Notice Details

BUILD NYC RESOURCE CORPORATION

 

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 Allen-Stevenson 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, that operates an independent boys day school.  Financing Amount: Approximately $35,000,000 in tax-exempt revenue bonds (the “Bonds”).  Project Description: Proceeds from the bonds, together with other funds of the School, will be used to finance and/or refinance (1) the construction and equipping of an approximately 16,000 square foot building that will include space for visual and performing arts, science classrooms, a library, and a greenhouse to be located at 132 East 78th Street, New York, New York (the “New Building”); (2) the construction and equipping of an approximately 34,000 square foot addition consisting of three additional floors (the “Addition”) that will include space for athletics at the School’s existing approximately 64,000 square foot building (the “Main Building”, together with the New Building and the Addition, the “Facility”) located on an approximately 12,300 square foot parcel of land at 132 East 78th Street, New York, New York ; (3) renovations of the Main Building; (4) certain costs related to the issuance of the Bonds and (5) the refinancing of the outstanding New York City Industrial Development Agency Civic Facility Revenue Bonds, Series 2004 (Allen-Stevenson School Project), the proceeds of which were used to finance (i) the renovation, improvement, furnishing and equipping of the School's then-existing facilities located at 132 East 78th Street, 121 East 77th Street, , and 123 East 77th Street, New York, New York  and (ii) certain costs of issuance relating to the issuance of the Series 2004 Bonds.  The School owns and will operate the Facility to provide educational services to boys in Kindergarten through Grade 9.  Address: 132 East 78^th Street, New York, New York 10075. Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: approximately $81,000,000 including the refinancing amount.  Projected Jobs: 130 full time equivalent jobs currently, 131 full time equivalent jobs projected.  Hourly Wage Average and Range: $54.58/hour, estimated range of $14.78/hour to $125.78/hour.

 

Borrower Name: The Chapin School, LTD. (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.  Financing Amount: Approximately $36,000,000 in tax-exempt revenue bonds.  Project Description: Proceeds from the bonds will be used to: (1) refinance a portion of the Build NYC Resource Corporation Revenue Bonds (The Chapin School, LTD Project) Series 2016 in the current outstanding principal amount of  $75,000,000, the proceeds of which, together with other funds of the School, are being used to: finance and/or refinance improvements to, and the renovation, equipping and/or furnishing of, the School’s existing eight-story, approximately 132,000 square foot facility located at 100 East End Avenue, New York, New York (the “Facility”), including (i) the construction of a three-story vertical addition to accommodate a new gymnasium and an expanded space for performing arts programs (the “Facility Addition”), and (ii) the reconfiguration of existing space within the Facility to provide more classrooms, gathering space, an additional cafeteria, a maker/design studio for the robotics program and other S.T.E.M. curriculum, and a new nursing facility for the care of students; (2) finance and/or refinance improvements to, and the renovation, equipping and/or furnishing of, the School’s Facility, including the costs described in (1); and (3) pay for certain costs related to the issuance of the bonds.  The Facility and Facility Addition are or will be owned and operated by the School as an independent girls’ day school serving students in Kindergarten through Grade 12.  Address: 100 East End Avenue, New York, New York 10028.  Type of Benefits: Tax-exempt bond financing.  Total Project Cost: $220,000,000.  Projected Jobs: 210 existing full time equivalent jobs, 15 new full time equivalent jobs projected within three years.  Hourly Wage Average and Range: $39.00/hour, estimated range of $16.00/hour to $82.00/hour.

 

Borrower Name: The International Center of Photography (“ICP”), a not for profit corporation exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, as borrower.  Financing Amount: Approximately $13,500,000 in tax-exempt revenue notes.  Project Description: ICP seeks a modification to an existing Build NYC program loan, which would reapply and reissue the balance remaining on an existing tax-exempt note (the “Note”) issued in 2015 which was used to acquire its museum property at 250-256 Bowery, New York, New York, to a new property ICP will be acquiring, renovating and moving to located at 236-242 Broome Street, New York, New York (the “New Facility”).  The New Facility shall consist of the acquisition, renovation, furnishing and equipping of the museum and new school space of approximately 40,000 square feet in two conjoined condominiums units, consisting of a three-story museum unit in a four floor building, and two floors in an adjoining unit of a 26-floor mixed use building.  The project will allow the museum, school and administrative offices to be combined into one central location.  The New Facility will be owned and operated by ICP.  Address: 236-242 Broome Street, New York, New York 10002.  Type of Benefits: Tax-exempt note financing.  Total Project Cost: $60,000,000.  Projected Jobs: 73.5 existing full time equivalent jobs, 0 new full time equivalent jobs projected within three years.  Hourly Wage Average and Range: $16.00/hour, estimated range of $13.00/hour to $40.00/hour.

 

Borrower Name: Trinity Episcopal School Corporation (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 $10,000,000 in tax-exempt revenue notes.  Project Description: Proceeds of the notes will be used by the School to finance: (1)  the reimbursement of expenses paid by the School in connection with: (i) renovation of the existing cafeteria facility (the “Cafeteria”) located within the portion of the School’s annex building (the “Annex Building”) at 115-121 West 91^st Street, New York, New York which faces the midblock of West 92nd Street between Columbus and Amsterdam Avenues; (ii) the construction of two new floors (the “92^nd Street Expansion Facility”) encompassing approximately 57,200 square feet of space above both the Cafeteria and the School’s existing garage located at 110 Columbus Avenue, New York, New York which faces the midblock of West 92nd Street between Columbus and Amsterdam Avenues and is being used for educational purposes including but not limited to a multi-purpose room, administrative suite, performing arts spaces, classrooms and science laboratories; (iii) the construction of an approximately 21,000 square foot outdoor playfield located on top of the 92^nd Street Expansion Facility; (iv) the construction and equipping of a glass façade structure housing a stairway that connects at each floor level the Annex Building to the building located at 139 West 91^st Street, New York, New York (the “Lower School”) which also provides access to the Lower School by connecting it to the new elevators in the 92^nd Street Expansion Facility; (v) the construction, renovation, furnishing and equipping of an approximately 8,400 square foot outdoor courtyard used for recreation and social activities located between the 92^nd Street Expansion Facility, the Annex Building and the Lower School; (collectively, the “Project”); (2) the partial pay down of a non-revolving line of credit that was used to fund expenses related to the Project; and (3) pay for certain costs related to the issuance of the bonds.  All of the properties described herein will be owned and operated by the School as an independent school serving students in Kindergarten through Grade 12.  Addresses: 101 West 91^st Street,; 115-121 West 91^st Street,; 110 Columbus Avenue,; 640 Columbus Avenue,; 139 West 91^st Street, and 114 West 92^nd Street, New York, New York 10024.  Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $143,351,885.  Projected Jobs: 249.5 existing full time equivalent jobs, 8 new full time equivalent jobs projected.  Hourly Wage Average and Range: $58.21/hour, estimated range of $16.00/hour to $133.38/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 Noon seven (7) 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