Notice Details

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 or notes and to make the proceeds of those bonds or notes 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 and notes for the financings listed below in the approximate dollar amounts respectively indicated.  As used herein, “bonds” or “notes” are the bonds or notes 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 or note amounts provided herein below, “approximately” shall be deemed to mean up to such stated bond or note amount or a greater principal amount not to exceed 10% of such stated bond or note amount.  All other amounts and square footage amounts and wage information shown below are approximate numbers.

 

Borrower Names: (1) Eden II School for Autistic Children, Inc. (“Eden”) is a New York not-for-profit corporation; (2) HASC Center, Inc. (“HASC”) and HASC Diagnostic and Treatment Center, Inc. (“HDTC”) are New York not-for-profit corporations that are affiliates of one another; (3) HeartShare Human Services of New York (“HeartShare”) is a New York not-for-profit corporation; and (4) Young Adult Institute, Inc. (“YAI”) is a New York not-for-profit corporation.  YAI, Eden, HASC, HDTC, and HeartShare are the Borrowers.  The Borrowers are all exempt from federal taxation pursuant to section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”).  Financing Amount: $11,850,000 in tax-exempt and taxable bonds (collectively, the “Bonds), consisting of $11,295,000 qualified 501(c)(3) tax-exempt bonds issued pursuant to section 145 of the Code (the “Tax-Exempt Bonds”) and $555,000 taxable bonds (the “Taxable Bonds”).  Project Description: As part of a plan of financing, proceeds from the Bonds will be used by the Borrowers in the following ways: (a) Eden will use $1,950,000 of the Tax-Exempt Bond proceeds and $115,000 of the Taxable Bond proceeds to finance and refinance the costs of the acquisition, renovation, furnishing, and equipping of a 2,584-square-foot, 7-bed supervised or supportive housing known as an Individualized Residential Alternative (“IRA”) for individuals with autism, located on a 6,800-square-foot parcel of land at 312 Tysens Lane, Staten Island, NY; (b) HASC and HDTC will use $4,000,000 of the Tax-Exempt Bond proceeds and $170,000 of the Taxable Bond proceeds to finance and refinance the costs of the renovation, furnishing, and equipping of a leased 11,800-square-foot condominium unit, which is used as a community health center serving both individuals with developmental and other disabilities and neuro-typical individuals, located within a 85,000-square-foot building on a 12,000-square-foot parcel of land at 1122 Chestnut Avenue, Unit 1, Brooklyn, NY; (c) HeartShare will use $1,890,000 of the Tax-Exempt Bond proceeds and $100,000 of the Taxable Bond proceeds to finance and refinance the costs of the renovation, furnishing, and equipping of a leased 9,532-square-foot, 14-bed IRA for individuals with intellectual and/or developmental disabilities, located on a 62,480-square-foot parcel of land at 2601 E. 19th Street, Brooklyn, NY; (d) YAI will use $3,455,000 of the Tax-Exempt Bond proceeds and $170,000 of the Taxable Bond proceeds to finance and refinance the costs of the renovation, furnishing, and equipping of a leased 5,500-square-foot facility for two 5-bed IRAs for individuals with intellectual and/or developmental disabilities, located on a 111,152-square-foot parcel of land at 2518 Church Avenue, Brooklyn, NY; (e) to fund a debt service reserve fund; and (f) to finance the issuance costs of the Bonds.  Addresses: 312 Tysens Lane, Staten Island, NY 10306; 1122 Chestnut Avenue, Unit 1, Brooklyn, NY 11230; 2601 E. 19th Street, Brooklyn, NY 11235; 2518 Church Avenue, Brooklyn, NY 11226.  Type of Benefits: Tax-exempt and taxable bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $11,850,000.  Projected Jobs: 25 full time equivalent jobs retained by Eden; 100 full time equivalent jobs retained by HASC and HDTC; 20 full time equivalent jobs retained by HeartShare; and 30 full time equivalent jobs retained by YAI.  Hourly Wage Average and Range: $26.13/hour, estimated range of $15.00/hour to $95.00/hour.

 

Borrower Name: Aero JFK II, LLC (the “Borrower”), a Delaware limited liability company, as borrower. The Borrower is a wholly owned subsidiary of Realterm Airport Logistics Properties, LP, an affiliate of Aeroterm Management, LLC, a Delaware limited liability company that develops logistics and support facilities at airports in North America and Europe.  The Borrower was formed for the purpose of developing a new air cargo facility at Cargo Area D of John F. Kennedy International Airport to be initially operated by Worldwide Flight Services.  Financing Amount: $214,000,000 in tax-exempt and taxable bonds (collectively, the “Bonds), including qualified tax-exempt bonds issued pursuant to section 142(a)(1) of the Internal Revenue Code of 1986, as amended (the “Code”).  Project Description: Proceeds from the Bonds will be used to: (a) refinance taxable debt of the Borrower that will be used to finance the demolition of existing cargo facilities totaling 241,489 square feet located on a 1,138,000 square foot parcel of land leased from The Port Authority of New York and New Jersey at John F. Kennedy International Airport at 260 North Boundary Road, Jamaica, New York (a portion of Tax Block 14260, Lot 1), and the construction, furnishing, and equipping of a new 347,328 square foot cargo facility thereon and 836,000 square feet of related improvements (the “Project”); (b) reimburse the Borrower for certain expenditures for costs of the Project derived from funds of the Borrower or its affiliates; (c) fund capitalized interest and a debt service reserve fund, if needed; and (d) finance the issuance costs of the Bonds.  Address: John F. Kennedy International Airport, 260 North Boundary Road, Jamaica, New York 11430.  Type of Benefits: Tax-exempt and taxable bond financing.  Total Project Cost: $214,000,000. Projected Jobs: 446.5 full time equivalent jobs projected.  Hourly Wage Average and Range: $24.02/hour, estimated range of $16.00/hour to $58.04/hour.

