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: RiverSpring Health Senior Living, Inc. (d/b/a River’s Edge) (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”), whose sole member is RiverSpring Living Holding Corp. (formerly known as RiverSpring Health Holding Corp., formerly known as Hebrew Home Holding Corp.), a New York not-for-profit corporation.  The Borrower was created to design, construct, renovate, furnish, equip and operate a continuing care retirement community consisting initially of independent living apartments and associated common areas, licensed under Article 46 of the New York Public Health Law, providing, among other services, assisted living and nursing home services (the “CCRC”). Financing Amount: $626,040,000 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, refinance, and reimburse a portion of the costs of:  (i) the design, construction, renovation, furnishing, and equipping of a 441,000 square foot, 11-story facility with 260 independent living units (the “ILU Facility”) for a continuing care retirement community, including an underground garage and a geothermal infrastructure system, located on a parcel of land leased to the Borrower totaling 130,146 square feet being identified as Tentative Lot 226 of Block 5933 on the New York City Tax Map (Tentative Lot 226 being part of current Lot 210 and part of current Lot 225), and currently known by the street addresses of 5931 Palisade Avenue, Bronx, New York and 5921 Palisade Avenue, Bronx, New York (the “ILU Facility Site”); (ii) the renovation of an existing building located at the site known as the Reingold Pavilion and having a street address of 5941 Palisade Avenue, Bronx, New York; (iii) the demolition of a 77,553 square foot, four-story building on the ILU Facility Site known as the Goldfine Pavilion; (iv) the demolition of a 53,300 square foot, three-story building located on a parcel of land contiguous with the ILU Facility Site being Block 5933, part of Lot 55 on the New York City Tax Map, currently known by the street address of 5801 Palisade Avenue, Bronx, New York (the “South Campus Parcel”); (v) the construction of certain improvements on the South Campus Parcel including pickleball courts and a dog run; (vi) the repayment of pre-construction financing for development costs; (vii) the repayment of funds advanced by an affiliate of the Borrower for pre-construction and development costs; (viii) the funding of capitalized  interest; (ix) the funding of multiple debt service reserve funds; and (x) the paying of certain costs related to the issuance of the Bonds. The ILU Facility Site is owned by an affiliated entity, The Hebrew Home for the Aged at Riverdale (the ”HHAR”), and the ILU Facility Site will be leased to the Borrower under a long-term lease. The South Campus Parcel is owned by another affiliated entity, The Hebrew Home for the Aged at Riverdale Foundation, Inc., and the South Campus Parcel will also be leased to the Borrower under a long-term lease. Under an agreement between the Borrower and HHAR, HHAR has agreed to provide assisted living, memory care, and skilled nursing services, as needed, to CCRC residents, subject to the terms of the agreement. Addresses: 5921 Palisade Avenue, Bronx, New York 10471; 5931 Palisade Avenue, Bronx, New York 10471; 5941 Palisade Avenue, Bronx, New York 10471; and 5801 Palisade Avenue, Bronx, New York 10471. Type of Benefits: Tax-exempt and taxable bond financing and exemption from City and State mortgage recording taxes. Total Project Cost: $729,228,000. Projected Jobs: 74 new full-time equivalent jobs projected. Hourly Wage Average and Range: $42.81/hour, estimated range of $22.17/hour to $64.65/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 Friday, December 12, 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. five (5) 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