esd_foil response

NYS Consolidated Funding Application Application Number 38759 Registration Email: [email protected] File created September 17, 2014 - 10:57 AM Application finalized on September 17, 2014 - 10:56 AM

RegionNew York City

Questionnaire Questions & Answers

Threshold Excelsior Jobs Program

Does this project predominantly involve any of the following activities at the project location: (1) scientific research and development that will create at least 5net new jobs in NYS; (2) software development that will create at least 5 net new jobs in NYS; (3) agricultural production or agricultural support (e.g. soil

preparation, planting, harvesting and management, on a contract or fee basis) that will create at least 5 net new jobs in NYS; (4) manufacturing that will create at least10 net new jobs in NYS; (5) financial services data center or financial services customer back office operations that will create at least 50 net new jobs in NYS; (6) aback office operation that includes customer service, information technology and data processing, human resources, accounting and related administrative functionsand will create at least 50 net new jobs in NYS; (7) a distribution center involving processing, repackaging, and/or movement of finished or semi-finished goods to retaillocations across a multi-state area that will create at least 75 net new jobs in NYS; (8) the creation of at least 300 net new jobs in NYS and the investment of at least$6 million at the project locations; (9) categories 1, 2, 3, 5, 6 & 7 above retaining at least 25 persons in NYS and category 4, manufacturing, that retains at least 10persons in NYS http://esd.ny.gov/BusinessPrograms/Data/Excelsior/050211_ExcelsiorStatuatoryProvisions.pdf

Yes

Are you a not-for-profit, municipality or public benefit corporation?

No

NYSERDA Energy Efficiency Projects

Will/Does your project/facility incorporate energy efficiency measures or need assistance with energy modeling/energy audit? Note: By answering yes to thisquestion, you are applying to NYSERDA's New Construction, Existing Facilities, FlexTech, or Industrial and Process Efficiency Programs. LIPA, NYPA, and

Municipal Utility customers please view help.

Yes

Recharge New York

If you are applying for an allocation of ReCharge New York ("RNY") power for your Facility, select Yes below. Subject to other program requirements, RNYPower allocations may be awarded for the purpose of supporting (1) the retention of an existing organization and jobs in the State (a retention allocation),

or (2) a new business or the expansion of an existing business in the State (an expansion allocation), Please indicate in the General Information and Backgroundsection the nature of the allocation being requested (retention or expansion). Please note that the governing law provides that eligible applicant does not include retailbusinesses, including, without limitation, sports venues, gaming or entertainment-related establishments or places of overnight accommodation. The applicabledefinition of retail business may be found at www.nypa.gov/RechargeNY/default.htm.

Yes

Location Excelsior Jobs Program

NYS Assembly District(s) where the project is located. (please enter a number between 1 and 150 that represents your Assembly District)

65

NY Senate District(s) where the project is located. (please enter a number between 1 and 63 that represents your Senate District)

26

Project City

New York

Project State

New York

Project Latitude

40.711425

Q_41

Q_1856

Q_999

Q_2543

Q_184

Q_190

Q_565

Q_568

Q_572

Q_573

NYS CFA - Application Number 38759Page 1 of 17

Project Longitude

-74.015403

Project Street Address: if the project does not have a definite street address, please skip to "Project without a Street Address" below.

255 Liberty

Project Without a Street Address: please enter a description of the project location. Include project starting/ending street addresses, cities & zip codes ifapplicable.

NA

Project county or counties.

Manhattan

Project ZIP Code. (please use ZIP+4 if known)

10281

US Congressional District where the project is located.

10th

Basic General Project Information

If you are a DBA, what is your DBA name?

Time, Inc.

Type of Applicant (select all that apply)

C Corporation

Select an applicant ID type from the list below that you normally use to identify your organization on application forms.

Federal Tax ID Number

If you are a business, have you been certified as a New York State Minority or Women-owned Business Enterprise (MWBE)?

No

Answer

Legal Name Time Inc

Street Address 1271 Avenue of the Americas

City New York

State NY

Zip Code (use ZIP+4 if known) 10020

Email Address [email protected]

Applicant

Q_573

Q_928

Q_971

Q_972

Q_1034

Q_3527

Q_550

Q_549

Q_556

Q_969


Telephone Number (include area code) 973-903-6685

Primary Contact Additional Contact

First Name Tim No Answer

Last Name Comerford No Answer

Title Senior Vice President No Answer

Street Address 47 Hulfish Street No Answer

City Princeton No Answer

State NJ No Answer

ZIP Code 08542 No Answer

Email Address [email protected] No Answer

Telephone Number 973-903-6685 9739036685

Contacts

Is the project included in a NY Rising Community Reconstruction Program plan or a NY Rising Countywide Resiliency Plan?

No

If the project is included in a NY Rising Community Reconstruction Program plan or a NY Rising Countywide Resiliency Plan, please indicate the planningcommittee name, project name, and location.

NA

Does your project directly address the needs of people in your region who are living in poverty and who seek resources for inclusion in the economic life ofNew York State?

No

How does your project seek to apply CFA funds for the purpose of eliminating barriers to skilled employment by poor people in your region, as identified bythe Opportunity Agenda? Please describe any efforts to collaborate at the local or regional level (i.e. public, private, labor, philanthropic sectors).

NA

How does your project build workforce development programs, improve physical infrastructure, and/or establish social services that connect people living inpoverty in your region with skilled employment, in correspondence with the economic revitalization priorities, distressed community targets, and the industry

growth areas identified in the Opportunity Agenda and Strategic Plan?

NA

Is this a Global NY Project?

No

If this is a Global NY Project, please describe how this project relates to the identified goals of your regions Global Marketing and Export Strategies as partof the Global NY initiative?

NA

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Q_3744

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Project Description

Project Description. Concisely describe the project, indicating the location, what will be planned, designed, acquired, and/or constructed, theissues/opportunities to be addressed, and expected outcomes and deliverables. Additional details will be collected later in the application process.

Time is embarking on an historic corporate spin-off from its long-standing parent to resently become an independent publicly-traded company. Thistransaction consists of multi-faceted initiatives, including broad-based process improvements designed to reduce costs and to retain and attract thehighest-quality talent. These initiatives are being followed soon after by a restructuring of the Companys office occupancy in the New York metro area, forwhich the evaluation and planning process has been underway, leading to important location decisions that will materially impact the Companys coststructure and workplace.

Explain what makes your project a regional economic priority - for example creates jobs, economic investment, sustainability and community revitalization,government efficiency or consolidation etc.

