Accessibility questions: NYCEDC’s Equal Access Officer at 212-312-3602 or at EqualAccess@edc.nyc, by Thursday, July 20, 2017 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: Barkai Foundation, 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, as borrower. Financing Amount: Approximately $7,000,000 in tax-exempt revenue bonds. Project Description: Proceeds of the bonds will be used to finance: (1) the acquisition, renovation, furnishing or equipping of a 2,343 square foot building located on a 8,558 square foot parcel of land located at 5312 21st Avenue, Brooklyn, New York (the “21st Avenue Facility”); (2) the acquisition, renovation, furnishing or equipping of an adjacent 4,448 square foot building on a 8,013 square foot parcel of land at 2064 53rd Street, Brooklyn, New York (the “53rd Street Facility”, and, together with the 21st Avenue Facility, the “Facility”); and (3) pay for certain costs related to the issuance of the bonds. The Facility will be owned and will be operated by the School to provide educational services. Addresses: 5312 21st Avenue, Brooklyn, New York 11204 and 2064 53rd Street, Brooklyn, New York 11204. Type of Benefits: Tax exempt bond financing and exemption from City and State mortgage recording taxes. Total Development Cost: $7,300,000. Projected Jobs: 88 full time equivalent jobs currently, 88 full time equivalent jobs projected. Hourly Wage Average and Range: $36.01/hour, estimated range of $15.00/hour to $238.10/hour.
Borrower Name: Cooke Center for Learning and Development, 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, as borrower. Financing Amount: Approximately $47,000,000 in tax-exempt revenue bonds. Project Description: As part of a plan of financing, proceeds from the bonds, together with other funds of the School, will be used to finance the (1) demolition of an existing building located on an approximately 18,257 square foot parcel of land located at 1713-1727 Madison Avenue, New York, New York, (2) construction, equipping, and furnishing of an approximately 67,000-square-foot building (the “Facility”), (3) capitalized interest on the bonds, (4) contingency costs, and (5) certain costs related to the issuance of the bonds. The School will own and operate the Facility to provide educational services for special-needs students from Kindergarten through Grade 12. Address: 1713-1727 Madison Avenue, New York, New York 10029. Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. Total Project Cost: $55,675,000. Projected Jobs: 168 full time equivalent jobs currently, 177 full time equivalent projected. Hourly Wage Average and Range: $36.06/hour, estimated range of $15.00/hour to $137.83/hour.
Borrower Name: Grace Church School (the “School”), a 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, that operates an independent co-educational day school. Financing Amount: Approximately $11,500,000 in tax-exempt revenue bonds and $40,000,000 in reissued tax-exempt revenue bonds. Project Description: Proceeds from the bonds will be used to: (1) finance the renovation and equipping of a 13,500 square foot fourth floor in an approximately 100,450 square foot building leased by the School and located at 46 Cooper Square, New York, New York for use as a gymnasium, locker rooms, and fitness center (the “Facility”); and (2) pay for certain costs related to the issuance of the bonds. In addition, the School has requested certain changes to the terms of the Build NYC Resource Corporation Revenue Bonds, Series 2013 (Grace School Project) in the amount of $40,000,000 (the “Series 2013 Bonds”) which may result in the reissuance and refunding for federal tax purposes of the Series 2013 Bonds. The Series 2013 Bonds, together with other funds of the School were used for: (a) the current refunding of the outstanding New York City Industrial Development Agency Civic Facility Variable Rate Demand Bonds (The Grace Church School Project), Series 2006 in the approximate amount of $19,080,000, the proceeds of which, together with other funds of the School, were used to finance a portion of the costs of (i) the acquisition, improvement, renovation and equipping of nine contiguous multi-story buildings of approximately 40,000 square feet located at 84-98 Fourth Avenue, New York, and (ii) the construction, improvement and equipping of an approximately 14,000 square foot athletic center on the underground level of an approximately 9,510 square foot parcel of land leased by the School, located at 65 East 10th Street, New York, New York; and (iii) finance certain costs of issuance of such bonds; (b) the refinancing of a Taxable Multi-Disbursement Term Loan issued by Manufacturers and Traders Trust Company related to Phase I of the School’s high school construction project consisting of the improvement, renovation and equipping of approximately 62,000 square feet of space located on the concourse and first two floors of a 100,450 square foot building located at 46 Cooper Square, New York, New York; (c) financing Phase II of the School’s high school construction project consisting of the improvement, renovation and equipping of approximately 17,280 square feet of space located on the third floor of 46 Cooper Square, New York, New York; and (d) financing of certain costs of issuance of the Series 2013 Bonds (collectively, the “2013 Facility”). The Facility and the 2013 Facility are owned and/or operated by the School as a private, co-educational school serving students in junior Kindergarten through Grade 12. Address: 46 Cooper Square, New York, New York 10003, 65 East 10th Street, New York, New York 10003 and 84-98 Fourth Avenue, New York, New York 10003. Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. Total Development Cost: $55,100,000. Projected Jobs: 62 full time equivalent jobs retained; 3 new full time equivalent jobs to be created. Hourly Wage Average and Range: $48.22/hour, estimated range of $16.48/hour to $124.51/hour.
