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 Name: Friends of Ascend Charter Schools Inc., as borrower (the “Borrower”), a New York not-for-profit corporation and support organization formed to further the mission of Ascend Charter Schools, a New York not-for-profit education corporation, both of which are exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended.  Financing Amount: $25,000,000 of bonds (the “Bonds”), a portion to be issued as tax-exempt qualified 501(c)(3) bonds to finance educational facilities under Section 145 of the Code.  Project Description: Proceeds of the Bonds will be used to refinance: (i) $10,698,808 outstanding balance of a taxable loan that was funded in the original amount of $12,500,000, proceeds of which were used to finance the cost of renovations, improvements and equipment in the amounts of (a) $3,575,907 with respect to a 38,146 square foot Canarsie Middle School building located at 744 East 87^th Street, Brooklyn, New York, and serving students from Grades 5 through 8, (b) $4,305,398 with respect to a 33,242 square foot Cypress Hills Elementary School building located at 396 Grant Avenue, Brooklyn, New York, serving students from kindergarten through Grade 4 and (c) $4,168,285 with respect to a 30,816 square foot Central Brooklyn Middle School building located at 1886 Nostrand Avenue, Brooklyn, New York, serving students from Grades 5 through 8, (ii) $10,080,081 outstanding balance of a taxable loan that was funded in the original amount of $10,177,406, proceeds of which were used to finance the cost of renovations, improvements and equipment in the amounts of (x) $4,152,643 with respect to a 23,765 square foot East Flatbush Elementary School located at 870 Albany Avenue, Brooklyn, New York, serving students from kindergarten through Grade 4 and (y) $6,024,763 with respect to a 37,075 square foot East Brooklyn Elementary School, located at 206 Shepherd Avenue, Brooklyn, New York, serving students from kindergarten through Grade 3, (iii) $2,292,216 outstanding balance of a taxable loan that was funded in the original amount of $2,500,000, the proceeds of which were used to finance the cost of renovations, improvements and equipment for a 47,294 square foot Brooklyn High School building located at 1501 Pitkin Avenue, Brooklyn, New York, and serving students from Grades 9 through 12, and (iv) to pay for certain costs of issuance of the Bonds.  All of the facilities with the exception of the Brooklyn High School building (1501 Pitkin Ave, Brooklyn, New York) are leased to the Borrower and subleased from the Borrower to Ascend Charter Schools.  The Brooklyn High School building is leased directly to Ascend Charter Schools.  Ascend Charter Schools operates all six facilities as public charter schools, serving students from kindergarten through Grade 12.  Addresses: 744 East 87^TH Street Brooklyn, New York, 11236; 396 Grant Avenue Brooklyn, New York, 11208; 1886 Nostrand Avenue Brooklyn, New York, 11226; 870 Albany Avenue Brooklyn, New York, 11203; 260 Shepard Avenue Brooklyn, New York, 11208; 1501 Pitkin Ave, Brooklyn, New York 11212.  Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $25,000,000.  Projected Jobs: 402 full time equivalent retained.  Hourly Wage Average and Range: $36.00/hour, estimated range of $35.00/hour to $47.00/hour.

 

Borrower Name: Highbridge Facilities, LLC (“Highbridge”), a Delaware limited liability company and a disregarded entity for federal income tax purposes whose sole member is HB Foundation, Inc., a New York not-for-profit corporation (“HB Foundation”) exempt from federal taxation pursuant to section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), which will finance construction or renovation of a facility for the benefit of  Family Life Academy Charter Schools Corporation ( “FLACS”), a New York not-for-profit education corporation exempt from federal taxation pursuant to section 501(c)(3) of the Code, that operates public charter schools.  Financing Amount: $15,000,000 in tax-exempt and/or taxable bonds (the “Bonds”).  The tax-exempt bonds will be qualified 501(c)(3) bonds issued to finance educational facilities under Section 145 of the Code.  Project Description: Proceeds from the Bonds will be used to finance additional costs of the construction, renovation, furnishing and equipping of a 68,000 square foot, five-floor (plus basement), facility (the “Facility”) located on an 18,000 square foot parcel of land located at 1400 Cromwell Avenue, Bronx, New York.  The Bonds will also be used to pay for certain costs related to the issuance of the Bonds, including capitalized interest and any debt service reserve fund.  The Facility is owned by Highbridge and will be leased to FLACS.  FLACS will operate the Facility as a public charter high school serving students in Grades 9 through 12.  Address: 1400 Cromwell Avenue, Bronx, New York 10452.  Type of Benefits: Tax-exempt and taxable bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $15,000,000.  Projected Jobs: 58 full time equivalent projected.  Hourly Wage Average and Range: $33.65/hour, estimated range of $32.29/hour to $69.95/hour. 

