Notice Details

NOTICE OF PUBLIC HEARING

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, such stated amounts are approximate and 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 (including square footage amounts) and wage information shown below are approximate numbers.

Borrower Name: 261 Walton Facility LLC is a New York limited liability company and a disregarded entity for federal income tax purposes (the “Borrower”) whose sole member is Zeta Charter Schools, Inc. (“Zeta CMO”), a Delaware 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”). Zeta CMO provides academic, business, and management services to Zeta Charter Schools – New York City (“Zeta NYC”), a New York not-for-profit education corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Code, which operates public charter schools.  Financing Amount: $200,945,000 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 under Section 145 of the Code.  Project Description: Proceeds of the Bonds will be used to finance or refinance a portion of the costs of: (i) the acquisition by the Borrower of a 25,182 square foot parcel of land located at 261 Walton Avenue, Bronx, New York (the “Land”); (ii) the construction, furnishing, and equipping of a new 143,000 square foot facility on the Land (the “Facility”); (iii) capitalized interest on the Bonds; (iv) one or more debt service reserve funds; and (v) certain costs related to the issuance of the Bonds ((i-v) collectively, the “Project”). The Facility will be owned by the Borrower and leased to Zeta NYC, which will operate the Facility as a public charter school serving approximately 1,080 students anticipated to be in Grades 9 to 12. Prior to the Facility being fully enrolled with students in Grades 9 to 12, approximately 450 middle school students from Zeta Charter School – Bronx Mount Eden in Grades 6-8 may temporarily occupy the Facility.  Address: 261 Walton Avenue, Bronx, New York 10451.  Type of Benefits: Tax-exempt and/or taxable bond financing, and exemption from City and State mortgage recording taxes.  Total Project Cost: $200,945,000.  Projected Jobs: 27 full-time equivalent jobs retained by Zeta NYC in connection with the middle school students, 33 full-time equivalent jobs projected by Zeta NYC in connection with the middle school students, and 126 new full-time equivalent jobs projected by Zeta NYC in connection with the high school students.  Hourly Wage Average and Range: $39.36/hour, estimated range of $37.00/hour to $64.00/hour.

Borrower Name: ECS 801 Bartholdi, LLC (“Borrower”) is a New York limited liability company, the sole member of which is Friends of Equality Charter School, Inc. (“FECS”), 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”).  FECS is a support organization for Equality Charter School (“School”), a New York not-for-profit education corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Code, which operates a public charter school in the Bronx currently serving Kindergarten through Grade 2 and Grades 6 through 12.  Financing Amount: $62,435,000 in tax-exempt and/or taxable bonds (the “Bonds”).  The tax-exempt bonds will be issued as part of a plan of finance for qualified 501(c)(3) bonds under Section 145 of the Code.  Project Description: Proceeds of the Bonds will be used to: (i) finance the acquisition of an existing four-story building currently undergoing renovations by a third-party owner to serve as a permanent facility for the School’s elementary and high school programs, totaling approximately 63,898 square feet and located on a 28,805 square foot parcel of land (the “Land”) at 801 Bartholdi Street, Bronx, New York (“Facility”); (ii) reimburse and/or finance the costs of the renovation, site improvement, furnishing, and equipping of the Facility; (iii) fund one or more debt service reserve funds; and (iv) pay certain costs related to the issuance of the Bonds ((i-iv) collectively, the “Project”).  The Borrower will lease the Land underlying the Facility from a third-party owner, and sublease the Land, and lease the Facility, to the School.  The School will operate the Facility as a public charter school expanding its enrollment to serve up to 875 students from Kindergarten through Grade 5 and Grades 9 through 12.  Address: 801 Bartholdi Street, Bronx, New York 10467.  Type of Benefits: Tax-exempt and/or taxable bond financing, and exemption from City and State mortgage recording taxes.  Total Project Cost: $62,435,000.  Projected Jobs: 104 retained full-time equivalent jobs; and 29 new full-time equivalent jobs projected.  Hourly Wage Average and Range: $52.63/hour, estimated range of $25.00/hour to $68.00/hour.

Borrower Name: 2758 Kingsbridge FOCCS, LLC (the “Borrower”) is a New York limited liability company, the sole member of which is Friends of Classical Charter Schools, Inc. (“FCCS”), 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”). FCCS is a support organization for Classical Charter Schools (“CCS”), a New York not-for-profit education corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Code, which operates a network of public charter schools located in the South Bronx, including South Bronx Classical Charter School V (“School”), a New York not-for-profit education corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Code.  Financing Amount: $41,600,000 in tax-exempt and/or taxable bonds (the “Bonds”). The tax-exempt bonds will be issued as part of a plan of finance for qualified 501(c)(3) bonds under Section 145 of the Code.  Project Description: Proceeds of the Bonds will be used to: (i) finance leasehold improvements, including the construction, furnishing, and equipping of a 44,097 square foot, five-story building located on a 13,010 square foot parcel of land located at 2758 Kingsbridge Terrace, Bronx, New York (“Facility”); (ii) fund capitalized interest; (iii) fund capitalized rent payments, (iv) fund one or more debt service reserve funds; and (v) pay certain costs related to the issuance of the Bonds ((i-v) collectively, the “Project”). The Borrower will ground lease the Facility from a third-party owner and sublease the Facility to the School, which will operate the Facility as a public charter school serving approximately 350 students from kindergarten through Grade 5.  Address: 2758 Kingsbridge Terrace, Bronx, New York 10463.  Type of Benefits: Tax-exempt and/or taxable bond financing, and exemption from City and State mortgage recording taxes.  Total Project Cost: $41,600,000.  Projected Jobs: 39 new full-time equivalent jobs projected.  Hourly Wage Average and Range: $35.15/hour, estimated range of $22.00/hour to $72.12/hour.

Borrower Name: The West Side Montessori School (the “School” or the “Borrower”) is 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 early childhood school that currently provides Montessori programming for children ages 2 through 6 years.  Financing Amount: $16,000,000 in tax-exempt and/or taxable bonds (the “Bonds”). The tax-exempt bonds will be issued as part of a plan of finance as qualified 501(c)(3) bonds for educational facilities under Section 145 of the Code.  Project Description: Proceeds of the Bonds will be used to: (i) finance the costs of acquisition of an existing condominium unit consisting of portions of the cellar, first floor, and second floor located at 212 West 95^th Street, New York, NY (“Facility”); (ii) reimburse or finance the costs of the renovation, site improvement, furnishing, and equipping of the Facility; (iii) fund a debt service reserve fund(s); and (iv) pay for certain costs related to the issuance of the Bonds ((i-iv) collectively, the “Project”). The Borrower will own the Facility and operate two early childhood programs, serving a total of 104 children aged 3 months to 3 years old.  Address: 212 West 95^th Street, New York, NY 10025.  Type of Benefits: Tax-exempt and/or taxable bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $18,300,000.  Projected Jobs: 15 full-time equivalent jobs retained and 22 projected.  Hourly Wage Average and Range: $43.91/hour, estimated range of $30.58/hour to $87.98/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 Director of Accessibility at (212) 619-5000 or Accessibility@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, September 25, 2025. 

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. 

 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 public hearing 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) 619-5000