Borrower Name: Hyde Leadership Charter 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, that operates a charter school in the Bronx, New York. Financing Amount: Approximately $17,000,000 in tax-exempt revenue bonds. Project Description: As part of a plan of financing, proceeds from the bonds will be used to (1) finance the acquisition, renovation, equipping and any costs related thereto of an approximately 31,500 square foot building located on an approximately 13,388 square foot parcel of land located at 830 Hunts Point Avenue, Bronx, New York (the “Facility”), (2) fund a debt service reserve fund and (3) pay for certain costs related to the issuance of the bonds. The School will own and operate the Facility as a charter high school serving students in Grades 9 through 12. Address: 830 Hunts Point Avenue, Bronx, New York 10474. Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. Total Project Cost: $17,000,000. Projected Jobs: 172.5 full time equivalent jobs retained. Hourly Wage Average and Range: $29.89/hour, estimated range of $12.00/hour to $105.00/hour.
Borrower Name(s): Inwood Academy for Leadership Charter School (the “School”), a not-for-profit education corporation, exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), as borrower, that operates a charter school in Inwood, New York and Friends of Inwood Academy for Leadership (the “Foundation”), a not-for-profit corporation seeking exemption from federal income taxation pursuant to Section 501(c)(3) of the Code. Financing Amount: Approximately $11,700,000 in tax-exempt revenue bonds. Project Description: Proceeds of the bonds will be used to: (1) finance the renovation, furnishing or equipping of an existing 35,469 square foot building to be leased by the Foundation for further sublease to the School, located on an approximately 36,500 square foot parcel of land located at 3896 10th Avenue, New York, New York 10034 for general classroom and administrative use (the “Facility”); and (2) pay for certain costs related to the issuance of the bonds. The Facility will be leased to the Foundation for sublease to the School and operated by the School as a charter school providing educational services for students in Grades 9-12. Address: 3896 10th Avenue, New York, New York 10034. Type of Benefits: Tax exempt bond financing and exemption from City and State mortgage recording taxes. Total Development Cost: $12,200,000. Projected Jobs: 86.5 full time equivalent jobs currently, 100 full time equivalent jobs projected. Hourly Wage Average and Range: $ 16.00 /hour, estimated range of $15.00/hour to $25.00/hour.
