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, 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: The Chapin School, LTD. (the “School”) 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”).  Financing Amount: $28,300,000 in tax-exempt bonds (the “Bonds”).  The Bonds will be issued as part of a plan of finance for 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 School, will be used to (i) refinance a portion of the $50,000,000 outstanding principal balance of tax-exempt Build NYC Resource Corporation Revenue Bonds (The Chapin School, LTD. Project), Series 2016 issued in the aggregate principal amount of $75,000,000 (the “2016 Bonds”), the proceeds of which were used by the School to finance and/or refinance the costs of renovating and equipping a 189,778 square foot, 14-story educational facility (including a cellar) located on a 22,784 square foot parcel of land located at 100 East End Ave, New York, New York (the “Facility”), with $25,000,000 of the outstanding principal of the 2016 Bonds expected to be refinanced with proceeds of the Bonds and $25,000,000 expected to be retired using funds of the School; and (ii) pay for certain costs related to the issuance of the Bonds ((i-ii) collectively, the “Project”).  The Facility is owned and operated by the School as an independent private day school serving approximately 830 girls and young women from kindergarten through Grade 12.  Address: 100 East End Ave, New York, New York 10028.  Type of Benefits: Tax-exempt bond financing.  Total Project Cost: $51,725,000.  Projected Jobs: 214 full-time equivalent jobs retained.  Hourly Wage Average and Range: $68.00/hour, estimated range of $17.00/hour to $211.00/hour.

 

Borrower Name: HASC Center, Inc. (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 Borrower provides day and residential services for individuals with intellectual and/or developmental disabilities (“I/DD”).  The Borrower is an affiliate of HASC Diagnostic and Treatment Center, Inc. (“HD&TC”), a New York not-for-profit corporation exempt from federal income taxation pursuant to Section 501(c)(3) of the Code, which provides medical services for individuals with I/DD and for the general public.  Financing Amount: $23,441,000 in tax-exempt and/or taxable revenue bonds (the “Bonds”), the tax-exempt portion of which to be issued pursuant to Section 145 of the Code.  Project Description: Proceeds of the Bonds will be used to: (i) reimburse and/or finance the eligible costs of construction, renovation, furnishing, and equipping of a new 45,000 square foot, three-story facility (the “Facility”) located on a 22,400 square foot parcel of land located at 120 Avenue M, Brooklyn, New York; (ii) fund one or more debt service reserve funds to the extent permitted; and (iii) pay for certain eligible costs of  issuing the Bonds ((i-iii) collectively, the “Project”).  The Facility will be owned by the Borrower and used as (i) a community facility operated by the Borrower offering day habilitation services for individuals with I/DD; (ii) a portion of the Facility leased to and operated by HD&TC as Article 28 and Article 16 health clinics offering medical, dental, and behavioral health services for individuals with I/DD and for the general public; and (iii) administrative offices for the Borrower.  Address: 120 Avenue M, Brooklyn, New York 11230.  Type of Benefits: Tax-exempt and/or taxable bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $23,441,000.  Projected Jobs: 147.5 full-time equivalent jobs retained and 47.5 new full-time equivalent jobs projected.  Hourly Wage Average and Range: $35.40/hour, estimated range of $18.00/hour to $199.00/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 10^th, 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 IDABuild_PublicHearings@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: IDABuild_PublicHearings@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

One Liberty Plaza, 13th Floor

New York, New York 10006

(212) 619-5000