Accessibility questions: NYCEDC’s Equal Access Officer at 212-312-3602 or at EqualAccess@edc.nyc, by Thursday, January 14, 2021 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: Manhattan Country 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 (the “Code”), or West 85th Street Owner LLC, a Delaware limited liability company, the sole member of which is the School (collectively, the "Affiliate"), as borrower. Financing Amount: $30,000,000 in tax-exempt revenue bonds (the “Bonds”) to be issued as qualified 501(c)(3) bonds under Section 145 of the Code. Project Description: Proceeds from the Bonds will be used to: (a) refinance all or a portion of the Build NYC Resource Corporation Revenue Bonds (Manhattan Country School Project), Series 2016, currently outstanding in the aggregate principal amount of $21,200,000, the proceeds of which were applied to: (1) refinance taxable debt incurred by the School and/or the Affiliate, the proceeds of which were used to acquire a 33,566 square foot, six floor building located on a 7,663 square foot parcel of land located at 150 West 85th Street, New York, New York (the "Facility"); and (2) finance the renovation, furnishing and equipping of the Facility, with the building currently being 41,557 square feet; (b) finance or refinance the costs of construction, renovation and equipping of the Facility, including the installation of a new elevator and the addition of four classrooms; (c) finance a debt service reserve fund and capitalized interest; and (d) pay for certain costs and expenses associated with the issuance of the Bonds. The Facility is owned by the Affiliate and will be operated by the School as a co-educational day school serving students in pre-kindergarten through grade eight. Address: 150 W 85th St., New York, New York 10024. Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. Total Project Cost: $30,429,000. Projected Jobs: 90 full time equivalent jobs retained; 5 full-time equivalent jobs created. Hourly Wage Average and Range: Hourly Wage $33.97/hour, estimated range $20.23/hour to $39.13/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 https://edc.nyc/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 Executive Order 202.1 extended by Executive Order by 202.55 and subsequently further extended by Executive Order 202.60, Executive Order 202.73 and Executive Order 202.79 issued by the Governor of the State of New York, the Corporation will hold a hearing remotely by conference call on the proposed financings and transactions set forth above, commencing at 10:00 A.M. on Thursday, January 14TH, 2021. Interested members of the public are invited to participate in the conference call for the public hearing by dialing (877) 853-5247 (Toll Free) or (888) 788-0099 (Toll Free) and entering the following Meeting ID: 934 8067 7054# followed by Participant Code: 479799#. The hearing will also be accessible as a free-to-join webinar accessible through the world wide web address:
https://nycedc.zoom.us/j/93480677054?pwd=MWJNOE5ieDdobWtYVXFYU3Evb2V6UT09 and entering the password: 977525#.
Once on the conference call or Zoom webinar, members of the public will be given an opportunity to make a brief statement regarding the projects listed above. Please follow the instructions given by the public hearing moderator.
The Corporation will present information at such hearing on the proposed financings and transactions set forth above. 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 at https://edc.nyc/build-nyc-board-meetings-and-public-hearings, starting at 12:00 P.M. fourteen (14) days prior to the hearing. Persons desiring to make a brief statement during the conference call regarding the proposed transactions should give prior notice to the Corporation by sending an email to ftufano@edc.nyc no later than 5:00P.M. the day before the hearing. Written comments may be submitted to the Corporation to the following email address: ftufano@edc.nyc. Please be advised that it is possible that certain of the aforementioned proposed transactions may be removed from the hearing agenda prior to the hearing date. Information regarding such removals will be available on the Corporation’s website at https://edc.nyc/build-nyc-board-meetings-and-public-hearings on or about 12:00 P.M. on the Friday preceding the hearing.
Build NYC Resource Corporation
Attn: Ms. Frances Tufano
One Liberty Plaza, 13th Floor
New York, New York 10006
(212) 312-3598