See Above Q575

How does your project align with the Regional Economic Development Councils Strategic Plan? (strategic plans are located athttp://www.nyscfaprojectdata.ny.gov/ )

See Q 575

Current State of Project Development (i.e. planning, preliminary engineering, final design, etc. You may enter N/A for non-project related applications)

Planning & Preliminary Engineering

Estimated Project Timeline: including project start/completion dates, estimates for design, permitting and construction or other major steps. (You may enterN/A for non-Project related applications)

Statement of Need

See Q575

Provide a list of all federal, state, and local reviews, approvals, or permits needed or completed, including the dates when they are expected to be completedor were completed. If Not Applicable, indicate "NA".

NA

What is the status of State and/or Federal Environmental Review? If review of the project is underway or completed pursuant to the State EnvironmentalQuality Review Act (SEQRA) or National Environmental Policy Act (NEPA), please indicate the lead agency (if applicable).

NA

Prior CFA Funding

If funding was awarded in prior CFA rounds, what were the CFA numbers for which funding was awarded? (separate multiple CFA numbers with commas)

NA

Standard Question Excelsior Jobs Program

Applicant website

http://www.TimeInc.com

What is the applicant's Federal Tax ID#?

Indicate the principal North American Industrial Classification System (NAICS) Code at the project location.

511120

Indicate the Primary North American Industrial Classification System (NAICS) Code at the PROJECT LOCATION.

511120

Describe the ownership of the applicants business including, if applicable, the names of principal owners:

An independent publicly-traded company

Q_575

Q_930

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Q_929

Q_975

Q_976

Q_580

Q_2364

Q_2362

Q_1339

Q_740

Q_595

Q_1142

Q_1075


Identify the applicants parent and subsidiary companies (if none, please respond with N/A):

NA

Electric Utility Company Name

Consolidated Edison

Natural Gas Utility Company Name

Consolidated Edison

Is the applicant an Empire Zone certified entity? If so, please provide the Empire Zone address location.

No

Is a third party being used to complete this application such as consultant, accountant or attorney?

Yes

If you are a third party completing this application you must disclose your name, company and contact information.

Timothy Comerford, Biggins Lacy Shapiro & Co., 973-903-6685; [email protected]

What is the first project year? (e.g. the year equipment will be ordered or when first expenditures are expected to be made)

2014

Briefly describe what the project involves in terms of product(s) or services(s) that will be provided at the project location.

Design and construction of office space

Have any expenditures for the project been made prior to the date of this application? If yes, explain. http://esd.ny.gov/businessprograms/EIP.html

No

Project Costs by Year: Please enter the annual anticipated Project Costs based on the year that the investment will be made. These Project Costs should matchthe information in the Program Budget section.

Year 1 Year 2 Year 3 Year 4 Year 5

Building Acquisition

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

Building Renovation

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

New Construction

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

Production Machinery & Equipment

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

Furniture, fixtures & equipment

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

Land Acquisition *

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

Qualified Investments

Q_1076

Q_900

Q_902

Q_2221

Q_3134

Q_3136

Q_1409

Q_1410

Q_1224


Demolition & environmentalremediation *

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

Soft costs up to 25% *

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

Total 0 0 0 0 0

Job Creation and Retention Questions: The following questions are for committed, direct jobs only. Note that if awarded funding, Applicant must documentexisting and new jobs via submission of NY-45 forms. Questions about other jobs, such as Indirect Jobs and Construction Jobs, follow this section.

Indicate how many existing full-time equivalent jobs the applicant employs in all NYS LOCATIONS.

2917

Indicate the average annual wage for existing full-time equivalent employees the applicant employs in all NYS Locations as of the date this application isfinalized.

Indicate how many of the total existing full-time equivalent employees in New York State are contract employees.

All PROJECT Locations

Indicate how many existing full-time equivalent jobs the applicant employs at all PROJECT LOCATION(S).

2917

Indicate the average annual wage for the employees at the Project Location as of the date this application is finalized.

Indicate how many of the total existing full-time equivalent employees at the Project Location are contract employees.

How many of the existing jobs at the project location(s) are at risk if the project does not go forward.

2917

What percentage of the project's employees are residents of NYS?

NET NEW JOBS (DIRECT JOBS ONLY)

In the Table below, please indicate how many new full-time equivalent employees the company will create by general category/job type. Definition of full-timeequivalent employee: (1) a full-time, permanent, private-sector employee on the Recipient's payroll, who has worked at the Project Location for a minimum of

35 hours per week for not less than four consecutive weeks and who is entitled to receive the usual and customary fringe benefits extended by Recipient to otheremployees with comparable rank and duties; or (ii) two part-time, permanent, private-sector employees on Recipient's payroll, who have worked at the ProjectLocation for a combined minimum of 35 hours per week for not less than four consecutive weeks and who are entitled to receive the usual and customary fringebenefits extended by Recipient to other employees with comparable rank and duties. For the Excelsior Jobs Program: a full-time permanent employee must be on thepayroll for at least six months of a year in order to qualify for benefits. Jobs transferred from employment with another business located in the State including from arelated person in this State are not net new jobs for purposes of the employment commitment. Indicate the year employment begins under Year 1 here:

Job Type/Category Avg Gross Wages/JobTypeYear 1 - # Net New

JobsYear 2 - # Net New




Jobs

1

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

2

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

Net New Job Information (Enter Cumulatively)

Q_2195

Q_2199

Q_1365

Q_2196

Q_1186

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Q_1196

Q_1375

Q_3523


3 NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

4

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

5

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

NoAnswer

Total 0 0 0 0 0

Indicate what the average percentage is of the applicants' total employees' gross wages paid in benefits (exclude mandated benefits such as FederalInsurance Contributions Act (FICA), Medicare tax, unemployment insurance or workers' compensation insurance.

Will the proposed project result in the creation of construction jobs? If so, estimate the number of construction jobs to be created. Enter zero if not applicable.

0

RESEARCH & DEVELOPMENT

Do you conduct, or plan to conduct, research & development activities at this project location? Indicate Y/N. If "Y", please describe. http://www.taxalmanac.org/index.php/Internal_Revenue_Code:Sec._41._Credit_for_increasing_research_activities

N

Year 1 Year 2 Year 3 Year 4 Year 5

R&D Expenditures in NYS

No Answer

No Answer

No Answer

No Answer

No Answer

Research & Development

REAL PROPERTY

Estimate the future annual real property taxes or annual PILOT payments based on the investments in the property. What are the annual savings on realproperty taxes resulting from a PILOT agreement based on the investments in the property?

Please indicate the current annual real property taxes or PILOT payments.

