Notice Details

SUPPLEMENTAL NOTICE OF PUBLIC HEARING

 

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.  All square footage amounts and wage information shown below are approximate numbers.

 

Borrower Name: The College of Mount Saint Vincent (the “College”), a not-for-profit New York education corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, as borrower.  Financing Amount: Approximately $20,000,000 in tax-exempt revenue bonds.  Project Description: Proceeds from the bonds, together with other funds of the College, will be used to (1) refund outstanding tax-exempt New York City Industrial Development Agency Civic Facility Refunding and Improvement Revenue Bonds (2006 College of Mount Saint Vincent Project), Series A, in the amount of $11,930,000, (the “Series A Bonds”); (2) refund outstanding tax-exempt New York City Industrial Development Agency Adjustable Rate Civic Facility Revenue Bonds (2006 College of Mount Saint Vincent Project), Series B, in the amount of $5,750,000 (the “Series B Bonds”); (3) finance a swap termination fee of $350,000 associated with the Series B Bonds; (4) refinance a taxable loan in the currently outstanding amount of $3,000,000, the proceeds of which were used to improve the College campus, including the completion of athletic fields, and to finance the costs of converting the Series B Bonds to a new interest rate determination method; (5) finance approximately $2,000,000 in predevelopment and site work costs, including planning, engineering and architecture work, for the construction of a new five story building (the first floor to be used as an nursing laboratory and the top four floors to be used a residence hall housing approximately 120 students and/or other residents of the College); and (6) fund certain costs of issuance.  Proceeds of the Series A Bonds and Series B Bonds were used to (a) refund New York City Industrial Development Agency Civic Facility Revenue Bonds (1993 College of Mount Saint Vincent Project), the proceeds of which were issued to renovate and equip the College’s (i) auditorium/gymnasium (the “Grace Center”), (ii) administration building and (iii) science hall, (b) refund New York City Industrial Development Agency Civic Facility Revenue Bonds (1990 College of Mount Saint Vincent Project), the proceeds of which were issued to renovate the Grace Center, (c) finance and refinance the renovation, equipping and furnishing of a four-story residence hall of approximately 50,100 square feet (“Alumnae Hall”), (d) finance and refinance the renovation, equipping and furnishing of a four-story residence hall of approximately 70,000 square feet (“Spellman Hall”), and (e) finance and refinance the original construction, equipping and furnishing of an approximately 35,600 square foot five-story residence hall (“Mastronardi Hall”) and related site work.  All improvements and buildings are or will be located on the College's campus, which is located at 6301 Riverdale Avenue, Bronx, New York and which is approximately 70 acres, bounded on the east by Riverdale Avenue, on the north by the border between the Bronx and Yonkers, on the south by West 261^st Street and Palisade Avenue and on the west by the Hudson River.  All improvements and buildings are or will be used by the College to provide educational services for its students.  Address: 6301 Riverdale Avenue, Bronx, New York 10471.  Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $20,000,000.  Projected Jobs: 247 full time equivalent jobs currently, 24 full time equivalent jobs projected.  Hourly Wage Average and Range: $34.33/hour, estimated range of $13.00/hour to $187.21/hour.

 

For any updates to project information after the date of this notice, please visit the website of New York City Economic Development Corporation (“NYCEDC”) at www.nycedc.com/buildnyc-project-info.

The Corporation is committed to ensuring meaningful access to its programs.  If you require any accommodation for language access, including sign language, please contact NYCEDC’s Equal Access Officer at 212-312-3602 or at EqualAccess@edc.nyc.

Pursuant to Internal Revenue Code Section 147(f), the Corporation will hold a public hearing on the proposed financings described hereinabove at the offices of the NYCEDC, located at 110 William Street, 4^th Floor, New York, New York 10038, commencing at 10:00 A.M. on Thursday, July 21^st, 2016.  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