2025-11-10T08:14:43-06:00 2024-12-31 881478669 CBIZ ADVISORS LLC 53 STATE STREET BOSTON MA 02109 990 2024-01-01 061062368 SCIENCE PARK DEVELOPMENT CORPORATION SCIE 2037850840 5 SCIENCE PARK NEW HAVEN CT 06511 DAVID SILVERSTONE BOARD CHAIR/PRESIDENT 2037850840 2025-11-07 1 1 DOUGLAS FARRINGTON P00370668 6178075000 2025-11-07 2024 2025-03-06 01:10:19Z DAVID SILVERSTONE 5 SCIENCE PARK NEW HAVEN CT 06511 6688368 0 X WWW.SCIENCEPARKNEWHAVEN.ORG X 1981 CT A NON-PROFIT FORMED TO ENGAGE IN ECONOMIC DEVELOPMENT IN A DISTRESSED COMMUNITY. 9 8 1 9 0 0 0 2569342 3894497 3998737 23533 36979 7393 83310 3925423 6688368 0 0 0 0 159933 177739 0 0 0 4672713 5100445 4832646 5278184 -907223 1410184 12783020 15609110 23739409 25159659 -10956389 -9550549 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 5125859 4082047 SCIENCE PARK DEVELOPMENT CORPORATION ("SPDC") WAS ESTABLISHED IN AUGUST OF 1981 AS A PART OF A COOPERATIVE EFFORT BY THE CITY OF NEW HAVEN, THE STATE OF CONNECTICUT, YALE UNIVERSITY, AND OLIN CORPORATION TO MOBILIZE THEIR CONSIDERABLE RESOURCES TO CREATE A NEW ECONOMIC BASE AT THE SITE OF A MULTI-TRACT, PREDOMINANTLY 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 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. IN ADDITION, YALE UNIVERSITY, OLIN CORPORATION AND THE CITY OF NEW HAVEN PROVIDED ADDITIONAL FUNDS, LAND OR CAPITAL TO FURTHER DEVELOPMENT OF THE PARK.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), 20% OF WHICH ARE CHFA AFFORDABLE UNITS.IN 2014, TWO OF THE GROUND LEASES WERE SOLD TO THE OWNERS OF THE BUILDINGS THEREON. SINCE THEN, OVER $2 MILLION WAS INVESTED IN REPAIRS TO 4 AND 5 SCIENCE PARK, AS WELL AS THE ENVIRONMENTAL ASSESSMENT AND DEVELOPMENT DESIGN FOR THE UNDEVELOPED REMAINS OF SCIENCE PARK'S EASTERN COURTYARD OF TRACT A ("EASTERN COURTYARD"). SPDC RECEIVED A $485,000 SUBGRANT THROUGH CTNEXT'S INNOVATION PLACES PROGRAM IN 2017 AND TOGETHER WITH A TENANT INVESTED OVER $700,000 AND EXPANDED THE INFRASTRUCTURE OF LIFE SCIENCE SUPPORT SERVICES IN 4 SCIENCE PARK, AVAILABLE FOR BOTH SPDC TENANTS AND THE NEW HAVEN BIOTECH COMMUNITY. THIS INFRASTRUCTURE WAS FURTHER EXPANDED IN 2021 BY ANOTHER TENANT IN ORDER TO MAXIMIZE SERVICES IN THE PARK. SINCE DECEMBER 2017, SPDC HAS BEEN WORKING WITH A NEW DEVELOPMENT PARTNER FOR THE LAST 300,000 SQUARE FEET AND COMPLETING THE ENVIRONMENTAL ASSESSMENT OF THE EASTERN COURTYARD WITH A $200,000 DECD BROWNFIELDS GRANT AWARDED IN LATE 2018 AND A $2 MILLION BROWNFIELDS REMEDIATION GRANT AWARDED IN 2021. IN DECEMBER 2022, THE CITY OF NEW HAVEN WAS AWARDED A CONDITIONAL $2 MILLION BROWNFIELD AWARD TO BENEFIT SPDC AS ADDITIONAL FUNDING FOR THE DEMOLITION AND REMEDIATION OF THE EASTERN COURTYARD. UPON ITS EXPIRATION IN DECEMBER 2023, THE CONDITIONAL AWARD WAS TRANSFERRED TO SPDC AS APPLICANT WITH A FIRM AWARD AND CERTAIN DEVELOPMENT REQUIREMENTS STIPULATED IN A MEMORANDUM OF AGREEMENT BETWEEN DECD AND SPDC. IN 2024, SPDC WAS AWARDED AN ADDITIONAL $6.8 MILLION FROM DECD BROWNFIELDS AND URBAN SITES REMEDIAL ACTION PROGRAM TO COMPLETE THE DEMOLITION AND REMEDIATION OF THE EASTERN COURTYARD. AN AGREEMENT