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: Associated Beth Rivkah School for Girls Inc. (the “School” or the “Borrower”), a New York religious corporation exempt from federal income taxation pursuant to section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”).  The School provides a pre-k-12 and post-secondary education in Judaic and general studies for girls.  Financing Amount: $35,000,000 in tax-exempt qualified 501(c)(3) bonds issued pursuant to section 145 of the Code and/or taxable bonds (the “Bonds”).  Project Description: As part of a plan of financing, proceeds from the Bonds will be used to: (i) refinance $4,339,000 outstanding balance of a taxable loan that was funded in the original amount of $4,500,000, the proceeds of which were used to refinance prior outstanding loans and fund the purchase and maintenance of equipment, with such proceeds used for facilities located at 470 Lefferts Avenue, Brooklyn, New York, 370 Crown Street, Brooklyn, New York and 310 Crown Street, Brooklyn, New York (the “Pre-K-12 Facility”); (ii) finance the cost of constructing, renovating, equipping, and furnishing of an 80,000 square foot seven-story building located on a 32,569 square foot parcel of land at 302 Crown Street, Brooklyn, New York (which address will be changed to 451 Montgomery Street, Brooklyn, New York ) (the "Post-Secondary Facility”); (iii) fund debt service reserve fund(s); (iv) fund capitalized interest; and (v) pay for certain costs related to the issuance of the Bonds.  The Pre-K-12 Facility will be owned and operated by the Borrower as a pre-kindergarten through Grade 12 school for girls and the Post-Secondary Facility will be owned and operated by the Borrower as a post-secondary academic institute and related dormitory for its post-secondary students.  The renovations will include the creation of 180 dormitory beds, 15 classrooms, and other related student-life facilities including lounges, a garden, and a fitness center.  Addresses: 302 Crown Street, Brooklyn, New York 11225, 470 Lefferts Avenue, Brooklyn, New York 11225, 370 Crown Street, Brooklyn, New York 11225 and 310 Crown Street, Brooklyn, New York 11225.  Type of Benefits: Tax-exempt and/or taxable bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $35,000,000.  Projected Jobs: 179.5 full time equivalent jobs retained and 16 projected.  Hourly Wage Average and Range: $42.52/hour, estimated range of $15.00/hour to $65.00/hour.

 

Borrower Name: Little Red School House and Elisabeth Irwin High School Inc., 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 private co-educational school for students from pre-kindergarten through Grade 12.  Financing Amount: $12,270,000 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) refinance existing Build NYC Resource Corporation Tax-Exempt Revenue Bonds (2013 Little Red School House and Elisabeth Irwin High School Project) issued in the original principal amount of $11,000,000 and currently outstanding principal amount of $7,699,721 and used to (a) refund New York City Industrial Development Agency Civic Facility Revenue Bonds, Series 1998B (1998 Little Red School House Project), the proceeds of which were used to (1) finance the expansion, renovation and equipping of the Borrower’s 44,233 square foot education facility located at 196 and 200-202 Bleecker Street, New York, New York (the “Bleecker Street Facility”) and 49,739 square foot educational facility located at 40 Charlton Street, New York, New York (the “Charlton Street Facility”), (2) refinance a mortgage loan in the amount of $200,000 the proceeds of which were used to improve the Bleecker Street Facility, (b) refinance commercial loans that were used to finance the costs of expansion, renovation and equipping of the Borrower’s education facilities located at the Charlton Street Facility, and (c) pay for certain costs related to the issuance of the bonds; (ii) refinance a portion of a separate commercial mortgage loan (the “Mortgage Loan”) of the Borrower in the outstanding amount of $4,179,205, the proceeds of which portion of the Mortgage Loan financed certain costs incurred in connection with the acquisition of a 7,464 square foot theater and duplex apartment located at, 15 Vandam Street, New York, New York; and (iii) pay for certain costs related to the issuance of the Bonds.  The Bleecker Street Facility and the Charlton Street Facility will be owned and operated by the Borrower as an independent educational institution for students in pre-kindergarten through Grade 12.  Addresses: 196 and 200-202 Bleecker Street, New York, New York 10012, 40 Charlton Street, New York, New York 10014; 15 Vandam Street, New York, New York 10014.  Type of Benefits: Tax-exempt and taxable bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $12,470,000.  Projected Jobs: 61 full-time equivalent retained.  Hourly Wage Average and Range: $47.14/hour, estimated range $23.35/hour to $89.55/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, January 19^TH, 2023.  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