Does, or will, the applicant own the property(ies) or have a lease specifying that it will pay the property taxes to the taxing jurisdiction for this projectlocation(s)?

No

Agreements - For Applicants To the Excelsior Jobs Program

Pursuant to section 354(2) of the New York State economic development law: As the preparer of this application, I attest to being an authorizedrepresentative of the applicant and, by placing my name in the box below, I hereby: 1. Agree to allow the Department of Taxation and Finance to share tax

information with the Department of Economic Development. However, any information shared as a result of this agreement shall not be available for disclosure orinspection under the State Freedom of Information law; 2. Agree to allow the Department of Labor to share tax and employer information with the Department ofEconomic Development. However, any information shared as a result of this agreement shall not be available for disclosure or inspection under the State Freedom ofInformation Law; 3. Agree to disqualify for empire zone benefits at any location or locations that qualify for Excelsior Jobs Program benefits if admitted into the excelsiorjobs program; 4. Allow the Department and its agents access to any and all books and records the Department of Economic Development may require to monitorcompliance; 5. Provide to the Department of Economic Development, upon its request, the information outlined in Section 354 (e) of Article 17 of the EconomicDevelopment Law; 6. Provide a clear and detailed presentation of all related persons as defined in subparagraph (c) of paragraph 3 of subsection (b) of section 465 ofthe Internal Revenue Code to the applicant to assure the Department of Economic Development that the jobs indicated in this application are not being shifted withinthe State; 7.Certify, under penalty of perjury, that the applicant is in substantial compliance with all environmental, worker protection, and local, state and federal tax laws. http://esd.ny.gov/BusinessPrograms/Data/Excelsior/050211_ExcelsiorStatuatoryProvisions.pdf

Timothy Comerford

NYSERDA Energy Efficiency Projects

NYSERDA Program Questions

Will/Does the project or facility location pay into the System Benefits Charge (SBC)? LIPA, NYPA, and Municipal Utility customers click on help for more

Q_1415

Q_2372

Q_3525

Q_3526

Q_1368

Q_1367

Q_1872

Q_1292


information on SBC.

Yes

If submitting on behalf of, please provide contact email address

[email protected]

Is the proposed project for a small business or not-for-profit with an average electric demand under 100 kW?

No

If you are a small business or not-for-profit with an average electric demand under 100 kW, are you looking to receive a free energy audit through GreenJobs-Green NY?

No

What is the Project Category/Project Type?

New Construction - New Construction Program

If you selected New Construction or Substantial Renovation in the previous question, please identify the construction type

New Building

Does the proposed project have planned electric or natural gas efficiency measures?

Electric and Natural Gas

Have project measures, equipment, or scope of work been identified?

Yes

Have the measures already been installed?

No

Please identify the desired assistance. Please view the help section for definitions of assistance.

Energy Study/Audit/Master Plan,Whole Building Design - New Construction

Facility/Building Use

Commercial Real Estate

Facility/Building Size (sq. ft.)

695000

Project Status

Construction Documents

Please describe your project timeline.

Construction 2015, occupancy 2016

Estimated Construction Cost/Project Cost/Study Cost ($)

Please indicate the status of ownership

Qualified Tenant/Leaseholder

If submitting a CFA on Behalf of Please enter your company name

Biggins Lacy Shapiro & Co.

If submitting a CFA on Behalf of Please enter your last name

Comerford

If submitting a CFA on Behalf of Please enter your first name

Q_1905

Q_1143

Q_1144

Q_966

Q_922

Q_899

Q_898

Q_1137

Q_923

Q_913

Q_911

Q_914

Q_1138

Q_912

Q_921

Q_1010

Q_1011

Q_1012


Timothhy

If submitting a CFA on Behalf of Please enter your title

Senior VP

If known, please enter the estimated annual kW savings that will be generated through the project.

0

If known, please enter the estimated annual kWh savings that will be generated through the project.

0

If known, please enter the estimated annual MMBtu savings that will be generated through the project.

0

Please identify how you were referred

NYSERDA CBO

Please identify the source of your referral based on your answer to the previous question (Ex. If you were referred by the Regional Economic DevelopmentCouncils please identify which region) View help for more options

From prior projects

NYSERDA does not require applicants to submit answers to the Funding Sources, Expenditure Activities, and Budget Categories sections found later in theCFA. If that information is available it will be helpful, otherwise please leave 0.00 for those questions in the application and continue. Other programs within theCFA may require the applicant to provide this information. Please refer to the individual agency guidelines when filling out these sections.

I understand that NYSERDA may require additional project information. (W9, Current Utility Bill, Equipment Specification Sheets, etc.)

Yes

Recharge New York

ReCharge New York Power Program: General Information and Background

As you complete the portion of Consolidated Funding Application that is specific to the Recharge New York Power Program, you will notice that somequestions are designated as Restricted Questions. The dissemination of information provided in response to Restricted Questions is intended to be limitedto the Economic Development Power Allocation Board, NYPAs Board of Trustees, and NYPA staff. If you need to disclose information you believe should betreated as confidential, please do so only in response to Restricted Questions. Also, please identify in the Other Information section of the CFA all responsesto Restricted Questions that you believe contain confidential information. Once in NYPAs possession, this information will be accorded the protections towhich it is entitled under New York law, including Public Officers Law Article 6 (Freedom of Information Law).

For this question select one choice, the FACILITY is applying for a power allocation to:

Support the retention of an existing business or Not-for-profit organization and jobs in New York State

Provide a brief description and/or history of applicants business both generally and at the FACILITY*:

Ink is embarking on an historic corporate spin-off from its long-standing parent to become an independent publicly-traded company by mid-2014. Thistransaction consists of multi-faceted initiatives, including broad-based process improvements designed to reduce costs and to retain and attract thehighest-quality talent. These initiatives are being followed soon after by a restructuring of the Companys office occupancy in the New York metro area, forwhich the evaluation and planning process has been underway, leading to important location decisions that will materially impact the Companys coststructure and workplace. In connection with its long-term plans, Ink will institute forward-looking workplace strategies to reduce cost and enhanceproductivity, collaboration and recruitment. The Companys existing lease expires at the end of 2017 and it will require a significantly smaller footprint goingforward. Specifically, the Company will reduce its footprint from approximately 1.5 million square feet to a projected requirement of approximately 695,000square feet

Describe the product(s) produced and/or service(s) provided at the FACILITY:

Publishing & Digital Media

Using the North American Industry Classification System, please provide the six digit NAICS code that applies to the FACILITY:

511120

Not-for-Profit (if your company is For-Profit select "No" or respond N/A)

Is the applicant a Not-for-Profit Corporation within the meaning of New York Not-for-Profit Corporation Law (N-PCL) 102(a)(5)?