 

Borrower Name: Yeshivah of Flatbush (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, as borrower.  Financing Amount: $60,000,000 in tax-exempt bonds to be issued as qualified 501(c)(3) bonds (the “Bonds”).  Project Description: Proceeds of the Bonds, together with other funds available to School, will be used to finance and/or refinance: (i) $26,600,000 outstanding in Build NYC Resource Corporation Revenue Bonds (Yeshivah of Flatbush Project), Series 2016 (the “Series 2016 Bonds”) that were issued in the original aggregate amount of $29,000,000, the proceeds of which were used by the School to: (1) finance and/or refinance a portion of the costs of construction, renovation, equipping and/or furnishing of a 25,000 square foot building (the “Extension Facility”) which was connected to the existing 100,000 square foot Joel Braverman High School building (the “Existing Facility”, and, together with the Extension Facility, the “Avenue J Facility”) both located on a 44,000 square foot parcel of land located at 1609 Avenue J, Brooklyn, NY  (the “Land”); (2) refinance the acquisition of the Land and/or the acquisition, construction and equipping of the Existing Facility; (3) finance and/or refinance a portion of the costs of renovations, improvements, equipment, and upgrades to the Existing Facility; and (4) pay for certain costs related to the issuance of the Series 2016 Bonds;  (ii) the approximately $14 million purchase price for the acquisition of a 25,000 square foot building located on an 18,000 square foot parcel of land located at 1288-1308 Coney Island Avenue, Brooklyn, NY  (the “Post Office Facility”), which Post Office Facility is reasonably proximate to the Avenue J Facility and will be operated in conjunction with the Avenue J Facility for educational purposes; (iii) finance additional costs incurred in connection with the renovation, equipping, and/or furnishing of the now-135,000 square foot Avenue J Facility ; (iv) fund a construction contingency for construction costs related to the Avenue J Facility; and (v) pay for certain costs related to the issuance of the Bonds (i, ii, iii, iv, and v, collectively, the “Project”).  All of the facilities that are part of the Project will be owned and operated by the School as part of a co-educational private school for students from pre-kindergarten through grade 12.  Addresses: 1609 Avenue J, Brooklyn, NY 11230; 1288-1308 Coney Island Avenue, Brooklyn, NY 11230.  Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $60,000,000.  Projected Jobs: 481 FTE currently, 60 new full time equivalent jobs projected.  Hourly Wage Average and Range: $35.78/hour estimated range of $15.00/hour to $41.58/hour.

 

Borrower Name: 625 Bolton LLC, a New York limited liability company, as borrower (the “Borrower”), the sole member of which is Grand Concourse Academy Charter School (the “School”), a New York not-for-profit educational corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended.  Financing Amount: $41,000,000 in tax-exempt bonds to be issued as qualified 501(c)(3) bonds (the “Bonds”).  Project Description: Proceeds of the Bonds, together with other funds available to Borrower and the School, will be used to finance and/or refinance: (i) the acquisition, construction, renovation, furnishing and equipping of an 61,207 square foot building (consisting of 50,064 square feet of existing space and 11,143 square feet of additional space following the construction and renovation) located on an 45,905 square foot parcel of land located at 625 Bolton Avenue, Bronx, NY  (the “Facility”); (ii) any debt service reserve fund and capitalized interest; and (iii) certain costs associated with the issuance of the Bonds (i, ii and iii collectively, the “Project”).  The Facility that is part of the Project will be owned by the Borrower and leased to the School, which will operate the Facility as a public charter school for students from kindergarten through grade 8.  The sole member of the Borrower will initially be the School.  Grand Concourse Support Corporation (the “New Member”), a New York not-for-profit corporation that will seek recognition of status as an organization described in Section 501(c)(3) of the Code, is expected to become the sole member of the Borrower after such time, and to the extent, it is recognized by the Internal Revenue Service as an organization described in Section 501(c)(3) of the Code. Address: 625 Bolton Avenue, Bronx, NY 10473.  Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $41,000,000.  Projected Jobs: 82.5 full time equivalent currently, 9 full time equivalent jobs projected.  Hourly Wage Average and Range: $41.72/hour, estimated range of $16.00/hour to $56.00/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 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 147(f), the Corporation will hold a hearing at the offices of NYCEDC, 1 Liberty Plaza, 14^th Floor, New York, New York 10006 on the proposed financings and transactions set forth above, commencing at 10:00 A.M. on Thursday, March 3^RD, 2022.  Interested members of the public are invited to attend.

 

Interested members of the public are invited to attend and will be given an opportunity to make a brief statement regarding the projects listed above.  Please be advised that attendees should be prepared to wear a face covering and maintain social distance, if they are not willing to provide proof of vaccination status upon entry.

 

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