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 May 12, 2015 at 9:00 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:

            Orchard Park CCRC, Inc., a not-for-profit corporation organized under the laws of the State of New York (the "Company"), has requested the Issuer provide an exemption from mortgage recording tax and issue its tax-exempt Revenue Bonds (Orchard Park CCRC, Inc. Project), Series 2015 (the "Tax-Exempt Bonds") and incidental taxable Revenue Bonds (Orchard Park CCRC, Inc. Project), Series 2015 (the "Taxable Bonds" and with the Tax-Exempt Bonds, the "2015 Bonds"), in an amount estimated to be approximately $55,000,000.  The 2015 Bonds will be used to (a) refund the outstanding principal balance of the Erie County Industrial Development Agency Revenue Bonds (Orchard Park CCRC, Inc. Project) Series 2006A (the "Series 2006A Bonds") issued in the aggregate principal amount of $44,235,000, of which approximately $41,105,000 is currently outstanding; (b) to pay or reimburse costs previously incurred to acquire and install computer equipment and software, furniture, fixtures and major moveable equipment and landscaping materials and to upgrade and enhance the Project Facility (defined below); and (c) to pay costs incidental to the issuance of the 2015 Bonds, including issuance costs of the 2015 Bonds, redemption costs of the Series 2006A Bonds and any reserve funds as may be required with respect to the 2015 Bonds.

            The proceeds of the Series 2006A Bonds and other bonds issued by the Erie County Industrial Development Agency were used to finance costs of the acquisition of an approximately 52 acre parcel of unimproved real property located at One Fox Run Lane, Orchard Park, Erie County, New York, and construction thereon and equipping thereof of a continuing care retirement community consisting of 180 independent living units, a 34 unit assisted living facility, an 18 unit memory care facility and 50 bed skilled nursing facility, along with community buildings, infrastructure improvements, landscaping and acquisition of personal property (the "Project Facility").  The Company completed construction of the Project in 2007, and has been operating it since as a continuing care retirement community.

            It is expected that the interest on the Tax--Exempt Bonds will be excluded from gross income for federal income tax purposes pursuant to Section 145 of the Code.

            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.

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Click here for a copy of the transcript

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 May 19, 2015 at 4:00 p.m.