARK DEVELOPMENT COPORATION. 0 FORM 990, PART VI, SECTION B, LINE 11B ALL MEMBERS OF THE BOARD OF DIRECTORS (GOVERNING BODY) ARE PROVIDED WITH A COPY OF THE FORM 990 PRIOR TO IT BEING SIGNED, AND REQUESTED TO PROVIDE THEIR COMMENTS, QUESTIONS OR CONCERNS. FORM 990, PART VI, SECTION B, LINE 12C ALL OFFICERS, DIRECTORS AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE TO THE PRESIDENT ANNUALLY, BY THE DATE OF THE ANNUAL MEETING, INTERESTS THAT COULD GIVE RISE TO CONFLICTS. WHEN A CONFLICT OF INTEREST REQUIRES ACTION BY THE BOARD, THE PRESIDENT SHALL CALL IT TO THE ATTENTION OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 15A THE CORPORATION HAS ONE EMPLOYEE WHOSE COMPENSATION IS DETERMINED BY THE PRESIDENT, WHO RELIES ON HIS KNOWLEDGE OF THE MARKETPLACE FOR PEOPLE OF SIMILAR SKILLS AND RESPONSIBILITIES. THE SALARY IS ADJUSTED ANNUALLY AND APPROVED BY THE BOARD. THE CHAIRMAN AND PRESIDENT'S COMPENSATION IS DETERMINED BY THE BOD WITH REFERENCE TO HIS KNOWLEDGE, EXPERIENCE AND LEVEL OF RESPONSIBILITY. FORM 990, PART VI, SECTION C, LINE 18 THE CORPORATION'S ANNUAL FORM 990, INCLUDING FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. THE ORGANIZATION'S CERTIFICATE OF ORGANIZATION AND BY-LAWS ARE AVAILABLE AT THE CONNECTICUT SECRETARY OF STATE'S OFFICES. FORM 990, PART VI, SECTION C, LINE 19 THE CORPORATION'S ANNUAL FORM 990, INCLUDING FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. THE ORGANIZATION'S CERTIFICATE OF ORGANIZATION AND BY-LAWS ARE AVAILABLE AT THE CONNECTICUT SECRETARY OF STATE'S OFFICES. FORM 990, PART XI, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. SPDC TRACT A LLC 5 SCIENCE PARK NEW HAVEN CT 065111968 752986784 REAL ESTATE HOLDING & MANAGEMENT CT 20000 3223169 SCIENCE PARK DEVELOPMENT CORPORATION SPDC TRACT D LLC 5 SCIENCE PARK NEW HAVEN CT 065111968 460465458 REAL ESTATE HOLDING & MANAGEMENT CT 0 0 SCIENCE PARK DEVELOPMENT CORPORATION SPDC TRACT E LLC 5 SCIENCE PARK NEW HAVEN CT 065111968 061619712 REAL ESTATE HOLDING & MANAGEMENT CT 0 500000 SCIENCE PARK DEVELOPMENT CORPORATION SPDC TRACT J LLC 5 SCIENCE PARK NEW HAVEN CT 065111968 061614619 REAL ESTATE HOLDING & MANAGEMENT CT 0 108621 SCIENCE PARK DEVELOPMENT CORPORATION SPDC 110 MUNSON LLC 5 SCIENCE PARK NEW HAVEN CT 065111968 680489628 REAL ESTATE HOLDING & MANAGEMENT CT 0 60362 SCIENCE PARK DEVELOPMENT CORPORATION