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: The Browning School (the “School” or the “Borrower”), a New York not-for-profit 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 is an independent, college preparatory school that provides an education for boys in grades kindergarten through 12.  Financing Amount: $40,000,000 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) finance the cost of developing, converting and expanding an existing 5-story (plus cellar) building into a 56,900 square foot facility (and equipping, and furnishing the same) located on a 10,042 square foot parcel of land at 337 East 64^th Street, New York, New York (the “Facility”); (ii) fund debt service reserve fund(s), if any; (iii) fund capitalized interest; and (iv) pay for certain costs related to the issuance of the Bonds.  The School has leased the Facility and will operate such Facility as the Borrower’s Upper School, which will serve approximately 200 students in grades nine through twelve.  Renovations to the Facility will include the conversion of the current structure into a five-story with mezzanine level (plus cellar) educational facility, including classrooms, a biology and chemistry lab, a library, a cafeteria, common areas, administrative and faculty offices, a gymnasium and storage and support areas.  Address: 337 East 64^th Street, New York, New York 10065.  Type of Benefits: Tax-exempt and/or taxable bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $46,850,000.  Projected Jobs: 3 full time equivalent jobs retained and 19 projected.  Hourly Wage Average and Range: $62.90/hour, estimated range of $42.31/hour to $117.14/hour.

 

Borrower Name: 584 Driggs FONB, LLC, a Delaware limited liability company and a disregarded entity for federal income tax purposes whose sole member is Friends of Northwest Brooklyn, Inc. (“FONB”), 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”).  FONB is an organization whose purpose is to provide support to Unity Preparatory Charter School of Brooklyn (the “School”), a public charter school for students from grades six through twelve.  Financing Amount: $27,000,000 in tax-exempt and/or taxable bonds (the “Bonds”). The tax-exempt bonds will be issued as part of a plan of finance of qualified 501(c)(3) bonds for educational facilities under Section 145 of the Code. Project Description: Proceeds of the Bonds will be used to finance or reimburse: (i) the acquisition of a 20,400 square foot three floor facility located on a 6,390 square foot parcel of land located at 584 Driggs Avenue, Brooklyn, New York (the “Facility”)that is currently leased to the School by the current owner and operated by the School to serve its students in grades nine through twelve(the “High School”); (ii) renovations at the Facility in the amount of $2,000,000; (iii) debt service reserve funds; (iv) capitalized interest; and (v) certain costs related to the issuance of the Bonds.  The Facility will be owned by the Borrower and leased to the School, and the School will continue to operate the Facility as a public charter school serving the School’s High School students.  Address: 584 Driggs Avenue, Brooklyn, New York 11211.  Type of Benefits: Tax-exempt and taxable bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $27,000,000.  Projected Jobs: 59 full-time equivalent retained.  Hourly Wage Average and Range: $45.50/hour, estimated range $73.00/hour to $21.63/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 2^ND, 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