2018-10-11T13:52:37-05:00 2017-12-31 364382562 MARCUM LLP 555 LONG WHARF DRIVE NEW HAVEN CT 06515 990 2017-01-01 061062368 SCIENCE PARK DEVELOPMENT CORPORATION SCIE 2037850840 5 SCIENCE PARK NEW HAVEN CT 06511 CLIO NICOLAKIS EXECUTIVE DIRECTOR & CONTROLLER 2037850840 2018-10-10 1 GREGORY C MARAZITA P00646516 2037771099 2017 2022-09-23 18:48:47Z CLIO NICOLAKIS 5 SCIENCE PARK NEW HAVEN CT 06511 2694510 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 0 2666274 2589593 1615 4546 0 100000 2667889 2694139 0 0 0 0 86019 150620 0 0 0 3957553 3823158 4043572 3973778 -1375683 -1279639 15542872 15056586 19494583 20285054 -3951711 -5228468 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 3782737 2689222 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 AND ENHANCEMENT OF 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. THE PARK ATTRACTS START-UP BIOTECH AND TECHNOLOGY FIRMS, INCLUDING LIFE SCIENCE, HIGH TECHNOLOGY, WEB APP DEVELOPMENT, FINANCIAL TECHNOLOGY, AND LIGHT MANUFACTURING INDUSTRIES. AS A HOME BASE FOR THESE COMPANIES, SPDC PROVIDES ECONOMIC BENEFITS TO THE CITY OF NEW HAVEN AS A WHOLE, AND OFFERS INDIRECT EMPLOYMENT OPPORTUNITIES TO AREA RESIDENTS. 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. SCIENCE PARK TALLIES OVER 30 COMPANIES AND NOT-FOR-PROFIT ORGANIZATIONS WITH OVER 1300 PEOPLE IN THE SCIENCE PARK PLANNED DEVELOPMENT DISTRICT. 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. 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. YALE UNIVERSITY PROVIDED SUPPORTING FUNDS DURING CONSTRUCTION ACTIVITIES, OLIN CORPORATION APPROVED DONATION OF ADDITIONAL LAND AND FACILITIES, AND THE CITY OF NEW HAVEN PROVIDED CONTRIBUTIONS IN THE FORM OF CAPITAL IMPROVEMENTS. THESE WERE IN ADDITION TO PREVIOUS COMMITMENTS TO THE PARK FROM THE CONNECTICUT DEVELOPMENT AUTHORITY ("CDA", NOW CONNECTICUT INNOVATIONS INC. "CII") AND DECD. THE MAJOR PORTION OF THESE FUNDS WERE USED TO RENOVATE AND EXPAND 140,000 SQUARE FOOT OFFICE/LAB BUILDINGS THAT ARE NOW LEASED AND OCCUPIED; PRIMARILY TO COMPANIES IN THE BIOTECH FIELD. 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 PLANT 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. AS A RESULT OF THE REFINANCING, REPAYMENT TERMS WERE CHANGED AND THE REMAINING PROCEEDS WERE SET ASIDE FOR WORKING CAPITAL AND FUTURE INVESTMENT AND REMEDIATION OF THE REMAINING SPDC-OWNED PROPERTIES AS WELL AS MUCH-NEEDED REPAIRS TO EXISTING OFFICE AND LAB SPACE BUILDINGS. CLOSE TO $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 PARTNER.IN 2016 & 2017, THE S*PARK INNOVATION LAB WAS EXPANDED IN 5 SCIENCE PARK TO HOUSE START-UP OR EARLY-STAGE BIOTECH COMPANIES IN SHARED LAB SPACES. 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 IS TO RECEIVE A TOTAL OF $485,000 TO INVEST IN AND EXPAND THE INFRASTRUCTURE OF LIFE SCIENCE SUPPORT SERVICES IN SCIENCE PARK, FOR BOTH SPDC TENANTS AND THE BIOTECH COMMUNITY IN NEW HAVEN. GRANT REIMBURSEMENTS TOTALING $485,000 ARE EXPECTED TO BE RECEIVED IN 2018, WITH MATCHING FUNDS OF AT LEAST $410,000 EXPECTED TO BE CONTRIBUTED BY SPDC AND THE TENANT THAT PROVIDES THESE LIFE SCIENCE SUPPORT SERVICES.SPDC CONTINUES TO ACTIVELY SEEK NEW DEVELOPMENT PARTNERS IN ORDER TO COMPLETE THE DEVELOPMENT OF THE REMAINING 300,000 SQUARE FEET OF UNRENOVATED STRUCTURES IN SCIENCE PARK, CONSISTENT WITH THE GOALS OF ITS MISSION. IN DECEMBER 2017, THE CORPORATION ENTERED INTO A SIX MONTH EXCLUSIVE REDEVELOPMENT AGREEMENT WITH A NEW YORK CITY DEVELOPER TO EXPLORE REDEVELOPMENT OF CERTAIN PORTIONS OF SCIENCE PARK.