Accessibility questions: NYCEDC’s Equal Access Officer at 212-312-3602 or at EqualAccess@edc.nyc, by Monday, March 8, 2021 11:00 AM
BUILD NYC RESOURCE CORPORATION
NOTICE OF SUPPLEMENTAL 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. The references to the bond amounts provided herein below are approximate and 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: Friends of New World Prep, Inc. (“Friends”), a New York not-for-profit corporation, and its affiliate, New World Preparatory Charter School (the “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, operating as a public charter school. Financing Amount: $58,000,000 in tax-exempt and taxable revenue bonds (the “Bonds”). Project Description: Proceeds from the Bonds will be used, as part of a plan of financing, to finance and refinance the costs of (1) the acquisition of parcels of land totaling 1.26 acres located at 26 Sharpe Avenue, Staten Island, New York (also known as 15 Treadwell Avenue, 19 Treadwell Avenue and 2230 Richmond Terrace) and the five buildings and improvements thereon; (2) the demolition of four of such buildings thereon with the following gross square footage (“GSF”): a church building consisting of 5,700 GSF, an office building consisting of 8,400 GSF, a gymnasium/cafeteria building consisting of 8,200 GSF, and an office building consisting of 9,600 GSF; (3) the design, construction, renovation, equipping and furnishing of a 91,300 GSF three-story (plus basement level) building consisting of the existing building at 26 Sharpe Avenue, Staten Island, New York 10302 and a new 17,300 GSF addition of renovations and improvements thereto, all for general classroom and administrative use, together with 37,700 GSF of related site improvements (collectively, the “Facility”); (4) funding debt service reserve funds and capitalized interest; and (5) paying for certain costs related to the issuance of the Bonds. Friends will lease the Facility to the School to be operated by the School as a public charter school providing educational services to students in Kindergarten through Grade 8. Addresses: 15 Treadwell Avenue, 19 Treadwell Avenue, 2230 Richmond Terrace, and 26 Sharpe Avenue all in Staten Island, New York 10302. Type of Benefits: Tax-exempt and taxable bond financing and exemption from City and State mortgage recording taxes. Total Project Cost: $58,000,000. Projected Jobs: 89 full-time-equivalent jobs retained; 128 fulltime-equivalent jobs created. Hourly Wage Average and Range: $36.00/hour, estimated range of $20.00/hour to $48.00/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, issued by the Governor of the State of New York, and all extensions to Executive Order 202.1 issued thereafter, the Corporation will hold a hearing remotely by conference call on the proposed financings and transactions set forth above, commencing at 11:00 A.M. on Monday, March 8TH, 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: 965 7833 5796# followed by Participant Code: 566825#. The hearing will also be accessible as a free-to-join webinar accessible through the world wide web address:
https://nycedc.zoom.us/j/96578335796?pwd=MFBLOE5rckpqQ0Y3STZEUVV1NTJTQT09 and entering the password: 566825#.
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