The Build NYC Resource Corporation (the “Corporation”) is a not-for-profit local development corporation organized under Sections 402 and 1411 of the Not-for-Profit Corporation Law of the State of New York. In accordance with the aforesaid law, and pursuant to its certificate of incorporation, the Corporation has the power to issue non-recourse revenue bonds and to make the proceeds of those bonds available for projects that promote community and economic development in The City of New York (the “City”), and to thereby create jobs in the non-profit and for-profit sectors of the City’s economy. The Corporation has been requested to issue such bonds for the financings listed below in the approximate dollar amounts respectively indicated. As used herein, “bonds” are the bonds of the Corporation, the interest on which may be exempt from local and/or state and/or federal income taxes; and, with reference to the bond amounts provided herein below, “approximately” shall be deemed to mean up to such stated bond amount or a greater principal amount not to exceed 10% of such stated bond amount.
Approximately $30,000,000 special exempt facility revenue bond transaction for the benefit of ARK Development LLC ( “ARK”), a Delaware limited liability company established for the purpose of providing an animal handling and air cargo support facility at John F. Kennedy International Airport, Queens, New York (the “Airport”), as an affiliate of Racebrook Capital Advisors, also a Delaware limited liability company. Proceeds from the bonds, together with other funds of ARK, will be used by ARK to: (1) finance a portion of the costs of the construction, renovation, equipping and furnishing of a 190,000 square foot comprehensive multi-purpose animal handling and air cargo facility on an approximately 14.4 acre parcel of land located at Cargo Building 78 (154-48 Brookville Boulevard, Rosedale, New York 11422) at the Airport and leased by ARK from The Port Authority of New York and New Jersey, the construction of site improvements, and the acquisition and installation of equipment to constitute fixtures in connection therewith, all for use in providing air cargo and animal handling modules to subtenants conducting related activities (the foregoing, the “Cargo Building 78 Project”); (2) fund any required debt service reserve funds; and (3) pay certain costs related to the issuance of the bonds. The financial assistance proposed to be conferred by the Corporation will be such special exempt facility bond financing and exemption from City and State mortgage recording taxes.
Approximately $16,900,000 tax-exempt revenue bond transaction for the benefit of the Doe Fund, Inc. (the “Doe Fund”), a New York not-for-profit corporation providing skills building, work programs, supportive housing, and support services to assist homeless or formerly incarcerated individuals. Proceeds of the bonds, together with other funds of the Doe Fund, will be used by the Doe Fund to: (a) finance the renovation, equipping and/or furnishing of an approximately 55,000 square foot building located on an approximately 39,204 square foot parcel of land at 555 East 238th Street, Bronx, New York 10470 (the “Site”), and provide (i) living quarters, (ii) classrooms, (iii) a computer training space, (iv) an automotive repair training bay, (v) an exercise room, (vi) a kitchen, (vii) dining facilities, (viii) a social services space, and (ix) administrative offices; and (b) pay certain costs of issuance for the bonds. The financial assistance proposed to be conferred by the Corporation will consist of such tax-exempt bond financing and exemption from City and State mortgage recording taxes.
Approximately $30,000,000 tax-exempt revenue bond transaction for the benefit of Fedcap Rehabilitation Services, Inc. (“Fedcap”) a New York not-for-profit corporation providing social services, chartered under the laws of the State of New York, and exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, as borrower. Proceeds from the bonds, together with other funds of Fedcap, will be used by Fedcap to: (1) finance the acquisition and renovation of an approximately 44,780 square foot condominium unit consisting of one floor (the “Facility”) located within an approximately 789,683 square foot building located at 633 Third Avenue, New York, New York 10017; and (2) finance capitalized interest on the bonds, and/or a debt service reserve fund if required; and (3) pay certain costs of issuance for the bonds. The Facility described herein will be owned and operated by Fedcap for the purpose of housing certain administrative operations and programming. The financial assistance proposed to be conferred by the Corporation will be such tax-exempt and taxable bond financing and an exemption from City and State mortgage recording taxes.
Approximately $33,000,000 tax-exempt revenue bond transaction for the benefit of the Stephen Gaynor School, Inc. (the “School”), a not-for-profit educational corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, which operates as a co-educational independent day school for students who range in age from 3 to 14. Proceeds of the bonds, together with other funds of the borrower, will be used by the School to: (i) refinance outstanding lines of credit in the aggregate amount of approximately $17,600,000, the proceeds of which, together with other funds of the School, were used to finance the costs of expansion, renovation, equipping and/or furnishing of approximately 22,500 square feet of space in a five-story building located on an approximately 14,409 square foot parcel of land at 175 West 89th Street, New York, New York 10024 (the “Site”) which included classrooms, cafeteria space and the construction of a bridge connecting the Site to the School’s adjacent space located at 148 West 90th Street, New York, New York 10024; (ii) finance the renovation, equipping and/or furnishing of the fifth floor of the Site which is to include classrooms and a library; (iii) finance the construction, renovation and equipping of a new approximately 4,000 square foot field house on the roof of the Site; and (iv) pay for certain costs related to the issuance of the bonds. The financial assistance proposed to be conferred by the Corporation will consist of such tax-exempt bond financing and exemption from City and State mortgage recording taxes.
