Accessibility questions: NYCEDC’s Equal Access Officer at 212-312-3602 or at EqualAccess@edc.nyc, by Thursday, September 13, 2018 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: AMDA, Inc. d/b/a The American Musical and Dramatic Academy (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 $34,200,000 in tax-exempt and taxable revenue bonds (the “Bonds”). Project Description: Proceeds from the Bonds will be used to provide for a plan of finance to finance or refinance the costs to: (1) acquire, renovate, furnish and equip an approximately 15,000 square foot five-floor building located on an approximately 3,000 square foot parcel of land located at 207 West 85th Street, New York, New York 10024 for an approximate cost of $9,000,000 to be used as a dormitory; (2) acquire, renovate, furnish and equip an approximately 15,000 square foot six-floor building located on an approximately 3,000 square foot parcel of land located at 205 West 85th Street, New York, New York 10024 for an approximate cost of $9,000,000 to be used as a dormitory; (3) acquire, renovate, furnish and equip an approximately 15,000 square foot one-floor commercial condominium located on an approximately 7,500 square foot parcel of land located at 421 West 54th Street, New York, New York 10019 for an approximate cost of $14,700,000 to be used as administrative headquarters upgrading HVAC; (4) renovate, furnish and equip an approximately 67,000 square foot four-floor building located on an approximately 20,100 square foot parcel of land located at 211 West 61st Street, New York, New York 10023 for an approximate cost of $1,500,000 to create five state of the art classrooms and an admissions viewing center; (5) fund a debt service reserve and (6) pay for certain costs related to the issuance of the Bonds. Address: 207 West 85th Street, New York, New York 10024; 205 West 85th Street, New York, New York 10024; 421 West 54th Street, New York, New York 10019; 211 West 61st Street, New York, New York 10023. Type of Benefits: Tax-exempt bond financing and an exemption from mortgage recording taxes. Total Development Cost: $38,500,000. Projected Jobs: 207 full-time equivalent jobs retained, 53 full-time equivalent jobs created. Hourly Wage Average and Range: $40/hour, estimated range of $14/hour to $53/hour.
Borrower Name: Center for Urban Community Services, Inc. (“CUCS”), 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 “Code”), as borrower.
Financing Amount: Approximately $13,250,000 in tax-exempt revenue bonds (the “Bonds”). Project Description: Proceeds from the Bonds will be used to: (i) finance the acquisition and renovation of an approximately 11,295 square foot three-floor building on an approximately 3,750 square foot parcel of land located at 419 West 126th St., New York, New York 10027 (the “Acquired Facility”) at an approximate cost of $8,750,000; (ii) finance the leasehold improvements to an approximately 15,836 square foot four-floor building on an approximately 5,325 square foot parcel of land located at 112 West 14th Street, New York, New York 10011 (the “Leased Facility”) at an approximate cost of $4,500,000; (iii) fund a debt service reserve fund; and (iv) pay certain costs associated with the issuance of the Bonds. The Acquired Facility will be owned by CUCS and CUCS will use the Acquired Facility and the Leased Facility to provide transitional housing and services for homeless and low-income people. Address: 419 West 126th St., New York, New York, 10027 and 112 West 14th Street, New York, New York 10011. Type of Benefits: Tax-exempt bond financing and mortgage recording tax exemption. Total Project Cost: $15,095,000. Projected Jobs: 23 full time equivalent jobs retained, 52 full time equivalent projected jobs. Hourly Wage Average and Range: Hourly Wage $25.35/hr., estimated range $18.50/hour to $49.87/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 13TH, 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