Charter School For Applied Technologies - Public Hearing

Mon Apr 17th, 2017 - 9 to 9:15 am
At ECIDA Offices, 95 Perry Street, 4th Floor Conference Room, Buffalo, New York 14203

                                                                        

NOTICE OF PUBLIC HEARING

                                                                       

 

NOTICE IS HEREBY GIVEN that a public hearing pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code") will be held by the Buffalo and Erie County Industrial Land Development Corporation (the "Issuer") on the 17th day of April, 2017, at 9:00 a.m., local time, at 95 Perry Street, Suite 403, Buffalo, New York, in connection with the following matter: 

Charter School for Applied Technologies (the "Institution"), a New York not-for-profit education corporation having an office at 2303 Kenmore Avenue, Buffalo, New York 14207, has applied to the Issuer to issue its tax-exempt and/or taxable Revenue Bonds (Charter School for Applied Technologies Project), in one or more series, in the maximum aggregate amount not to exceed $30,000,000 (the "Bonds"), the proceeds of which will be used to make a loan to the Institution to pay a portion of the costs of (A) the acquisition, renovation, construction and equipping of a project to be undertaken at 2245 Kenmore Avenue (a/k/a 2235 Kenmore Avenue), Buffalo, New York (the "Land") (SBL 65.19-2-10.21), upon which the Institution owns and operates its high


 school (the "High School"), consisting of: (i) the acquisition, construction and equipping on the Land of an approximately 17,000 square-foot addition to the High School to house additional classrooms, administrative offices, student and staff bathrooms, an elevator to provide handicap accessibility and a fitness center with a locker room (the "Additional Improvements"; and, together with the High School, the "Improvements"); (ii) renovations to two Science classrooms, a problem solving classroom and the cafeteria serving line in the High School; and (iii) the acquisition and installation in and around the Improvements of certain items of furniture, fixtures and other tangible personal property (the "Equipment"; and, collectively with the Land and the Improvements, the "Facility"); (B) the refinancing of the entire outstanding amount of the Erie County Industrial Development Agency Civic Facility Revenue Bonds (The Charter School for Applied Technologies Project), Series 2005A issued in the original principal amount of $20,510,000 (the "Series 2005A Bonds"); and (C) funding a debt service reserve fund, if any, and paying capitalized interest, if any and certain costs and expenses incidental to the issuance of Bonds (the costs associated with items (A) through (C) above being hereinafter referred to as the "Project Costs"); The facilities financed and refinanced with proceeds of the Bonds will be owned and/or operated by the Institution.

The Series 2005A Bonds were issued for the purpose of financing the costs of a certain project, which consisted of: (i) the acquisition of an interest in the Land and the reconstruction and equipping of the improvements thereon and the construction thereon of a 10,000 square-foot addition, all for use as the High School, (ii) the acquisition of a leasehold interest in a certain parcel of improved real property located at 2303 Kenmore Avenue, Buffalo, New York (SBL 65.19-2-7.112), reconstruction of the building and other improvements thereon and refinancing of indebtedness secured thereby for the acquisition, reconstruction and equipping thereof for use as a elementary/middle school (the "K-8th School"); (iii) the acquisition and renovation of an approximately 25,000 square foot building located at 2299 Kenmore Avenue (a/k/a 2305 Kenmore Avenue), Tonawanda, New York (SBL 65.19-2-11.2), to be used to house middle school classrooms and offices; and (iv) the acquisition of machinery, fixtures, furniture and computer and other equipment for installation in the High School, the K-8th School and the Annex; (b) the financing of all or a portion of the costs of the foregoing as well as all or a portion of the costs of the financing by the issuance of the Series 2005A Bonds and (c) the funding of a debt service reserve fund.

            The Bonds will be a special obligation of the Issuer payable solely from loan payments made by the Institution to the Issuer pursuant to a loan agreement and certain other assets of the Institution pledged to the repayment of the Bonds.

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

            The Issuer will hold the public hearing on the proposed issuance of the Bonds, as required by Section 147(f) of the Code.  The subject of the hearing will be the nature and location of the Facility and the issuance of Bonds by the Issuer to provide financing. Interested persons are invited to attend and will have an opportunity to make a statement regarding the Project or the financing. At said public hearing, all persons will have the opportunity to review the application for financial assistance filed by the Institution with the Issuer.        

            Minutes of the hearing will be made available to the County Executive of Erie County.  Approval of the issuance of the Bonds by Erie County, through the County Executive, is necessary in order for the interest on the Bonds to be excluded from gross income for federal income tax purposes.

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 April 25, 2017 at 4:00 p.m.  

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