Accessibility questions: NYCEDC’s Equal Access Officer at 212-312-3602 or at EqualAccess@edc.nyc, by Thursday, June 7, 2018 10:00 AM
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: 1005 Intervale Avenue LLC (“1005 Intervale”), a New York limited liability company and Bronx Lighthouse Charter School (the “School”), a New York not-for-profit education corporation authorized as a charter school by the Board of Regents of the University of the State of New York for and on behalf of the New York State Education Department and exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), currently operating a public charter school. Financing Amount: Approximately $13,000,000 in tax-exempt revenue bonds. Project Description: Proceeds of the bonds will be used to finance or refinance: (i) the acquisition, renovation, improvement and equipping of an approximately 30,000 square foot building on an approximately 9,300 square foot parcel of land located at 1005 Intervale Avenue, Bronx, New York (the “Facility”); (ii) certain ancillary costs related thereto; and (iii) costs related to the issuance of the bonds. 1005 Intervale will own the Facility, and the School will operate the Facility as a public charter school to provide educational services for students in grades 9 through 12. The sole member of 1005 Intervale will initially be the School. Bronx Support Corporation, 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 1005 Intervale after such time, and in the event, that it is recognized by the Internal Revenue Service as an organization described in Section 501(c)(3) of the Code. Address: 1005 Intervale Avenue, Bronx, New York 10459. Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. Total Project Cost: Approximately $13,000,000. Projected Jobs: 74 full time equivalent jobs retained. Hourly Wage Average and Range: $44.81/hour, estimated range of $14.42/hour to $68.94/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, June 7TH, 2018. 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