Notice Details

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: The Cathedral School of St. John the Divine (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 an independent, co-educational day school.  Financing Amount: Approximately $12,000,000 in tax-exempt revenue bonds.  Project Description: Proceeds from the bonds will be used to finance or refinance: (1) a portion of the costs of the construction and equipping of an approximately 7,880 square foot, three-story addition to an existing approximately 32,000 square foot building leased by the School and located on an approximately 494,174 square foot parcel of land located at 28 Morningside Drive, New York, New York (the “Facility”), including the addition of an approximately 2,700 square foot media and innovation center, new dining/meeting/assembly rooms, an admissions suite, an elevator, a mechanical room, and exterior access road reconfiguration; (2) a portion of the costs of renovating and equipping approximately 4,000 square feet of existing Facility interior space including the addition of a maker-space annex, learning space(s), new classrooms, offices, seminar/conference rooms, a new faculty work room and the addition of access ramps at the entrance to the Facility, as well as renovations to the reception area and several restrooms; and (3) certain costs related to the issuance of the bonds.  The Facility is leased by the School and is operated as an independent co-educational day school for students in Kindergarten through Grade 8.  Address: 28 Morningside Drive, New York, New York 10025.  Type of Benefits: Tax-exempt bond financing.  Total Project Cost: $16,963,194.  Projected Jobs: 75.5 full time equivalent jobs retained.  Hourly Wage Average and Range: $40.24/hour, estimated range of $13.50/hour to $102.83/hour.

 

Borrower Name: Fedcap Rehabilitation Services, Inc. (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, as borrower.  Financing Amount: Approximately $10,000,000 in tax-exempt and taxable revenue bonds.  Project Description: To provide for a plan of financing, proceeds from the bonds, together with other funds of the Institution, will be used to finance, refinance, or reimburse costs to: (1) renovate the Institution’s headquarter offices and its subsidiaries’ offices consisting of an approximately 46,000 square foot condominium unit located at 633 Third Avenue, 6th Floor, New York, New York 10017 (the “Third Avenue Facility”) for approximately $2,900,000, (2) renovate the lobby, conference center, and program operations space consisting of an approximately 64,000 square foot condominium unit located at 210 East 43rd Street, New York, New York 10017 (the “43^rd Street Facility”) for approximately $6,000,000, (3) acquire and install equipment for Oracle enterprise resource planning infrastructure, for approximately $1,100,000 for use at the Third Avenue Facility and the 43^rd Street Facility, and (4) pay the costs of issuance of the bonds. The Institution and its subsidiaries provide programming in vocational training, job placement and counseling services and other related programs and services.  Addresses: 633 Third Avenue, 6th Floor, New York, New York 10017 and 210 East 43rd Street, New York, New York 10017.  Type of Benefits: Tax-exempt bond financing and deferral from City and State mortgage recording taxes.  Total Project Cost: Approximately $10,000,000.  Projected Jobs: 237.5 current full time equivalent, 237.5 full time equivalent jobs projected.  Hourly Wage Average and Range: $20/hour, estimated range of $9/hour to $88/hour.
 

Borrower Name: Applicant Name: Volunteers of America - Greater New York, Inc., 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 (“VOA”). Financing Amount: Approximately $6,600,000 in tax-exempt revenue bonds (the “Bonds”).  Project Description: Proceeds from the Bonds will be used as part of a plan of financing to: (1) finance the leasehold renovation and equipping of  approximately 30,000 square feet on the 9^th floor of a 1,267,300 square foot commercial office building located on a 58,000 square foot parcel of land located at 135 West 50^th Street, New York, New York, all to be used by VOA in its provision of social welfare services to individuals including the homeless, individuals with mental illness and individuals with developmental disabilities, and (2) pay for certain costs related to the issuance of the Bonds.  Address: 135 West 50^th Street, New York, New York 10020.  Type of Benefits: Tax-exempt bond financing.  Total Project Cost: $9,325,380. Projected Jobs: 6 full time equivalent jobs created, 113 full time equivalent jobs retained.  Hourly Wage Average and Range: $37.72/hour, estimated range of $15.14/hour to $96.15/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, December 7^TH, 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