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 Name: FOGCCS 218 West 147th Street, LLC, a New York limited liability company, as borrower (the “Borrower”), the sole member of which is Friends of GCCS, Inc. (“Friends of GCCS”), 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. Friends of GCCS is an affiliate of Global Community Charter School (the “School”), a New York not-for-profit education corporation that currently serves students in pre-kindergarten through grade 7. Financing Amount: $26,500,000 in taxable and/or tax-exempt bonds to be issued as qualified 501(c)(3) bonds (collectively, the “Bonds”). Project Description: Proceeds of the Bonds, together with other funds available to the Borrower and the School, will be used as a part of a plan of finance to finance and/or refinance: (i) the acquisition of a 22,922 square foot building located on a 10,017 square foot parcel of land located at 218 West 147th Street, New York, New York (the “Facility”); (ii) refinance debt incurred by the School, currently outstanding in the approximate aggregate principal amount of $4,000,000, which was used to finance prior renovations to the Facility; (iii) finance approximately $3,500,000 of additional renovations to the Facility; (iv) any debt service reserve, capitalized interest and other reserves; and (v) certain costs associated with the issuance of the Bonds (i, ii, iii, iv, and v, being collectively, the “Project”). The Facility will be owned by the Borrower and leased to the School, which will operate the Facility as a public charter school for students from grades 6 through 8. Address: 218 W. 147th Street, New York, New York 10039. Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. Total Project Cost: $26,500,000. Projected Jobs: 73 full time equivalent currently, 23 full time equivalent jobs projected. Hourly Wage Average and Range: $36.00/hour, estimated range of $19.00/hour to $45.00/hour.
Borrower Name: WFCS Holdings III, LLC (the “Borrower”), a Minnesota limited liability company, the sole member of which is Wonderful Foundations (“Wonderful Foundations”), an Oregon 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”). Financing Amount: $76,545,000 in tax-exempt and taxable bonds to be issued as qualified 501(c)(3) bonds (the “Bonds”). Project Description: Proceeds of the Bonds, together with other funds available to the Borrower and Wonderful Foundations, will be used to finance : (i) the acquisition and renovation of an existing, occupied 71,191 square foot building located on a 27,054 square foot parcel of land located at 89-17 & 89-25 161st Street, Jamaica, New York (the “Facility”); (ii) any debt service reserve fund; and (iii) certain costs associated with the issuance of the Bonds (i, ii and iii collectively, the “Project”). The Facility is leased to two unaffiliated tenants, Friends of Growing Up Green Charter School (which has subleased its space in the Facility to Growing Up Green Charter School II (“GUGCS”)), and New Dawn Charter High School operating as New Dawn Charter High School II (“NDCHS”), all of which have been determined by the IRS to be organizations described in Section 501(c)(3) of the Code. Upon acquisition of the Facility, the Borrower will become the landlord under the leases. GUGCS will operate a portion of the Facility as a public charter school serving students in kindergarten through grade 5, and NDCHS will operate a portion of the Facility as a public charter school serving students in grades 9-12. Address: 89-17 & 89-25 161st Street, Jamaica, New York, 11432. Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. Total Project Cost: $76,545,000. Projected Jobs: 0 full time equivalent currently, 0 full time equivalent jobs projected. Hourly Wage Average and Range: N/A.
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, 14th Floor, New York, New York 10006 on the proposed financings and transactions set forth above, commencing at 10:00 A.M. on Thursday, April 21ST, 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