NOTICE OF PUBLIC HEARING

            Pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the Buffalo and Erie County Industrial Land Development Corporation (the "Issuer") will hold a public hearing on January 26, 2015 at 11:00 a.m. in the City of Buffalo at the Erie County Industrial Development Agency offices, 95 Perry Street, Suite 403, Buffalo, New York 14203, regarding the following matter:

            Catholic Health System, Inc., a not-for-profit corporation organized and existing under the laws of the State of New York (the "Obligated Group Representative"), for itself and on behalf of Mercy Hospital of Buffalo ("MHB"), Kenmore Mercy Hospital ("KMH") and Sisters of Charity Hospital of Buffalo ("SOCH" and collectively with the Obligated Group Representative, MHB and KMH, the "Obligated Group"), has requested the Issuer provide an exemption from mortgage recording tax and issue its tax-exempt Obligated Group Revenue Bonds (Catholic Health System, Inc. Project), Series 2015 in the aggregate principal amount not to exceed $130,000,000 (the "Tax-Exempt Bonds") and incidental taxable Obligated Group Revenue Bonds (Catholic Health System, Inc. Project), Series 2015 (the "Taxable Bonds" and with the Tax-Exempt Bonds, the "2015 Bonds") to finance all or a portion of: (a) costs (including the reimbursement of costs previously paid) of the Project described below; (b) refinance taxable indebtedness used to finance a portion of the Project; and (c) pay a portion of the costs of issuance, capitalized interest and other costs and expenses of the Obligated Group and the Issuer in connection with the issuance of the 2015 Bonds and to fund a debt service reserve fund.  The approximate principal amount of 2015 Bonds proceeds that are expected to be allocable to each component of the Project (as defined herein) is set forth in the parenthesis following each component.  The actual amount of 2015 Bond proceeds allocable to each component may differ from the amounts set forth below, but in no event will the aggregate principal amount of 2015 Bond  proceeds exceed $130,000,000.

            The project (the "Project") consists of: (i) costs (including the reimbursement of costs previously paid) of acquisition by the Obligated Group Representative of an approximately 140,000 s.f. office building and adjacent parking ramp (the "Office Building") located at 144 Genesee Street, Buffalo, Erie County, New York and reimbursement of costs previously paid for leasehold improvements and equipping thereof ($51,500,000); (ii) costs (including the reimbursement of costs previously paid) of consolidation and equipping of a Cardiac Pre/Post Procedure Unit located at MHB located at 565 Abbott Road, Buffalo, Erie County, New York ($3,900,000); (iii) the reimbursement of costs of relocation, updating and equipping the approximately 16,406 s.f. expansion of an Ambulatory Surgery Center located on the campus of St. Joseph Hospital of Cheektowaga, New York, located at 2605 Harlem Road, Cheektowaga, Erie County, New York ("St. Joseph Hospital") ($4,800,000); (iv) the reimbursement of the costs of renovation and updating of labor and delivery areas located at MHB ($700,000); (v) costs (including the reimbursement of costs previously paid) of acquisition, upgrading and installation of electrical switch gear at Mercy Hospital ($6,500,000); (vi) costs (including the reimbursement of costs previously paid) of renovation and equipping of five existing surgical areas and design and equipping of two new operating rooms at KMH located at 2950 Kenmore Avenue, Kenmore, Erie County, New York ("Kenmore Mercy Hospital" ($4,600,000)); and (vii) costs (including the reimbursement of costs previously paid) of acquisition, implementation and installation of personal property consisting of financial accounting hardware and software comprising an Enterprise Resource Planning system ($23,400,000) to be installed at the Office Building, MHB, St. Joseph Hospital, KMH and the following other locations in Erie County, New York operated by the Obligated Group:  SOCH  2157 Main Street, Buffalo; Kenmore Medical Office Building, 2914 Elmwood Avenue, Kenmore; Mercy Ambulatory Care Center 3669 Southwestern Boulevard, Orchard Park; Mercy Diagnostic Center 94 Olean Street , East Aurora; Mercy Diagnostic & Treatment Center, 550 Orchard Park Road, Building C, West Seneca; Sisters Central Park Diagnostic Center, 34 Benwood Avenue, Buffalo; Kenmore Specialty Center 2950 Elmwood Ave, Kenmore; Ken-Ton Family Care Center 300 Two Mile Creek Road, Tonawanda; Mercy Comprehensive Care Center, 397 Louisiana Street, Buffalo; OLV Family Care Center 227 Ridge Road, Lackawanna; Springville OB/GYN Center, 27 Franklin Street, Springville and St. Vincent Health Center, 1500 Broadway Street, Buffalo.

            A representative of the Issuer will, at the above-stated time and place, hear and accept written comments from all persons with views in favor of or opposed to the issuance of the 2015 Bonds.  At said public hearing, interested parties will be provided reasonable opportunity to present their views, both orally and in writing, with respect to the issuance of the 2015 Bonds.

            Under the Code, approval of the issuance of the Tax-Exempt Bonds by the County Executive of Erie County is necessary in order for the interest on the Tax-Exempt Bonds to be excluded from the gross income for federal income tax purposes.

THE 2015 BONDS SHALL NOT BE A DEBT OF THE STATE OF NEW YORK OR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING ERIE COUNTY, AND NEITHER THE STATE OF NEW YORK NOR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING ERIE COUNTY, SHALL BE LIABLE THEREON.

Click here for a copy of the application (PDF) 

Click here for a copy of the transcript (PDF)

 If you would like to submit a comment regarding this project, please use the form below.  Alternatively, you may also email us directly at info@ecidany.com. Comments will be accepted until January 27, 2015 at 4:00 p.m.