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: AECI 2970 Third Avenue, LLC is a New York limited liability company and a disregarded entity for federal income tax purposes (the “Borrower”) whose sole member is Friends of AECI Charter Schools, Inc. (“Friends”), 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”). Friends provides real estate and fundraising support to AECI Charter Schools Network (the “Education Corporation”), a New York not-for-profit education corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Code, which operates two public charter schools, one of which is the New York City Charter High School for Architecture, Engineering & Construction Industries (“AECI I”).  Financing Amount: $61,000,000 in tax-exempt and taxable bonds (the “Bonds”).  The tax-exempt bonds will be issued as part of a plan of finance of qualified 501(c)(3) bonds issued under Section 145 of the Code.  Project Description: Proceeds of the Bonds will be used to finance: (i) the acquisition by the Borrower of a 13,975 square foot parcel of land located at 2968-2970 Third Avenue, Bronx, New York (the “Land”); (ii) the construction of a new 51,250 square foot condominium unit 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 the Education Corporation, which will operate the Facility as a public charter school for AECI I serving up to approximately 875 students in Grades 6-12.  Address: 2968-2970 Third Avenue, Bronx, New York 10455.  Type of Benefits: Tax-exempt and taxable bond financing, and exemption from City and State mortgage recording taxes.  Total Project Cost: $61,000,000.  Projected Jobs: 76 full-time equivalent jobs retained by the Education Corporation, and 12 new full-time equivalent jobs projected by the Education Corporation.  Hourly Wage Average and Range: $30.16/hour, estimated range of $19.23/hour to $46.47/hour.

Borrower Name: Grace Church School (the “Borrower”) is a New York not-for-profit education corporation exempt from federal income taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”).  The Borrower is a private, co-educational school currently serving 850 students from pre-kindergarten through Grade 12.  Financing Amount: $39,200,000 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) refinance the approximately $29,000,000 outstanding principal balance of a tax-exempt Series 2013 Build NYC Resource Corporation Revenue Bonds issued in the original principal amount of $40,000,000, the proceeds of which were used to (a) refinance the Borrower’s existing letter of credit-backed Series 2006 New York City Industrial Development Agency (“NYCIDA”) Variable Rate Demand Civic Facility Revenue Bonds issued in the original principal amount of $18,740,000, the proceeds of which were originally used to finance the costs of constructing, furnishing, and equipping an approximately 76,000 square foot educational facility on an approximately 16,000 square foot parcel of land located at 86 4^th Avenue, New York, NY 10003 (the “Grade School Campus”), and (b) finance and/or refinance the costs of constructing, furnishing, and equipping of an approximately 95,000 square foot facility located on an approximately 25,000 square foot parcel of land located at 46 Cooper Square, New York, NY 10003 (the “High School Campus”); (ii) refinance the approximately $9,000,000 outstanding principal balance of a tax-exempt Series 2017 Build NYC Resource Corporation Revenue Bonds issued in the original principal amount of up to $11,000,000, the proceeds of which were used to finance the costs of constructing, furnishing, and equipping the High School Campus; and (iii) pay for certain costs related to the issuance of the Bonds ((i-iii) collectively, the “Project”).  The Borrower owns or leases the facilities that make up the Grade School Campus.  The educational facilities that make up the Grade School Campus are operated by the Borrower as a private school serving approximately 470 students in grades pre-Kindergarten through 8.  The High School Campus is currently leased by the Borrower and operated by the Borrower as a private high school serving approximately 370 students in grades 9 through 12.  Addresses: 86 4^th Avenue, New York, NY 10003; 46 Cooper Square, New York, NY 10003.  Type of Benefits: Tax-exempt and/or taxable bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $39,200,000.  Projected Jobs: 213.5 full-time equivalent jobs retained.  Hourly Wage Average and Range: $55.81/hour, estimated range of $23.22/hour to $118.53/hour.

Borrower Name: Xaverian High School (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”), and The Ryken Educational Center (the “Guarantor”) is a New York not-for-profit corporation exempt from federal income taxation pursuant to Section 501(c)(3) of the Code.  Financing Amount: $33,500,000 in tax-exempt 501(c)(3) bonds 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, together with other funds available to the Borrower, will be used to: (i) refinance the up to $5,288,694 outstanding principal balance of tax-exempt Build NYC Resource Corporation Revenue Bonds (Xaverian High School Project), Series 2018 issued in the aggregate principal amount of $6,000,000, the proceeds of which were used by the Borrower to finance the cost of renovating and equipping of an approximately 158,800 square foot, three-story educational facility (including a 33,550 square foot basement) located on an approximately 94,919 square foot parcel of land located at 7100 Shore Road, Brooklyn, New York (the “Facility”); (ii) refinance the  up to $12,249,042 outstanding principal balance of tax-exempt Build NYC Resource Corporation Revenue Bonds (Xaverian High School Project), Series 2016 issued in the aggregate principal amount of $15,000,000, the proceeds of which were used by the Borrower to finance and refinance the cost of renovating and equipping the Facility; (iii) finance the construction, furnishing, and equipping of an approximately 34,000 square foot expansion to the Facility and certain other renovations and improvements to the existing Facility, including the construction of new classrooms, laboratories, staff and faculty office and conference spaces, and a rooftop recreational and educational greenspace; and (iv) pay for certain costs related to the issuance of the Bonds ((i-iv) collectively, the “Project”).  The Facility is owned and operated by the Borrower as a private, co-educational Catholic college preparatory school serving students in grades six through twelve.  The Guarantor operates an educational program serving students in grades nine through twelve with learning disabilities at the Facility.  Together, the Borrower and the Guarantor serve approximately 1,700 students annually.  Address: 7100 Shore Road, Brooklyn, New York 11209.  Type of Benefits: Tax-exempt and/or taxable bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $40,886,000.  Projected Jobs: 173 full-time equivalent jobs retained.  Hourly Wage Average and Range: $44.99/hour, estimated range of $17.27/hour to $160.44/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, January 22, 2026.

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