WITH DECD WAS REACHED IN DECEMBER 2024 WHEREIN SPDC WOULD DEMOLISH AND REMEDIATE THE EASTERN COURTYARD BUILDINGS. UNDER THE TERMS OF THAT AGREEMENT, SPDC MUST BUILD OR CAUSE TO BE BUILT EITHER A MINIMUM OF 100 HOUSING UNITS OF 100,000 SQUARE FEET OF LAB/OFFICE SPACE BY 2030. BY THE END OF 2023, SPDC'S CURRENT DEVELOPMENT PARTNER HAD RECEIVED ALL STATE AND LOCAL APPROVALS, AND FINALIZED PLANS AND RELATED FINANCING TO DEVELOP A MIXED USE BUILDING WITH ALMOST 300 APARTMENTS, INCLUDING 20% RESERVED FOR AFFORDABLE HOUSING, AND PARKING ON THE WINCHESTER AVENUE SURFACE PARKING LOT KNOWN AS TRACT E. SIMULTANEOUSLY, SPDC WAS AWARDED A $5 MILLION DECD URBAN ACTION GRANT THROUGH THE CITY OF NEW HAVEN TO CREATE PUBLIC OPEN SPACE AND OPEN UP ROADS THROUGH THE SITE FOR COMMUNITY ACCESS AND ENJOYMENT. BOTH PROJECTS SHOULD BE COMPLETED IN THE FIRST QUARTER OF 2026.THE PARK HAS CONTINUED TO ATTRACT START-UP BIOTECH AND TECHNOLOGY FIRMS IN SMALL SUITES AS WELL AS SHARED LAB SPACES. SPDC HAS CONTINUED TO MAKE OFFICE SPACE AVAILABLE TO SOCIAL SERVICES, VOCATIONAL TRAINING AND LITERACY ORGANIZATIONS, WHICH DIRECTLY SERVE THE FAMILIES IN THE NEIGHBORHOOD AND THROUGHOUT NEW HAVEN. THE ENTIRE SCIENCE PARK PLANNED DEVELOPMENT DISTRICT, INCLUDING PROPERTIES NOT OWNED BY SPDC, TALLIES OVER 30 COMPANIES, CAFES, NOT-FOR-PROFIT ORGANIZATIONS AND UNIVERSITY AFFILIATES COMBINED WITH AN ESTIMATED 1600+ EMPLOYEES. DUE TO THE CLOSE PROXIMITY TO YALE'S RESEARCH FACILITIES AND NEW HAVEN'S POSITION AS A NEW BIOSCIENCE ECONOMIC CLUSTER, THE DEMAND FOR LAB SPACE IN NEW HAVEN HAS LED TO NEAR FULL OCCUPANCY OF SPDC-OWNED BUILDINGS SINCE 2019. 5125859 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 1 0 0 0 0 0 0 1 0 0 0 0 1 25 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X CLIO NICOLAKIS 2037850840 5 SCIENCE PARK NEW HAVEN CT 06511 DAVID SILVERSTONE BOARD CHAIRMAN/PRESIDENT 22.00 X X 72000 0 0 JEROME E TURECK VICE PRESIDENT; DIRECTOR 0.50 X X 0 0 0 MICHAEL A SCHAFFER TREASURER; DIRECTOR 0.50 X X 0 0 0 PETER A PENCZER DIRECTOR 0.50 X 0 0 0 CYNTHIA PETRUZZELLO DIRECTOR 0.50 X 0 0 0 MICHAEL PISCITELLI DIRECTOR 1.00 X 0 0 0 DAVID SHARE DIRECTOR 0.50 X 0 0 0 DARRELL BROOKS DIRECTOR 0.50 X 0 0 0 SUSAN CASCIO DIRECTOR (AS OF 12/9/24) 0.50 X 0 0 0 CLIO NICOLAKIS EXEC. DIR. & ASST. SECRETA 30.00 X 97969 0 0 NICLAS A FERLAND SECRETARY 1.00 X 0 0 0 169969 0 0 0 0 0 0 WINCHESTER TRACT E SOUTH LLC 1865 PALMER AVENUE 2ND FLOOR LARCHMONT NY 10538 LAND DEVELOPMENT 1901431 SSC INC 25 CONTROLS DRIVE SHELTON CT 06484 SECURITY 305378 THE WM M HOTCHKISS CO PO BOX 801 NEW HAVEN CT 06503 PROPERTY MANAGEMENT 251323 COLLIERS 864 WETHERSFIELD AVENUE HARTFORD CT 06114 LEASING 194862 PERFORMANCE ENVIROMENTAL SERVICES LLC 111 KENDALL ST NEW HAVEN CT 06512 JANITORIAL SERVICES 145106 7 2569342 2569342 RENTAL REVENUE 531120 3998737 3998737 3998737 36979 36979 MISCELLANEOUS INCOME 541900 83310 83310 83310 6688368 4082047 0 36979 169969 118978 50991 7770 5439 2331 223616 223616 73139 69945 3194 40170 28119 12051 4900 4900 139594 96048 43546 1600 1600 12216 12216 1848769 1848340 429 777570 777570 747808 747048 760 227041 