 

Borrower Name: QSAC, Inc., 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”), as borrower (the “Borrower”).  The Borrower provides educational and social services for individuals with autism and related developmental disabilities and their families.  Financing Amount: $8,000,000 in tax-exempt qualified 501(c)(3) bonds to be issued pursuant to section 145 of the Code and taxable bonds (collectively, the “Bonds”).  Project Description:  As part of a plan of financing, proceeds of the Bonds will be used to (i) finance the acquisition by the Borrower of a 12,300 square foot building located on a 59,677 square foot parcel of land located at 245-37 60^th Avenue, Douglaston, Queens, New York (the “Facility”), (ii) fund a debt service reserve fund and (iii) pay for certain costs related to the issuance of the Bonds.  The Facility is leased by the Borrower and, after acquisition, will continue to be operated as a pre-school for children with autism and related developmental disabilities.  Address: 245-37 60^th Avenue, Douglaston, Queens, New York 11362.  Type of Benefits: Tax-exempt and taxable bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $8,000,000.  Projected Jobs: 86 full time equivalent retained; 13 full time equivalent projected.  Hourly Wage Average and Range: $25.55/hour, estimated range of $15.80/hour to $41.38/hour.

 

Borrower Name: Yeshiva Har Torah, a New York not-for-profit corporation which is exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), as borrower (the “Borrower”).  The Borrower operates a co-educational private school for students from pre-kindergarten through grade 8.  Financing Amount: $17,850,000 in tax-exempt and/or taxable bonds (the “Bonds”).  The tax-exempt bonds will be issued as qualified 501(c)(3) bonds for educational facilities under Section 145 of the Code.  Project Description: Proceeds of the Bonds will be used, along with other funds of the Borrower, to: (i) finance the construction, furnishing, and equipping of a new 42,000 square foot building, to be located on a 75,000 square foot parcel of land owned by the Borrower at 54-27 Little Neck Parkway, Queens, New York ( “Facility 1”); (ii) current refund of the Build NYC Resource Corporation Revenue Refunding Bonds, Series 2012 (Yeshiva Har Torah Project) ( “2012 Bonds”), outstanding in the aggregate principal amount of $1,400,000, which 2012 Bonds current refunded, along with other funds of the Borrower, the New York City Industrial Development Agency Adjustable Fixed Rate Civic Facility Revenue Bonds, Series 2006A (Yeshiva Har Torah Project) (the “2006 Bonds”), which 2006 Bonds financed the acquisition, construction, furnishing and equipping of a 66,200 square foot building, located on a 42,450 square foot parcel of land located at 250-10 Grand Central Pkwy, Queens, New York (“Facility 2” and together with Facility 1, the “Facilities”), and (iii) to pay for certain costs related to the issuance of the Bonds.  The Facilities will be owned and operated by the Borrower as schools for students from pre-kindergarten through grade 8, with Facility 1, upon its completion, anticipated to serve students from pre-kindergarten through Grade 2, and Facility 2, upon its completion, anticipated to serve students in pre-kindergarten and from Grade 3 through Grade 8.  Addresses: 54-27 Little Neck Parkway, Queens, New York 11362 and 250-10 Grand Central Pkwy, Queens, New York 11426.  Type of Benefits: Tax-exempt and taxable bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $17,850,000.  Projected Jobs: 130 full time equivalent retained; 8 full time equivalent projected. Hourly Wage Average and Range: $27.00/hour, estimated range of $16.00/hour to $108.00/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, November 17^TH, 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