No

If the answer to the question above is yes, identify the type of corporation (e.g., Type A, B, C, or D as provided for in Not-for-Profit Corporation Law 201), ifknown.

Section 303 of th Business Corporation Law

Q_967

Q_1139

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Q_2549

Q_2581

Q_735

Q_736

Q_2550

Q_1769


If the answer to this question is no, identify the specific section of New York State law under which the applicant is incorporated and exists, if known.

NA

Identify the date on which the applicant incorporated.

2014-06-30

Does your Not-for-Profit FACILITY provide critical services or substantial benefits to the local community?

No

If you selected yes from the question above, please describe:

No Answer

Existing Electric Service

How many years has the FACILITY been in operation?

0

Is the FACILITY owned, or leased in whole or in part, by the Applicant?

Leased in part

If FACILITY is leased in whole or in part by the Applicant, is the electric utility account in the name of the Applicant?

No

Please provide the FACILITY's electric service account number. If the FACILITY has more than one account provide all account numbers below separatedby commas.

To Be Provided

What is the typical metered demand (kW) at the FACILITY? (Please view the help link for information on how to respond for a facility with multiple electricaccounts)

What is the typical monthly energy consumption (kWh) at the FACILITY? (Please view the help link for information on how to respond for a facility withmultiple electric accounts)

Select the utility providing current delivery service at the FACILITY:

Con Edison Company of New York

Does this FACILITY use an Energy Service Company (ESCO) for its electricity supply?

No

Does the FACILITY currently receive NYPA hydropower (e.g., ReCharge New York Power, Expansion Power, Replacement Power, Preservation Power,NYPA hydropower allocated through a Municipal Electric District/Rural Electric Cooperative), or any benefits that derive from the sale of NYPA hydropower

(e.g., Industrial Incentive Awards, power proceeds grants)?

No

Energy Efficiency Measures

Has the FACILITY undergone an energy audit and/or a detailed feasibility study within the past 5 years?

Yes

If yes, please indicate type and year in which the audit/ feasibility study was performed.

2014

If yes to previous question, will the applicant agree to provide NYPA with copies of any such audit/ feasibility study if requested?

Yes

Has the FACILITY had any measures implemented to reduce energy consumption (electricity, gas, oil, etc.) within the last 3 years?

Q_1770

Q_1771

Q_737

Q_738

Q_741

Q_2551

Q_2552

Q_2557

Q_2553

Q_2554

Q_3462

Q_756

Q_2556

Q_809

Q_810

Q_1082

Q_811


No

If yes, select the measures that were implemented:

Other

If Other, please describe:

NA

If any measures above have been implemented at the FACILITY, please provide a brief description.

NA

Does the applicant plan to implement any measures to reduce energy consumption (electricity, gas, oil, etc.) within the next 3 years at the FACILITY?

Yes

If yes, select the measures the FACILITY plans to implement:

If Other, please describe:

NA

If the applicant plans to implement any measures above at the FACILITY within the next 3 years, please provide a brief description.

NA

If the FACILITY were to receive a ReCharge New York power allocation, will the applicant agree to undertake an ASHRAE Level II energy audit at theFACILITY in which the allocation is consumed, at least once during the term of the allocation, at the Applicants own expense?

Yes

If the FACILITY were to receive a ReCharge New York power allocation, will the applicant agree to make the FACILITY available at reasonable times forenergy audits and assessments if required by NYPA?

Yes

If the FACILITY were to receive a ReCharge New York power allocation, is the applicant willing to implement audit-identified energy efficiency measuresduring the term of the allocation?

Yes

If the FACILITY were to receive a ReCharge New York power allocation, will the applicant agree to provide information requested by NYPA or its designee insurveys, questionnaires and other information requests relating to energy efficiency and energy-related projects, programs and services?

Yes

Is the applicant familiar with Demand Response?

No

If the FACILITY were to receive a ReCharge New York power allocation, would the applicant be interested in learning more about NYPAs demand responseprograms?

Yes

ReCharge New York Retention Allocation Request

How much ReCharge New York power (in kW) is the applicant requesting for the FACILITY to help maintain operations and/or retain existing employment?(Do not include electric demand (kW) associated with a proposed expansion of your business, if any. If the applicant is applying for an allocation to support a

new business, answer this question with the number 0.)

How would a ReCharge New York allocation affect (1) the applicants competitive position generally and (2) the applicants operations at the FACILITY?

Public sector financial assistance is a final and critical component of Inks location decision. Discussions with NJ over potential Jersey City relocations havealready begun and the State has offered a significant incentives package to further improve the Jersey City economics over the first ten years of theCompanys relocation. We are now seeking to bring New York scenarios into synch with the Companys relocation decision timing.

For existing businesses describe the anticipated impact a ReCharge New York Power allocation would have on current employment at the FACILITY:

Q_812

Q_815

Q_1083

Q_813

Q_814

Q_816

Q_1084

Q_818

Q_819

Q_1085

Q_820

Q_821

Q_822

Q_2558

Q_2559

Q_2560


How many major competitors in the line of business conducted at this FACILITY are located in New York State?

None

List the name and city of the FACILITY's major NYS competitor(s), if noted above:

NA

List any other major domestic or foreign competitors (not in New York State):

NA

List names and locations of major suppliers to the FACILITY:

NA

List names and locations of major customers of the FACILITY:

NA

What percentage of the FACILITYs purchases of goods and services are made within New York State?

What percentage of the FACILITYs output is sold to customers within New York State?

What is the cost of electricity as a percentage of the cost of production at the FACILITY?

Is the FACILITY currently at risk of closing or curtailing operations, relocating out of state, or losing a significant number of jobs, due to the current cost ofelectricity to the applicant? (For new businesses, answer No.)

Yes

If yes, please describe why the operations or employment levels are at risk.

See Q 2560

Will a ReCharge New York power allocation mitigate any of the risks identified in the previous question?

Yes

If yes, please describe how any such risk will be mitigated.

Public sector financial assistance is critical component of Inks location decision

Identify any other facilities of your organization located in New York State. Give location, products manufactured and/or services offered, and number ofpermanent employees.

NA

Please describe how the facilities listed above interact with the FACILITY you are requesting power for and how the operations and employment may beaffected as a result of receiving a ReCharge New York power allocation.