212689 14352 REPAIRS & MAINTENANCE 604687 604687 BUILDING SECURITY 311133 311133 INCUBATOR OPERATING EXP 69994 69994 TELECOMMUNICATIONS 18208 12253 5955 5278184 5125859 152325 0 62316 149462 667911 286743 43350 230209 239251 31411188 18078414 11353163 13332774 509001 693112 341588 483250 12783020 15609110 295009 421200 7400 27566 14093358 14019985 9343642 10690908 23739409 25159659 X -10956389 -9550549 -10956389 -9550549 12783020 15609110 1410184 -4344 0 X X 0 1 X 1 0 X 162472 28780 2569342 2760594 3344714 3562877 3769919 3894497 3998737 18570744 3507186 3591657 3769919 3894497 6568079 21331338 0 3161576 3474815 3266122 9902513 3161576 3474815 3266122 9902513 11428825 3267 235 5594 23533 36979 69608 3267 235 5594 23533 36979 69608 6500 70629 7393 83310 167832 3510453 3598392 3846142 3925423 6688368 21568778 0.52990 0.62650 0.00320 0.00230 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2021 AMOUNT: $ 6,500. 2022 AMOUNT: $ 70,629. 2023 AMOUNT: $ 7,393. 2024 AMOUNT: $ 83,310. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2738098 2738098 22794752 18003711 4791041 3324820 58431 3266389 18843 16272 2571 2534675 2534675 13332774 SECURITY DEPOSITS 241707 ACCRUED INTEREST 9819604 GRANT ACCRUED EXPENSES 629597 10690908 X 6734024 -4344 50000 45656 6688368 0 6688368 5328184 50000 50000 5278184 0 5278184 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, 2024, 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. DAVID SHARE DIRECTOR OF SPDC AND VP OF ENVIRONMENTAL REMEDIATION AT OLIN CORP 250000 OLIN CORP IS RESPONSIBLE UNDER CT LAW FOR CERTAIN REMEDIATION ACTIVITIES ON SITES OWNED BY SCIENCE PARK DEVELOPMENT CORPORATION. 0 MICHAEL PISCITELLI DIRECTOR OF SPDC AND ECONOMIC DEVELOPMENT DIRECTOR CITY OF NEW HAVEN 2531028 SPDC IS A SUBGRANT RECIPIENT FROM THE CITY OF NEW HAVEN OF A DECD URBAN ACTION GRANT THROUGH THE STATE OF CONNECTICUT DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT 0 FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETE 990 IS PROVIDED THE BOARD OF DIRECTORS FOR REVIEW, DIGITALLY, BEFORE IT IS FILED. THE 990 IS NOT FILED UNTIL THE BOARD HAS CONDUCTED ITS REVIEW. 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 15 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 DURING THE BUDGET PROCESS. THE CHAIRMAN AND PRESIDENT'S COMPENSATION IS DETERMINED BY THE BOD WITH REFERENCE TO HIS KNOWLEDGE, EXPERIENCE AND LEVEL OF RESPONSIBILITY. THE CHAIRMAN'S COMPENSATION IS ALSO APPROVED ANNUALLY THROUGH THE BUDGET PROCESS. 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 XII, 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 58314 3240586 SCIENCE PARK DEVELOPMENT CORPORATION SPDC TRACT D LLC 5 SCIENCE PARK NEW HAVEN CT 065111968 460465458 REAL ESTATE HOLDING & MANAGEMENT CT 10137 0 SCIENCE PARK DEVELOPMENT CORPORATION SPDC TRACT E LLC 5 SCIENCE PARK NEW HAVEN CT 065111968 061619712 REAL ESTATE HOLDING & MANAGEMENT CT 18064 500000 SCIENCE PARK DEVELOPMENT CORPORATION SPDC TRACT J LLC 5 SCIENCE PARK NEW HAVEN CT 065111968 061614619 REAL ESTATE HOLDING & MANAGEMENT CT 0 80194 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