Accessibility questions: NYCEDC’s Equal Access Officer at 212-312-3602 or at EqualAccess@edc.nyc, by Thursday, December 6, 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: Charles B. Wang Community Health Center, Inc. (“CBWCHC”), a New York not-for-profit corporation and its affiliate, Healthview CBWCHC Inc. (“Healthview”), a New York not-for-profit corporation. Financing Amount: Approximately $30,000,000 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 an approximately 80,000 square foot building including 34 enclosed off-street parking spaces located on an approximately 12,410 square foot parcel of land located at 131-72 40th Road, Flushing, New York (the “Facility”), and (2) pay for certain costs related to the issuance of the Bonds. The Facility will be owned by Healthview and will be operated by CBWCHC as a primary care health center and will allow CBWCHC to expand its services and better serve the needs of its clients. Address: 131-72 40th Road, Flushing, New York 11354. Type of Benefits: Tax-exempt bond financing and an exemption from mortgage recording taxes. Total Development Cost: $70,335,000. Projected Jobs: 80 full time equivalent jobs created. Hourly Wage Average and Range: $27.00/hour, estimated range of $15.00/hour to $71.00/hour.
Borrower Name: Trustees of the Spence School, Inc. (“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 $30,000,000 in tax-exempt revenue bonds (the “Bonds”). Project Description: Proceeds from the Bonds, together with funds of the School and capital campaign funds, will be used as part of a plan of financing to: (1) demolish an existing building located on an approximately 15,005 square foot parcel of land located at 412 East 90th Street, New York, New York (the “Project Site”); (2) design, develop, construct, furnish and equip an approximately 53,500 square foot six-story building at the Project Site which is expected to include a gymnasium and other athletic facilities and ancillary spaces, a multipurpose space, one or more classrooms and other instructional facilities, food service facilities, one or more offices, a greenhouse and a rooftop planting area, and ancillary facilities related to the foregoing (the “Facility”); and (3) pay for certain costs related to the issuance of the Bonds. The Facility will be owned and operated by the School. The School owns and operates a private independent girls’ school serving students from Kindergarten through Grade 12. Address: 412 East 90th Street, New York, NY 10128. Type of Benefits: Tax-exempt bond financing. Total Development Cost: $102,250,000. Projected Jobs: 15.5 full-time equivalent jobs retained. Hourly Wage Average and Range: $29.50/hour, estimated range of $20/hour to $44/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, December 6TH, 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