No Answer

Employment and Payroll (If applicant is a new FACILITY, enter the number 0 in all applicable questions in this section)

What is the FACILITY's current employment in Full Time Equivalents (FTE)?

How many of the Full Time Equivalents listed above are comprised of part time employees?

Q_2564

Q_827

Q_828

Q_829

Q_830

Q_831

Q_832

Q_3464

Q_2561

Q_835

Q_1086

Q_1087

Q_1103

Q_1104

Q_2563

Q_1105


How many jobs would the applicant be willing to contractually commit to retain at the FACILITY as a condition to receiving a ReCharge New York powerallocation? (if applicant is a new FACILITY, enter the number "0".)

What is the average annual wage for the employees listed above?

What are the average annual employee benefits in dollars?

What is the total payroll including benefits (in dollars) at the facility?

Capital Investment (If applicant is a new FACILITY only answer the first question, enter the number 0 for all other questions in this section, and complete thesection below entitled New Facility or Existing Facility Expansion Plans.)

Please provide the total capitalization of the FACILITY in dollars (for new businesses: provide the FACILITYs projected capitalization):

What is the capital investment amount planned at the FACILITY over the next 5 years?

Please describe the capital investments included in the amount above:

What amount of the total 5 year capital investment pertains to bricks and mortar investment?

Of the total 5 year capital investment dollars listed above, how much would the applicant be willing to contractually commit to invest at the FACILITY as acondition to receiving a ReCharge New York power allocation?

New Facility or Existing Facility Expansion Plans (businesses only)

Is the applicant requesting an allocation to support either an expansion to an existing FACILITY or a new FACILITY? (If yes, complete the questions in thissection.)

No

Please describe the FACILITY expansion project or new FACILITY:

See Q575

Please describe the business reason(s) for expansion or new FACILITY:

See Q575

What is the net additional electric peak demand (kW) expected to register on the meter as a result of the specific expansion project or new FACILITY, if any?(Do not include electric demand (kW) already registering on the meter at the FACILITY.)

How much ReCharge New York power (in kW) is the applicant requesting for the expansion project or new FACILITY?

What is the additional monthly energy usage (kWh) expected as a result of this expansion project or new FACILITY?

What is the anticipated project start date (Month, Year)?

What is the anticipated project completion date (Month, Year)?

Q_2582

Q_837

Q_838

Q_839

Q_2565

Q_2586

Q_854

Q_855

Q_2588

Q_2566

Q_2567

Q_2568

Q_2569

Q_2570

Q_2571

Q_861

Q_862


Please describe the phases of the expansion project or new FACILITY, if any:

NA

Please describe any major machinery & equipment, systems or components that will be part of the expansion project or new FACILITY:

What is the total project cost estimate for this facility expansion or new FACILITY?

For existing FACILITIES only, of this Total Project Cost Estimate, how much, if any, is included in the response to question Q_2588 in the Capital InvestmentSection above?

How much of the Total Project Cost Estimate is related to bricks and mortar investment?

Please provide the total number of NEW jobs that will be created as a result of the expansion project or new FACILITY, if any. (For an expansion of anexisting facility, any new jobs must be above current employment level of the existing facility):

Of the total new jobs created for the expansion project or new FACILITY, how many new jobs would your company be willing to contractually commit to inreturn for a ReCharge New York allocation?

What will the average annual wages be for the NEW employees listed above?

What will the average annual benefits in dollars be for the NEW employees listed above?

What would the total payroll including benefits (in dollars) be for NEW employees listed above?

Please provide the anticipated time frame (month and year) that the NEW employees listed above will be hired (If none respond with N/A).

Other Information

Please identify all financial or other support the applicant receives, will receive, or has requested, if any, from the State of New York or State agency or entityregarding the FACILITY.

$8,000,000 from Empire State Development - Excelsior Program; $5.4 million in Lower Manhattan Sales Tax Exemption and $6.4 million in Lower ManhattanCommercial Rent Tax Exemption

Any additional information you may wish to include (suggestions include, but are not limited to, long term investment plans, capital investment history andcompany's growth potential):

NA

List any questions contained in this application for which the applicant considers its responses to be confidential (list question number(s) separated bycommas):

NA

Describe the basis for confidential treatment of the information identified in response to the previous question:

NA

Certification Excelsior Jobs Program

Q_2572

Q_2573

Q_2574

Q_3466

Q_867

Q_2576

Q_2580

Q_2577

Q_2578

Q_2579

Q_2589

Q_875

Q_876

Q_877

Q_1088

Q_1038


By entering your name in the box below, you certify that you are authorized on behalf of the applicant and its governing body to submit this application. Youfurther certify that all of the information contained in this Application and in all statements, data and supporting documents which have been made or

furnished for the purpose of receiving Assistance for the project described in this application, are true, correct and complete to the best of your knowledge and belief.You acknowledge that offering a written instrument knowing that the written instrument contains a false statement or false information, with the intent to defraud theState or any political subdivision, public authority or public benefit corporation of the State, with the knowledge or belief that it will be filed with or recorded by the Stateor any political subdivision, public authority or public benefit corporation of the State, constitutes a crime under New York State Law.

Timothy Comerford

Recharge New York

General Certifications

By entering your name in the box below, you certify and agree that you are authorized on behalf of the applicant and its governing body to commit theapplicant to comply with the requirements of Article 15-A of the New York State Executive Law: Participation By Minority Group Members and Women With

Respect To State Contracts by providing opportunities for Minority-owned Business Enterprise (MBE)/Woman-owned Business Enterprise (WBE) participation. Youfurther certify that the applicant will maintain such records and take such actions necessary to demonstrate such compliance throughout the completion of the project.

Timothy Comerford

Recharge New York Power Program Certifications (for applicants requesting a ReCharge New York power allocation only, the following certification is the lastquestion to be answered. The "Funding Sources", "Expenditure Activities", and "Budget Categories" sections below are not applicable)

I certify that (a) I am authorized to act on behalf of the applicant for a Recharge New York power allocation, and (b) all information provided in thisapplication, including any attachments, is true, accurate and correct to the best of my knowledge and the knowledge of the applicant. On behalf of the

applicant, I further understand and acknowledge that: (a) the applicant may be required to provide additional information upon request by the Economic DevelopmentPower Allocation Board and NYPA before any decision is made on this application; (b) Recharge New York power program allocations are subject to review andapproval by the Economic Development Power Allocation Board and the New York Power Authority Board of Trustees; and (c) and notwithstanding an award of anallocation of Recharge New York power, such allocation will be subject to the terms and conditions agreeable to NYPA and set forth in a separate written contractbetween the applicant and NYPA governing the provision and sale of the power that is the subject of the allocation.

