NOTICE OF PUBLIC HEARING ON PROPOSED PROJECT AND FINANCIAL ASSISTANCE RELATING THERETO

Notice is hereby given that a public hearing (the Public Hearing ) pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the Code ), will be held by Buffalo and Erie County Industrial Land Development Corporation (the Issuer ) on the 15 th day of June, 2026 at 1:30 o clock p.m., local time, at the offices of the Issuer located at 95 Perry Street Suite 403 in the City of Buffalo, Erie County, New York in connection with the following matters:

2025 P29 Foundation, a Delaware nonprofit corporation, on behalf of itself and/or an entity or entities formed or to be formed on behalf of the foregoing (collectively, the Borrower ), submitted an application (the Application ) to the Issuer, a copy of which Application is on file at the office of the Issuer, which Application requested that the Issuer consider undertaking a project (the Project ) for the benefit of the Borrower, said Project consisting of the following: (A) (1) the acquisition and renovation of 21 existing buildings consisting of approximately 526 apartment units in the aggregate and containing approximately 469,574 square feet in the aggregate (collectively, the Facilities ) located at 197 North Street, 1106-1110 Main Street, 201 Elmwood Avenue, 209 Elmwood Avenue, 217 Elmwood Avenue, 228 Summer Street, 165 North Street, 175 North Street, 104 Lakeview Avenue, 108 Lakeview Avenue and 132 Lakeview Avenue in the City of Buffalo, Erie County, New York and 7008 Erie Road in the Town of Evans, Erie County, New York, respectively (collectively, the Land ), including interior renovations, replacement of HVAC systems with closed-loop geothermal systems, electrical upgrades, installation of accessory battery energy storage equipment within existing basement mechanical areas and related site updates, and (2) the acquisition and installation therein and thereon of related fixtures, machinery, equipment and other personal property (the Equipment ) (the Facilities, the Land and the Equipment being collectively referred to hereinafter as the Project Facility ), all of the foregoing to constitute low-income housing facilities to be operated by the Borrower and leased to residential tenants, and any other directly and indirectly related activities (the portion of the Project Facility located in the City of Buffalo, Erie County, New York being referred to hereinafter as the Buffalo Project Facility and the portion of the Project Facility located in the Town of Evans, Erie County, New York being referred to hereinafter as the Evans Project Facility , respectively); (B) the granting of certain other financial assistance (within the meaning of Section 854(14) of the Act) with respect to the foregoing, including exemption from certain mortgage recording taxes; (C) the financing of all or a portion of the costs of the foregoing by the issuance of taxable and/or tax-exempt revenue bonds of the Issuer in one or more issues or series in an aggregate principal amount sufficient to pay the cost of undertaking the Project, together with necessary incidental costs in connection therewith, in an aggregate principal amount not to exceed (1) with respect to the Buffalo Project Facility, $300,000,000 and (2) with respect to the Evans Project Facility, $50,000,000 (the Obligations ); and (D) the payment of a portion of the costs incidental to the issuance of the Obligations, including issuance costs of the Obligations, capitalized interest and any reserve funds as may be necessary to secure the Obligations.

The Issuer is considering whether (A) to undertake the Project, (B) to finance a portion of the costs of the Project by issuing, from time to time, the Obligations, (C) to use the proceeds of the Obligations to pay a portion of the costs of undertaking the Project, together with necessary incidental costs in connection therewith, and (D) to provide certain exemptions from taxation with respect to the Project, including exemption from mortgage recording taxes with respect to any documents, if any, recorded by the Issuer with respect to the Project in the office of the County Clerk of Erie County, New York or elsewhere.

If the issuance of the Obligations is approved, with respect to any portion of the Obligations intended to be issued as federally tax-exempt obligations (the Tax-Exempt Obligations ), the interest on such Tax-Exempt Obligations will not be excludable from gross income for federal income tax purposes unless (A) pursuant to Section 147(f) of the Code and the regulations of the United States Treasury Department thereunder, the issuance of the Obligations is approved by the County Executive of Erie County, New York (the County Executive ) after the Issuer has held a public hearing on the nature and locations of the Project Facility and the issuance of the Tax-Exempt Obligations; and (B) pursuant to Section 145(a) of the Code, all property which is to be provided by the net proceeds of the Tax-Exempt Obligations is to be owned by a Section 501(c)(3) organization or a governmental unit and at least ninety-five percent (95%) of the net proceeds of the Tax-Exempt Obligations are used with respect to (1) governmental units and/or (2) the activities of Section 501(c)(3) organizations which do not constitute unrelated trades or businesses (as defined in Section 513(a) of the Code) with respect to such Section 501(c)(3) organizations.

If the Issuer determines to proceed with the Project and the issuance of the Obligations, (A) the proceeds of the Obligations will be loaned by the Issuer to the Borrower pursuant to a loan agreement (the Agreement ) requiring that the Borrower or its designee make payments equal to debt service on the Obligations and make certain other payments to the Issuer and (B) the Obligations will be a special obligation of the Issuer payable solely out of certain of the proceeds of the Agreement and certain other assets of the Issuer pledged to the repayment of the Obligations. THE OBLIGATIONS SHALL NOT BE A DEBT OF THE STATE OF NEW YORK OR ERIE COUNTY, NEW YORK, AND NEITHER THE STATE OF NEW YORK NOR ERIE COUNTY, NEW YORK SHALL BE LIABLE THEREON.

The Issuer has not yet made a determination pursuant to Article 8 of the Environmental Conservation Law regarding the potential environmental impact of the Project.

The Issuer will at said time and place hear all persons with views on the locations and nature of the proposed Project Facility, the financial assistance being contemplated by the Issuer in connection with the proposed Project or the proposed plan of financing the proposed Project by the issuance from time to time of the Obligations. A copy of the Application filed by the Borrower with the Issuer with respect to the Project, including an analysis of the costs and benefits of the Project, is available for public inspection during business hours at the offices of the Issuer. A transcript or summary report of the hearing will be made available to the members of the board of directors of the Issuer and to the County Executive. If the Issuer determines to issue any portion of the Obligations as Tax-Exempt Obligations, approval of the issuance of such Tax-Exempt Obligations by Erie County, New York, acting through its elected County Executive, is necessary in order for the interest on such Tax-Exempt Obligations to qualify for exemption from federal income taxation.

The Issuer encourages all interested parties to submit written comments to the Issuer, which will be included within the public hearing record. Any written comments may be submitted to the Issuer s website at www.ecidany.com , or mailed to the Issuer at 95 Perry Street Suite 403, Buffalo, New York 14203, until the comment period closes at 4:00 p.m. on June 23, 2026.

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