Approximately $10,000,000 tax-exempt revenue bond transaction for the benefit of Mary McDowell Friends School (the “School”), a New York not-for-profit education corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, as borrower. Proceeds of the bonds, together with other funds of the borrower, will be used by the School to: (i) refinance an outstanding mortgage loan in the approximate amount currently outstanding of approximately $4,900,000, the proceeds of which , together with other funds of the School, were used to finance the costs of (a) the acquisition, improvement, renovation and equipping of an approximately 4-story, 20,380 square foot building located on a 5,000 square foot parcel of land located at 20 Bergen Street, New York, New York 11201 for use as classrooms, offices, and other School facilities; (b) the acquisition, improvement, renovation and equipping of an approximately 3-story, 5,340 square foot building located on a 2,000 square foot parcel of land located at 18 Bergen Street, New York, New York, 11201 for use as additional classrooms, offices and other School facilities; (c) the improvement, renovation and equipping of a portion of an approximately a 3-story building, with approximately 26,462 rentable square feet of space, located on a 13,479 square foot parcel of land at 23-29 Sidney Place, Brooklyn, New York, 11201 and leased by the School (the “23-29 Sidney Place Facility”) for use as classrooms, offices, and other School facilities; (ii) finance additional improvements to the School, including (a) additional classrooms, offices and other School facilities at the 23-29 Sidney Place Facility and a 3-story 7,353 square foot building located on a 3,705 square foot parcel at 21 Sidney Place, New York, New York 11201 (the “21 Sidney Place Facility”) for use as classrooms; (b) a walkway between the 23-29 Sidney Place Facility and the 21 Sidney Place Facility; (iii) finance certain costs of issuance for the bonds. All of the properties described herein will be operated by the School as an independent school serving students with learning disabilities. The financial assistance proposed to be conferred by the Corporation will consist of such tax-exempt financing and exemption from City and State mortgage recording taxes.
Approximately $12,500,000 tax-exempt revenue bond transaction for the benefit of 1887 Bathgate Properties LLC (“Bathgate”), a New York limited liability company that is a disregarded entity for federal income tax purposes and is a wholly-owned direct subsidiary of Volunteers of America – Greater New York, Inc. (“Volunteers of America”), a New York not-for-profit corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, and which is a faith based human services organization. Proceeds of the bonds, together with other funds of Bathgate, will be used by Bathgate to: (a) refinance a loan or loans that were used to finance the acquisition, renovation, equipping and/or furnishing of an approximately 33,000 square foot building on an approximately 14,527 square foot parcel of land located at 1887 Bathgate Avenue, Bronx, New York 10457 (the “Facility”); (b) finance certain renovations, tenant improvements and equipping of the Facility; (c) fund a debt service reserve fund, if necessary; and (d) pay certain costs of issuance for the bonds. The Facility will be operated by Volunteers of America as the Bronx Early Learning Center, which provides comprehensive educational services to pre-school children with and without developmental delays. The financial assistance proposed to be conferred by the Corporation will consist of such tax-exempt bond financing and exemption from City and State mortgage recording taxes.
Approximately $4,500,000 tax-exempt revenue bond transaction for the benefit of Young Adult Institute, Inc. (the “Organization”), a New York not-for-profit corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, as borrower. Proceeds of the bonds, together with other funds of the Organization, will be used by the Organization to: (1) refinance taxable indebtedness of the Organization, the proceeds of which were used to finance the acquisition, renovation, furnishing and equipping, as applicable, of the following Organization facilities: (i) an approximately 12,600 square foot facility located on an approximately 10,000 square foot parcel of land at 361 83rd Street, Brooklyn, New York 11209, in the aggregate principal amount of $2,794,000 and (ii) an approximately 3,447 square foot facility located on an approximately 3,000 square foot parcel of land at 1681 East 52nd Street, Brooklyn, New York 11234, in the aggregate principal amount of $1,190,000; and (2) pay certain costs of issuance for the bonds. All of the properties described herein are owned and operated by the Organization as two separate residential care facilities providing various programs and services for individuals with developmental disabilities. The financial assistance proposed to be conferred by the Corporation will consist of such tax-exempt financing and exemption from City and State mortgage recording taxes.
The Corporation will hold a public hearing on the proposed financings described hereinabove at the offices of the New York City Economic Development Corporation (“NYCEDC”), located at 110 William Street, 4th Floor, New York, New York 10038, commencing at 10:00 A.M. on Thursday, October 10, 2013. Interested members of the public are invited to attend. The Corporation will invite comments at such hearing on the proposed financings. In addition, at such hearing the Corporation will provide the public with an opportunity to review the financing application and the cost-benefit analysis for each of the proposed financings. For those members of the public desiring to review project applications and cost benefit analyses before the date of the hearing, copies of these materials will be made available, starting on or about fourteen (14) days prior to the hearing. Persons desiring to obtain copies of these materials may visit the website of New York City Economic Development Corporation at www.nycedc.com or may call (212) 312-3598. Persons desiring to make a brief statement regarding the proposed financings and transactions should give prior notice to the Corporation at the address or phone number shown below. Written comments may be submitted to the Corporation to the attention of Ms. Frances Tufano at the address shown below. Comments, whether oral or written, must be submitted no later than the close of the public hearing. Please be advised that certain of the aforementioned proposed financings and transactions may possibly be removed from the hearing agenda prior to the hearing date. Information regarding such removals will be available by contacting ftufano@nycedc.com on or about noon on the Friday preceding the hearing.
Build NYC Resource Corporation
Attn: Ms. Frances Tufano
110 William Street, 5th Floor
New York, New York 10038
(212) 312-3598