Yes

Workforce I. Assessment of Skilled Worker Shortfall

Specific Job Titles and Number of Unfulfilled Openings for Each Job Title

ManagementTitle: Unspecified Jobs: 0Title: Unspecified Jobs: 0

Computer and Mathematical No Answer

Production No Answer

Community and Social Services No Answer

Construction and Extraction No Answer

Life, Physical, and Social Science No Answer

Healthcare Practitioners and Technical No Answer

Installation, Maintenance, and Repair No Answer

Building and Grounds Cleaning and Maintenance No Answer

Assessment of Skilled Worker Shortfall

Q_1038

Q_1037

Q_1077


Food Preparation and Serving Related No Answer

Arts, Design, Entertainment, Sports, and Media No Answer

Protective Service No Answer

Legal No Answer

Sales and Related No Answer

Architecture and Engineering No Answer

Personal Care and Service No Answer

Healthcare Support No Answer

Transportation and Material Moving No Answer

Farming, Fishing, and Forestry No Answer

Business and Financial Operations No Answer

Education, Training, and Library No Answer

Office and Administrative Support No Answer

II. Worker Recruitment

A. Recruitment Method B. Percentage of Use

1st Most Common Recruitment Method

2nd Most Common Recruitment Method

3rd Most Common Recruitment Method

1st Other

Worker Recruitment


2nd Other

3rd Other

Net New JobsNo job answers necessary due to your associated programs.

Qualified InvestmentsNo investment answers necessary due to your associated programs.

Total Project CostTotal project cost: $

Funding Requested from Program

Program Amount RequestedExcelsior Jobs Program $ 8000000

NYSERDA Energy Efficiency Projects $ 0 Answer Not Required

Recharge New York $ 0 Answer Not Required

Total Amount Requested $ 8000000

Program BudgetExcelsior Jobs Program

Use Source Amount Indicate Source / CommentsConstruction/Renovation Local $8000000 Excelsior

Legend [x] = Expired Program


CONFIDENTIAL PROJECT INFORMATION WORKSHEET

Thank you for bringing your project to Empire State Development. We look forward to working with you to evaluate your project for possible financial assistance. To begin this process, please complete and return the attached Project Information Worksheet.

Please note the following:

ESD cannot consider assistance for project activities commenced or committed to prior to the fundingrecipients written acceptance of an offer of assistance from ESD.

This is NOT a funding application. This information is needed to help ESD evaluate your project forpossible financial assistance. If ESD offers assistance, an Incentive Proposal will be issued and, ifaccepted, a separate funding application will be required.

ESD staff may request additional information or clarification, including financial projections.

Definitions: Full-time Permanent Employee: (i) a full-time, permanent, private-sector employee on the Recipients payroll, who has worked at the Project Location for a minimum of 35 hours per week for not less than four consecutive weeks and who is entitled to receive the usual and customary fringe benefits extended by Recipient to other employees with comparable rank and duties; or (ii) two part-time, permanent, private-sector employees on Recipients payroll, who have worked at the Project Location for a combined minimum of 35 hours per week for not less than four consecutive weeks and who are entitled to receive the usual and customary fringe benefits extended by Recipient to other employees with comparable rank and duties.

Full-time Contract Employee: a full-time private sector employee (or self-employed person) who is not on the Recipients payroll but who works exclusively for the Recipient at the project location for a minimum of 35 hours per week for not less than four consecutive weeks, providing services that would otherwise be provided by a Full-time Permanent Employee. The position held by a Full-time Contract Employee must be a year-round position.

For the Excelsior Jobs Program: a full-time permanent employee must be on the payroll for at least six months of a year in order to qualify for benefits. Jobs transferred from employment with another business located in the State including from a related person in this State are not net new jobs for purposes of the employment commitment.

Retained Jobs are defined as those at risk of being lost or moved out of state should the Project not proceed. In the above section, please report only those retained jobs that are truly at risk and the time period over which these jobs would be lost without ESD assistance.


PROJECT NAME Project Ink COMPANY INFORMATION 1. Legal Name of Applicant: Time, Inc.

2. Applicant Address: 1271 Avenue of the Americas

3. If a DBA, what is DBA name? N/A

4. Applicant Contact Name: Noah Chrismer

5. Applicant Contact Address: 47 Hulfish Street, Princeton, NJ 08542

6. Contact Phone Number: 610-348-7328 Contact Email Address: [email protected]

7. Type of Business: Corporation

8. Publicly Traded: YES NO

9. Privately Held: YES NO If Privately Held, please provide information for the company and any entity owning 50% or more or which otherwise controls the applicant, including CPA-audited financial statements for the past three years (balance sheet, income statement and cash flow statement). If audited statements are more than six months old, please provide internally prepared year-to-date financials certified by the signature of a company officer. If audited statements are not available, please submit a review or compilation, together with signed federal and state tax returns, for the past three years. Additional information may be requested.

10. Is this a start-up company with no operating history? YES NO If a start-up company, please provide personal financial statements from a personal guarantor and a business plan that includes an explanation of: (1) the product being sold, (2) the current and potential future size of the market, and (3) the applicants current market share and potential future market share illustrating how increased market share can be achieved. Please provide bank references for borrowing entity and personal guarantors.

11. Ownership: Please attach a description of the company's ownership structure, including the % of ownership for each individual and entity owning 5% or more of the company. Indicate if the company is a parent, subsidiary and /or affiliate of another company.

See Time Warner Inc. 10k

12. Primary North American Industrial Classification System (NAICS) Code of the Company. Please provide at least the three-digit code, but the six-digit code is preferable

511120, 519130 Print & Online Periodicals

13. Primary North American Industrial Classification System (NAICS) Code associated with the activity of the business at the project location. Please provide at least the three-digit code, but the six-digit code is preferable.

511120, 519130 Print & Online Periodicals

14. Select the applicant ID type that you normally use to identify your organization on applicant forms:

Charity Registration Number Social Security Number Duns Number Federal Tax ID Number NYS Unemployment Insurance Tax Number

15. Companys Annual Sales: approximately

16. What share of the companys product or service is sold within NYS:

STATEMENT OF NEED

17. Provide a brief summary of the need for the project in the geographic area proposed, the project's financing needs, including funding gaps and, where applicable, describe the additional short- and long-term jobs that will be created through the development of the proposed project.

Please see attached Confidential Project Description.


PROJECT INFORMATION

18. Project Description: Concisely describe the project, indicating the location, what will be planned, designed and/or constructed, the issues/opportunities to be addressed and expected outcomes and deliverables.