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. 3782737 1 0 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 16 0 1 1 1 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 RICHARD R BARREDO TREASURER; DIRECTOR 1.00 X 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 VICE PRESIDENT; DIRECTOR 1.00 X X 0 0 0 DAVID SILVERSTONE BOARD CHAIRMAN/PRESIDENT 15.00 X X 60000 0 0 JEROME E TURECK DIRECTOR 1.00 X 0 0 0 CHARLES H BREWER III DIRECTOR 1.00 X 0 0 0 MATTHEW NEMERSON DIRECTOR 1.00 X 0 0 0 CLIO NICOLAKIS EXECUTIVE DIRECTOR & ASST SECRETARY 30.00 X 83200 0 0 NICLAS A FERLAND SECRETARY 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 113153 1 PROG.SERV.REVENUE 531120 2589593 2589593 2589593 4917 4917 371 -371 -371 -371 BAD DEBT RECOVERY 531120 100000 100000 100000 2694139 2689222 0 4917 143200 42000 101200 7420 7420 173615 173615 12709 7223 5486 34000 34000 2489 2489 11975 8802 3173 3275 3275 83444 60545 22899 755978 755978 720914 718699 2215 110497 104106 6391 UTILITIES 860925 860925 REPAIRS & MAINTENANCE 438986 438986 PROPERTY & OTHER TAXES 323865 321830 2035 BUILDING SECURITY 224718 224718 65768 65310 458 3973778 3782737 191041 0 13646 157524 359147 382694 637984 506701 206177 213250 26871811 13519237 13912935 13352574 224025 228804 188958 215039 15542872 15056586 252693 340977 14777954 14701538 4463936 5242539 19494583 20285054 X -3951711 -5228468 -3951711 -5228468 15542872 15056586 -1279639 2882 0 X X 0 1 X 1 0 X 484681 19022 196297 700000 2545717 5457136 2507416 2666274 2689593 15866136 3030398 5476158 2703713 2666274 2689593 16566136 0 0 0 16566136 446 141 1702 1796 4917 9002 446 141 1702 1796 4917 9002 3030844 5476299 2705415 2668070 2694510 16575138 0.99950 0.99970 0.00050 0.00030 X 6045482 6045482 20789454 13497803 7291651 36875 21434 15441 13352574 SECURITY DEPOSITS 268084 ACCRUED INTEREST 4898039 CURRENT PORTION OF LONG TERM DEBT 76416 5242539 X 2597021 2882 2882 2594139 100000 100000 2694139 3873778 -100000 -100000 3973778 0 3973778 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, 2017, 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 100,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: BAD DEBT RECOVERY -100,000. 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 559 SCIENCE PARK DEVELOPMENT CORPORATION SPDC TRACT E LLC 5 SCIENCE PARK NEW HAVEN CT 065111968 061619712 REAL ESTATE HOLDING & MANAGEMENT CT 500000 SCIENCE PARK DEVELOPMENT CORPORATION SPDC TRACT J LLC 5 SCIENCE PARK NEW HAVEN CT 065111968 061614619 REAL ESTATE HOLDING & MANAGEMENT CT 143364 SCIENCE PARK DEVELOPMENT CORPORATION SPDC 110 MUNSON LLC 5 SCIENCE PARK NEW HAVEN CT 065111968 680489628 REAL ESTATE HOLDING & MANAGEMENT CT 60362 SCIENCE PARK DEVELOPMENT CORPORATION