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 July 20, 2018 at 9:00 a.m. at their offices located at 95 Perry Street, Suite 403, Buffalo, NY 14203, regarding the following matter:

The Global Concepts Charter School, a not-for-profit corporation organized and existing under the laws of the State of New York (the "Institution"), has requested that the Issuer issue one or more series of its tax-exempt and taxable Refunding Revenue Bonds (the "Refunding Bonds") in an aggregate principal amount not to exceed $7,700,000 to provide funds to refund all or a portion of the Erie County Industrial Development Agency's (the "Agency") Tax-Exempt Civic Facility Revenue Bonds (Global Concepts Charter School Project), Series 2007 (the "Prior Bonds"), pay issuance costs and costs of credit enhancement, if any, of the Refunding Bonds and fund a debt service reserve fund, if any (the "Project").

The proceeds of the Prior Bonds were used to finance the costs of a project undertaken by the Institution consisting of (a)(i) the acquisition of an approximately 6 acre improved parcel of land located at 985 and 1001 Ridge Road Lackawanna, Erie County, New York with the existing 68,000 square foot building situated thereon, and the renovation and equipping thereof and the acquisition, construction and equipping thereon of an approximately 6,400 square foot building for use as a gymnasium; and the construction and equipping of an approximately 2,450 square foot building addition to allow for expanded classrooms, cafeteria, auditorium and library/media center, in one or more phases, and (ii) the acquisition of machinery, fixtures, furniture and equipment for installation therein, all for use as a K-8^th grade charter school; and (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 Prior Bonds.

The Refunding Bonds will be special limited obligations of the Issuer payable solely from loan payments received by the Issuer from the Institution and certain other property of the Institution pledged to the repayment of the Refunding Bonds.

The Issuer is contemplating providing financial assistance to the Institution with respect to the Project in the form of the issuance of the Refunding Bonds in an amount not to exceed $7,700,000 and an exemption from the New York mortgage recording tax. 

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 Refunding 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 Project. A copy of the Institution's application including a cost benefit analysis is available at the office of the Agency for review by interested persons.

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

THE 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 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 July 24, 2018 at 4:00 p.m.