Please see attached Confidential Project Description.

19. Project Address: Please see attached. 21. Project County: Manhattan

22. Project Location Assembly District #*: Member:

23. Project Location Senate District #*: Member: *ESD Staff will assist with compiling this information.

24. Type of Project/Activity at this location(s) Choose one: Agriculture Back Office Operations & Development Distribution Center Financial Services Data Center or Customer Back Office Manufacturing Scientific Research & Development (R&D) Software Development & New Media Other: Corporate Offices

25. What is the first project year? (e.g., the year equipment will be ordered and/or when first expenditures are expected to be made)

TBD (see notes in employment and capital investment schedule)

26. Estimated Project Start Date: TBD (MM/DD/YY) Estimated Project Completion Date:

TBD (MM/DD/YY)

27. Is the company seeking incentives by other states for this project? YES NO

If yes, which other states? New Jersey

RESEARCH AND DEVELOPMENT (R&D) 28. Activity: If applicable, briefly describe the R&D currently being conducted/planned at the project location(s).

N/A

29. R&D Projected Expenditures: In the table below, indicate the incremental increase in expenses that qualifyunder the federal research credit for increasing research activities (Internal Revenue Code 41) and are attributedto activities in NYS. The incremental increase should exceed the base amount calculated as prescribed in IRC 41and Treasury Regulations 26 CFR 1.41.

R&D Exp in NYS Year 1 Year 2 Year 3 Year 4 Year 5

$ $ $ $ $

REAL PROPERTY TAXES INFORMATION

30. Does, or will, the business own the property(ies) or have a lease specifying the business will pay the property taxes to the taxing jurisdiction for this project location(s)? YES NO

31. Indicate the current annual real property taxes or payment in lieu of taxes (PILOT) payments: $

32. Estimate the future real property taxes or PILOT based on investments in the property indicated: $


EMPLOYMENT INFORMATION Existing Jobs A full-time equivalent job equals any combination of two or more part-time jobs that, when combined together, constitute the equivalent of a job of at least 35 hours per week.

33.

Indicate how many existing full-time equivalent jobs the applicant and its related entities employ in all NYS LOCATIONS and the average annual wage for these employees as of the date this application is signed. How many existing jobs at the project location(s) are at risk if the project does not go forward?

# Jobs in NYS 2,917

# at risk

Avg annual wage

34.

Indicate how many existing full-time equivalent jobs the applicant and its related entities employ at the PROJECT LOCATION(S), the average annual wage for these employees as of the date this application is signed, and, if any of these jobs are at risk of being eliminated, how many.

# Jobs in NYS # at risk

Avg annual wage

* Please see attached jobs schedule for further detail.

Net New Jobs

35. Indicate in the table below, the number of net new jobs that will be created in NYS and the gross annual wages for each job type for each year. The net new jobs should be indicated as cumulative.

Job Type/Category Average Gross Wages Year 1 * Year 2 Year 3 Year 4 Year 5

CUMULATIVE EX: Production line workers $35,000 25 35 40 56 68

Total Net New Jobs (attach additional sheets if needed) 0 0 0 0

36. Indicate what the average percentage is of your total employees gross wages paid in benefits (exclude mandated benefits such as Federal Insurance Contributions Act (FICA), Medicare tax, unemployment insurance or workers compensation insurance.

37. What percentage of the project's employees are residents of NYS?

PROJECT BUDGET 38. Type of Investment Total Amount of Project Investment

EX: Machinery & Equipment Property Acquisition* Construction/Renovation Machinery & Equipment Furniture, fixtures & equipment Training Design & Planning Other (specify)

Total Projected Investments


*Please describe and quantify any real estate leasing costs incurred as part of the project:

WORKSHEET COMPLETION Name of Company Official Completing Worksheet: Title: Date Completed: Donna Clark Senior Vice President 3/18/14

revised 4/2/09

COMPANY NAME:

N/A

Primary Contact:

Tel: Fax: Email: [email protected] Contact:

Tel: Fax: Email:

Square Footage# of Full-time Permanent

Employees

_________________

1,300,000

33,0009,000

2,917

N/AN/A

Yes

511120, 519130

Legal Structure (type of corporation or partnership) Subsidiary of Time Warner Inc.

Address by Location CategoryI. South of Canal Street, New York City

Total:

IV. Outside New York State

Bill de Blasio, Mayor

Please list the company's licensing & regulatory authorities:

A. Current Business Operations

Total:

(please print name & title)

Relocation and Employment Schedule

(please print name & title)Noah Chrismer

Six-digit NAIC Business Activity Code (as found on Federal Income Tax Return):

Andrew M. Cuomo, Governor

World Trade Center Job Creation and Retention Program

Project Ink

Federal Employer Identification Number:

Are the Company's securities publicly traded?

1)2)

Please identify principals, beneficial owners and affiliates holing 10% or more of the Company's voting interest or ownership interest.

609-613-4264; 610-348-7328

2)

3)

1)

Total:

Total:III. New York State, Outside the Five Boroughs of NYC

1) United States

II. North of Canal Street including all Five Boroughs of NYC

1271 Avenue of the Americas & 135 W 50th Street

1120 Avenue of the Americas AMEX Publishing via acquisition)

Indicate total employment & major locations (not addresses)

205 Hudson Street (photo studio & test kitchen)

2) Outside U.S. (non-U.S. companies: Identify HQ location)

Grand Totals:

revised 4/2/09

B. Proposed Business Operations (if project moves ahead in Lower Manhattan)

Square Footage# of Full-time Permanent

Employees

576000 *

_________________

_________________

_________________

N/AN/A _________________

576,000

C. Alternative Locations Under ConsiderationList the locations (city, state) that the company is considering besides Lower Manhattan:

D. Summary of NYC Employment Plans (if project moves ahead in Lower Manhattan)

1)2)

Percentage of Employees in Section D. that are NY City Residents

Percentage of Employees in Section D. that are NY State Residents

3)Total:

Address by Location Category

TBD

Midtown Manhattan

Grand Totals:

3)

II. North of Canal Street including all Five Boroughs of NYC

I. South of Canal Street, New York City

Average Compensation per Full-time Permanent Employee

Indicate total employment & major locations (not addresses)1) United States

3)

Total New York City Jobs:

Retention of Existing Jobs in New York City outside of Lower Manhattan.Relocation of New York City Jobs to Lower Manhattan.