Borrower Name: Mary McDowell Friends School (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, as borrower. Financing Amount: Approximately $20,800,000 in tax-exempt revenue bonds. Project Description: As part of a plan of financing, proceeds from the bonds, together with other funds of the School, will be used to finance the (1) demolition of an approximately 5,340 square foot building located on an approximately 2,000 square foot parcel of land located at 18 Bergen Street, Brooklyn, New York, (2) construction, equipping, and furnishing of an approximately 13,098-square-foot addition to an existing 5-story, approximately 20,380 square foot building located on a 5,000 square foot parcel of land located at 20 Bergen Street, Brooklyn, New York (the “20 Bergen Street Facility”), (3) renovation of a 37,596 square foot building located on an approximately 13,479 square foot parcel of land located at 23 Sidney Place, Brooklyn, New York a/k/a 27 Sidney Place, Brooklyn, New York (the “23 Sidney Place Facility”), (4) refunding of all or a portion of Build NYC Resource Corporation Revenue Bonds (Series 2013 Mary McDowell Friends School Project) in the current outstanding principal amount of approximately $7,000,000, the proceeds of which were used to: (a) refinance a taxable mortgage loan used to finance (i) the acquisition, improvement, renovation and equipping of the 20 Bergen Street Facility for use as classrooms, offices and other School facilities and (ii) the improvement, renovation and equipping of a portion of the 23 Sidney Place Facility for use as classrooms, offices and other School facilities and (b) finance (i) classrooms, offices and other facilities at the 23 Sidney Place Facility and a 3-story 7,353 square foot building located at 21 Sidney Place, Brooklyn, New York 11201 (the "21 Sidney Place Facility") and (ii) a walkway between the 23 Sidney Place Facility and the 21 Sidney Place Facility, (5) payment of a swap termination fee, and (6) payment of certain costs related to the issuance of the bonds. The School will own and operate the 18 Bergen Street and 20 Bergen Street Facility and lease and operate the 21 Sidney Place Facility and 23 Sidney Place Facility (collectively, as part of an integrated educational institution) to provide educational services for special-needs students from Kindergarten through Grade 12. Addresses: 18-20 Bergen Street, 23 Sidney Place, Brooklyn, New York 11201. Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. Total Project Cost: $25,800,000. Projected Jobs: 135 full time equivalent jobs currently, 143 full time equivalent jobs projected. Hourly Wage Average and Range: $36.70/hour, estimated range of $21.98/hour to $68.57/hour.
Borrower Name: 180 W. 165th Street LLC, a New York limited liability company (“180 West”) and Metropolitan Lighthouse Charter School (the “School”) a New York education corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), as borrower, that currently operates a charter school in the Bronx, New York. Financing Amount: Approximately $33,500,000 in tax-exempt revenue bonds. Project Description: As part of a plan of financing, proceeds from the bonds will be used to finance: (1) the acquisition, renovation and equipping of an existing approximately 51,600 square foot, 6-story building located on an approximately 12,084 square foot parcel of land located at 180 W. 165th Street, Bronx, New York (the “Building”), (2) construction of a rooftop renovation and addition (the “Addition” and together with the Building, the “Facility”) to add an additional approximately 6,000 square feet on the sixth floor, which will be used for various purposes, including as a student performance and physical education space in order to expand the School’s arts, sports and scholastic programs, (3) capitalized interest on the bonds, and (4) certain costs related to the issuance of the bonds. 180 West will own the Facility, and the School will operate the Facility to provide educational services for students from Kindergarten through Grade 8. The School plans to add one grade per year until it serves Kindergarten through Grade 12 by school year 2021-2022. The sole member of 180 West will initially be the School. Metropolitan Support Corporation (the “New Member”), a New York not-for-profit corporation that will seek recognition of status as an organization described in Section 501(c)(3) of the Code, is expected to become the sole member of 180 West after such time, and to the extent, it is recognized by the Internal Revenue Service as an organization described in Section 501(c)(3) of the Code. Address: 180 W. 165th Street, Bronx, New York 10452. Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. Total Project Cost: $33,500,000. Projected Jobs: 52.5 full time equivalent jobs currently, 21 full time equivalent jobs. Hourly Wage Average and Range: $36.89/hour, estimated range of $15.00/hour to $74.18/hour.
Company Name: Siach Yitzchok (the “School”), a corporation formed under the New York Religious Corporations Law and exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, as borrower, that operates a private boys’ elementary school located at 1513 Central Avenue, Far Rockaway, New York. Financing Amount: Approximately $7,000,000 in tax-exempt revenue bonds. Project Description: Proceeds from the bonds will be used to: (1) finance the construction and equipping of an approximately 38,000 square foot four-story school building located on an approximately 10,000 square foot parcel of land located at 1045 Beach 9th Street, Far Rockaway, New York (the “Facility”) and (2) pay for certain costs related to the issuance of the bonds. The Facility will be owned and operated by the School as a private elementary school serving boys in pre-Kindergarten through Grade 8. Address: 1045 Beach 9th Street, Far Rockaway, New York 11691. Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. Total Development Cost: $7,000,000. Projected Jobs: 39.5 full time equivalent jobs retained; 13.5 full time equivalent jobs to be created. Hourly Wage Average and Range: $37.13/hour, estimated range of $14.02/hour to $76.61/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, July 20th, 2017. 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