Accessibility questions: 212-312-3602 or at EqualAccess@edc.nyc, by Thursday, September 15, 2016 10:00 AM
BUILD NYC RESOURCE CORPORATION
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: Center for the Elimination of Violence in the Family, Inc. (d/b/a Center Against Domestic Violence) (the “Institution”), 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. Financing Amount: Approximately $3,740,000 in tax-exempt revenue bonds. Project Description: Proceeds from the bonds, together with funds of the Institution, will be used to (1) refinance the outstanding New York City Industrial Development Agency Civic Facility Revenue Bonds, Series A (2006 Center for Elimination of Family Violence Project) (the “NYCIDA Series 2006 Bonds”) in the original aggregate principal amount of $4,510,000, the proceeds of which were used to acquire an approximately 13,680 square foot building located on a 4,000 square foot parcel of land located between West 135th Street and West 150th Street from Malcolm X Boulevard to Broadway in Manhattan (“Facility”), (2) pay any redemption premium associated with the NYCIDA Series 2006 Bonds, and (3) pay for certain costs related to the issuance of the bonds. The Facility is owned and operated by the Institution for the purpose of providing social services to vulnerable populations. Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. Total Project Cost: $4,300,000. Projected Jobs: 32 full time equivalent jobs currently. Hourly Wage Average and Range: $16.87/hour, estimated range of $12.00/hour to $51.33/hour.
Borrower Name: Congregation Yeshiva Beis Chaya Mushka, Inc. (the “School”), a New York religious corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, as borrower. Financing Amount: $4,500,000 tax-exempt revenue bonds. Project Description: The Build NYC Resource Corporation Revenue Bonds, Series 2014 (Congregation Yeshiva Beis Chaya Mushka, Inc. Project) (the “Bonds”) are being reissued and deemed refunded for federal tax purposes as the result of changes to the terms of the Bonds. The Bonds, together with other funds of the School, were used by the School to: (i) finance the costs of construction, renovation, furnishing, equipping and expansion of an existing 12,333 square foot building on an approximately 10,000 square foot parcel of land located at 350 Troy Avenue (a/k/a 348 Troy Avenue a/k/a 1505 Carroll Street a/k/a 1513 Carroll Street) Brooklyn, New York 11213 into a 30,000 square foot building (the “Facility”); (ii) refinance existing taxable debt in the approximate amount of $2,435,000 that was incurred in connection with the acquisition and renovation of the Facility; and (iii) pay for certain costs related to the issuance of the bonds. The Facility is owned by the School and is operated as a pre-school, elementary school and high school. . Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. Total Project Cost: $4,500,000.
Borrower Name: New Dawn Charter High School (the “School”), a New York not-for-profit school authorized as a Charter School by the Chancellor of the New York City Department of Education and New York State Board of Regents and exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, and an affiliated holding company that may be formed. Financing Amount: Approximately $16,580,000 in tax-exempt revenue bonds. Project Description: Proceeds from the bonds, together with funds of the School, will be used to (1) finance the acquisition, construction, renovation and equipping of an approximately 24,000 square foot building (and approximately 36,000 square feet anticipated after construction/renovation) on an approximately 7,500 square foot parcel of land located at 238-242 Hoyt Street, Brooklyn, New York (“Facility”), (2) fund any required debt service reserve fund and (3) pay for certain costs related to the issuance of the bonds. The Facility will be used by the School to provide educational services for over-aged and under-credited students in grades 9-12. Address: 238-242 Hoyt Street, Brooklyn, New York 11217. Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. Total Project Cost: $19,080,000. Projected Jobs: 32 full time equivalent jobs currently, 14 additional full time equivalent jobs projected. Hourly Wage Average and Range: $31.07/hour, estimated range of $14.29/hour to $39.59/hour.
Borrower Name: Yeshivat Darche Eres, Inc. (the “School”), 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. Financing Amount: Approximately $14,262,990 in tax-exempt revenue bonds. Project Description: Proceeds from the bonds, together with other funds of the School, will be used to finance or refinance (1) the acquisition, renovation and equipping of an approximately 6,175 square foot building on an approximately 12,207 square foot lot located at 2525 Coney Island Avenue, Brooklyn, New York (the “Library Facility”), (2) the acquisition, renovation and equipping of an approximately 25,560 square foot building on an approximately 37,630 square foot lot located at 2533 Coney Island Avenue, Brooklyn, New York (the “School Facility”, and with the Library Facility, the “Facilities”), (3) the acquisition of a mobile trailer to be located at the Facilities, and (4) certain costs related to the issuance of the bonds. The Facilities will be owned and operated by the School. The School Facility will be operated by the School and used to provide educational services for boys. The Library Facility is currently operated as a public library by the Brooklyn Public Library (“BPL”), 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. The Library Facility is expected to continue to be operated by BPL as a public library for approximately seven years, and thereafter is expected to be operated by the School and used to provide educational services for boys in grades 9 through 12. Addresses: 2525 and 2533 Coney Island Avenue, Brooklyn, New York 11223. Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. Total Project Cost: $14,262,990. Projected Jobs: 46 full time equivalent jobs currently, 21 new full time equivalent jobs projected. Hourly Wage Average and Range: $52.40/hour, estimated range of $10.00/hour to $80.00/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, 4th Floor, New York, New York 10038, commencing at 10:00 A.M. on Thursday, September 15th, 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