(salary = total taxable compensation including liquid securities, exclusive of benefits)

Total Number of Full-time Permanent Employees

E. Salary Data for Employment in Section D.

Total Compensation Exclusive of Benefits

Jersey City, New Jersey

Total:

2)

Total:III. New York State, Outside the Five Boroughs of NYC

* Requirement will also include approximately 38,000+ SF of storage space in addition to the 576,000 SF requirement.

1)

IV. Outside New York State

Creation of New Jobs in Lower Manhattan (jobs that do not exist yet in New York City)

Total:

Retention of Existing Jobs in Lower Manhattan.

2) Outside U.S. (non-U.S. companies: Identify HQ location)

revised 4/2/09

Less than $31,400

Over $50,250

* Salary band information is for current employment; information is not available for project employment.

G. Regulatory Status

Senior Vice President

NY City North of Canal Street including the five

boroughs (section D. above)

Signature

Please indicate whether the company is under investigation by a regulatory or governmental entity other than a routine review. If yes, please describe below.

Information Below Required by H.U.D. (not used to determine benefit)

NY City, South of Canal Street (section D. above)

Full-time Permanent Employee

Date

Location Category $31,400 to $50,250

A Full-time Permanent Employee shall mean (i) a full-time, permanent employee on the Eligible Business payroll, that has worked for a minimum of thirty-five hours per week for not less than four consecutive weeks and who is entitled to receive the usual and customary fringe benefits extended by the Eligible Business to other employees with comparable rank and duties; or (ii) two part-time, permanent employees on the Eligible Business payroll, who have worked for a combined minimum of thirty-five hours per week for not less than four consecutive weeks and who are entitled to receive the usual and customary fringe benefits extended by the Eligible Business to other employees with comparable rank and duties.

T O T A L

Donna Clark

Title (please print)

Name (please print)

F. Salary Data for Employment in Section D (continued).

Total # of Full-time Permanent Employees

revised 4/2/09

World Trade Center Job Creation & Retention ProgramEligible Area

FOR IMMEDIATE RELEASE:

TIME INC. TO MOVE CORPORATE HEADQUARTERS TO BROOKFIELD PLACE IN LOWER MANHATTAN

Media Company Plans to occupy 700,000 square feet by late 2015

New Yorks Empire State Development Office Provides Incentive Package

NEW YORK, NY (May 22, 2014) Time Inc. said it would relocate its headquarters to Brookfield Place in lower Manhattan in late 2015. The media company said it had signed a long-term lease enabling it to occupy six floors and 700,000 square feet of office space at 225 Liberty Street.

The companys headquarters have been located in the Time & Life Building at 1271 Avenue of the Americas at 50th Street since 1959.

Time Inc.s announcement precedes its planned spinoff from Time Warner Inc., now scheduled for June 6: "This is a very important move for Time Inc. as we become an independent company, said Joe Ripp, Chairman and Chief Executive Officer. We spent months evaluating competing sites in New York and New Jersey. In the end, we were persuaded that the downtown Manhattan location, Brookfield Office Properties plans for Brookfield Place and the incentive package we received from Governor Andrew Cuomo and Empire State Development drove our decision to stay in New York City, he said.

Lower Manhattan has become a new destination for creative businesses, Ripp added. We have ambitious plans for a modern, open workspace that will be designed to foster a greater sense of community and collaboration across the company, and it will deliver significant cost savings.

Time Inc.s decision to remain in New York City and locate in Lower Manhattan is the latest sign of the economic revitalization and resurgence that we have helped create downtown, said Empire State Development President, CEO & Commissioner Kenneth Adams. There is no better place for a premier media company to do business than in New York Citythe media and creative capital of the worldand we are proud of our efforts to keep Time Inc. right where they belong, in the Empire State.

As part of a $250 million renovation, Brookfield Place is transforming its waterfront retail and public space into a world-class shopping and dining experience with a European marketplace, chef-driven restaurants, lifestyle amenities and a variety of outdoor events. Time Inc. will join new corporate tenants including the Institute of Culinary Education and the global law firm Jones Day among others.

Time Inc. joins the growing list of highly regarded media, publishing and creative companies relocating downtown to reap the benefits of operating in the area, said Dennis Friedrich, Chief Executive Officer of Brookfield Office Properties. The neighborhoods alluring mix of restaurants, retail, culture and transportation access is a driving factor for this downtown migration and the waterfront setting of Brookfield Place is unrivaled in New York City. Time Inc. was represented in lease negotiations by Mitch Steir, Michael Colacino, Matthew Barlow and Howard Nottingham of Studley. Brookfield was represented in-house by Jerry Larkin, David Cheikin and Alex Liscio.

About Time Inc.

Time Inc. is one of the largest branded media companies in the world reaching more than 130 million consumers each month across multiple platforms. With influential brands such as TIME, PEOPLE, SPORTS ILLUSTRATED, InStyle, REAL SIMPLE, Wallpaper, Travel + Leisure and Food & Wine, Time Inc. is home to celebrated events and franchises including the FORTUNE 500, TIME 100, PEOPLEs Sexiest Man Alive, SPORTS ILLUSTRATEDs Sportsman of the Year, the Food & Wine Classic in Aspen and the ESSENCE Festival.

About Empire State Development

Empire State Development (ESD) is New Yorks chief economic development agency. The mission of Empire State Development is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, Empire State Development strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State.

About Brookfield Office Properties

Brookfield Office Properties owns, develops and manages premier office properties in the United States, Canada, Australia and the United Kingdom. Its portfolio is comprised of interests in 113 properties totaling 88 million square feet in the downtown cores of New York, Washington, D.C., Houston, Los Angeles, Toronto, Calgary, Ottawa, London, Sydney, Melbourne and Perth, making Brookfield the global leader in the ownership and management of office assets. Landmark properties include Brookfield Places in Manhattan, Toronto and Perth, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary and Darling Park in Sydney. The companys common shares trade on the NYSE and TSX under the symbol BPO. For more information, visit www.brookfieldofficeproperties.com.

Contact:

Teri Everett, [email protected], 212-522-5613

Time Inc Application_38759_PDFCONFIDENTIAL Project Ink - ESD Project Information Worksheet 2013 - 3 20... This is NOT a funding application. This information is needed to help ESD evaluate your project for possible financial assistance. If ESD offers assistance, an Incentive Proposal will be issued and, if accepted, a separate funding application will... ESD staff may request additional information or clarification, including financial projections.

CONFIDENTIAL Project Ink - JCRP Relocation Employment Schedule - rev ...Sheet1

Time Inc ACCEPTED OFFERSBizhub C2814062709471Time Inc. Announces New Headquarters - May 22