Pilgrim Village (Public hearing held December 2, 2015 at 9:00 a.m.)

Wed Dec 2nd, 2015 - 9 am to 12 pm
At ECIDA Offices, 95 Perrt Street, 4th Floor, Buffalo, New York 14203

NOTICE OF PUBLIC HEARING ON PROJECT

AND PROPOSED FINANCIAL ASSISTANCE

          NOTICE IS HEREBY GIVEN that a public hearing pursuant to Section 859-a of the New York General Municipal Law and Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code") will be held on the 2nd day of December, 2015 at 9:00 a.m., local time, by the Erie County Industrial Development Agency (the "Issuer") at its offices located at 95 Perry Street, Suite 403, Buffalo, New York 14203, New York, in connection with the following matter:

            Pilgrim Village Associates II LP (the "Company") has requested that the Issuer consider undertaking a project (the "Project") consisting of (i) the acquisition of a leasehold interest in approximately 12 acres of real property (the "Land") located at 1100 Michigan Avenue and 903 Ellicott Street in the City of Buffalo, Erie County and the improvements thereon; (ii) the demolition of 25 townhomes and the rehabilitation of 65 townhomes located on the Land and currently known as Pilgrim Village Apartments ("Existing Facility") and the construction on the Land of an approximately 354,000 square feet, 6 story, 152 unit building and related parking and site improvements (the "New Facility" and with the Existing Facility, the "Facility"), all to constitute a residential rental project consisting of 217 rental units and related amenities; (iii) the acquisition of and installation in the Facility of various machinery, equipment and furnishings (the "Equipment") (the Land, Facility and Equipment are hereinafter collectively referred to as the "Project Facility"); (iv) the financing of all or a portion of the costs of the foregoing by the issuance of the Issuer's tax-exempt bonds (the "Tax-Exempt Bonds") or incidental taxable bonds (the "Taxable Bonds" and, collectively with the Tax-Exempt Bonds, the "Bonds") in an aggregate amount, presently estimated not to exceed $52,500,000; (v) the funding of a Debt Service Reserve Fund, if applicable, and the payment of costs incidental to the issuance of the Bonds; (vi) the granting of certain other financial assistance in the form of exemptions from mortgage recording tax and sales and use taxation (collectively with the Bonds, the "Financial Assistance"); and (vii) the lease or sale of the Project Facility back to the Company pursuant to an agreement.  Upon completion, the Project Facility will be beneficially owned and operated by the Company.

            The Project Facility will be subject to a lease or installment sale agreement with the Issuer requiring that the Company make payments equal to the debt service on the Bonds and make certain other payments.

          The Issuer proposes to finance the Project by issuing its Bonds in a maximum aggregate amount of $52,500,000.  It is intended that interest on the Tax-Exempt Bonds will be exempt from federal income taxation pursuant to Section 142(a)(7) of the Code.

          The Issuer will at the above-stated time and place hear all persons with views in favor of or opposed to the Project.  Written comments may be submitted at this public hearing or delivered to the Issuer at 95 Perry Street-Suite 403, Buffalo, New York 14203 until the comment period closes on December 2, 2015.  A copy of the Company's application is available for public inspection at the Issuer's offices Monday through Friday (excluding public holidays) from 9:00 a.m. until 4:00 p.m.

          Approval of the issuance of the Tax-Exempt Bonds by the Erie County Executive is necessary in order for the interest on the Tax-Exempt Bonds to qualify for exemption from federal income taxation.

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 the project, please use the form below.  Alternately, you mail also e-mail us directly at info@ecidany.com.  Comments will be accepted up until December 15, 2015 at 4:00 p.m. 

 

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