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: Brooklyn Navy Yard Cogeneration Partners, L.P. (the “Applicant”), a limited partnership organized under the laws of the State of Delaware, as borrower.  Financing Amount: Approximately $100,000,000 in tax-exempt and taxable revenue bonds (the “Bonds”).  Project Description: Proceeds from the Bonds, together with other funds provided by the Applicant, will be used to refund the $307,000,000 of New York City Industrial Development Agency Industrial Development Revenue Bonds (Brooklyn Navy Yard Cogeneration Partners, L.P. Project), Series 1997, which were issued to refund prior  bonds issued by the New York City Industrial Development Agency to finance or refinance a portion of the cost of the development, construction and improvement of a 286 megawatt cogeneration power plant (the “Facility”) and the related acquisition and installation of machinery, equipment, furniture, fixtures and other tangible person property for use at the Facility to provide facilities for the local furnishing of electric energy.  The owner of the Facility and all such related property is the Applicant.  The Facility is located at Building B-41 at the intersection of Fifth Street and Morris Street in the Brooklyn Navy Yard, Brooklyn, New York.  Address: 63 Flushing Avenue, Unit 234, Building 41, Brooklyn, New York 11205.  Type of Benefits: Tax-exempt bond financing.  Total Project Cost: $446,681,000.  Projected Jobs: 37 full-time equivalent jobs retained.  Hourly Wage Average and Range: $53.11/hour, estimated range of $15.57/hour to $59.57/hour.

 

Borrower Name: Richmond Medical Center, doing business as Richmond University Medical Center (“RUMC”), a New York not-for-profit corporation, which is exempt from federal income taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, and which provides hospital and/or other health-care services, as borrower.  Financing Amount: Approximately $150,280,000 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 design, construction, furnishing and equipping of a new approximately 56,000  square foot building located on the southeast portion of an approximately 578,550 square foot parcel of land located at 355 Bard Avenue Staten Island, New York; (2) finance the design and construction of a new approximately 250 space parking lot located on an approximately 115,000 square foot vacant parcel of land located directly behind at 669 and 657 Castleton Avenue, Staten Island, New York; (3) finance the acquisition and installation of a cogeneration facility and associated equipment located within the RUMC boiler plant situated on the southeast portion of the land located at 355 Bard Avenue, Staten Island, New York which will be used to provide electrical energy to RUMC; (4) finance infrastructure improvements, including, but not limited to, elevator upgrades and roof repair and replacement, with respect to various buildings located at 355 Bard Avenue, Staten Island, New York; (5) refinance existing taxable loans that were used to finance the renovation, furnishing and equipping of an existing approximately 68,000 square foot residential building located on an approximately 82,000 square foot parcel of land located at 288 Kissel Avenue, Staten Island, New York, which is primarily used to provide, among other things, employee housing to interns and residents in RUMC’s physician graduate education program; (6) refinance existing taxable loans that were used to finance the acquisition, renovation, furnishing and equipping of an existing approximately 4,900 square foot primary care facility located on an existing approximately 15,400 square foot parcel of land located at 1058 Forest Avenue, Staten Island, New York; (7) fund a debt service reserve fund; and (8) pay for certain costs related to the issuance of the Bonds (collectively, the “Project”).  The facilities to be financed and refinanced by the Project are or will be owned by RUMC and will allow RUMC to enhance and expand its medical and healthcare services.  Addresses: 355 Bard Avenue, Staten Island, New York 10310; 288 Kissel Avenue, Staten Island, New York 10310; 1058 Forest Avenue, Staten Island, New York 10310; 669 and 657 Castleton Avenue, Staten Island, New York 10301.  Type of Benefits: Tax-exempt bond financing and exemptions from City and State mortgage recording taxes.  Total Project Cost: $202,880,000.  Projected Jobs: 13 full time equivalent jobs created, 1970.5 full time equivalent jobs retained.  Hourly Wage Average and Range: $39.40/hour, estimated range of $15.00/hour to $55.50/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, November 1^ST, 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