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 20^th day of October, 2026 at 9:00 o’clock a.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:

Equitable School Revolving Fund, LLC, a Delaware limited liability company (the “Borrower”), the sole member of which is Equitable Facilities Fund, Inc., a Delaware nonstock, nonprofit corporation (the “Sole Member”), 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) the refinancing of certain indebtedness originally incurred by the Sole Member to finance or refinance the acquisition, construction, expansion, remodeling, renovation, improvement, equipping and/or furnishing (collectively, the “Improvements”) of certain public charter school facilities located at (i) 24 Agassiz Circle (the “24 Agassiz Circle Facility”), (ii) 335 Doat Street (the “335 Doat Street Facility”), (iii) 100 Poplar Avenue (the “100 Poplar Avenue Facility”) and (iv) 89 Clare Street (the “89 Clare Street Facility”), respectively, all located in the City of Buffalo, Erie County, New York (the 24 Agassiz Circle Facility, the 335 Doat Street Facility, the 100 Poplar Avenue Facility and the 89 Clare Street Facility being collectively referred to hereinafter as the “Facilities”) (the Improvements and the Facilities being collectively referred to hereinafter as the “Project Facility”), such Facilities being owned by Brass Foundation, Incorporated, a New York not-for-profit corporation (the “Foundation”) and leased by the Foundation to Buffalo Academy of Science Charter School; (B) the financing of all or a portion of the costs of the foregoing by the issuance of taxable and/or tax-exempt revenue bonds (qualified 501(c)(3) bonds as defined in Section 145 of the Code) of the Issuer in one or more issues or series, pursuant to a plan of financing, 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 $19,000,000, provided that not to exceed (i) $18,125,000 be applied to the 24 Agassiz Circle Facility, (ii) $11,875,000 be applied to the 335 Doat Street Facility, (iii) $11,875,000 be applied to the 100 Poplar Avenue Facility and (iv) $11,875,000 be applied to the 89 Clare Street Facility, respectively (the “Obligations”); and (C) the payment of a portion of the costs incidental to the issuance of the Obligations, including issuance costs of the Obligations and any reserve funds as may be necessary to secure the Obligations.

The Issuer is considering whether (A) to provide financial assistance to the Borrower with respect to the Project, (B) to finance the Project by issuing, from time to time pursuant to a plan of financing, the Obligations and (C) to use the proceeds of the Obligations to pay the cost of undertaking the Project, together with necessary incidental costs in connection therewith.

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 interest on such portion of the 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 location of the Project Facility and the issuance of the Obligations; and (B) pursuant to Section 145(a) of the Code, all property which is to be provided by the net proceeds of the 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 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 location 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 federally tax-exempt obligations, approval of the issuance of such portion of the Obligations by Erie County, New York, acting through its elected County Executive, is necessary in order for the interest on such portion of the 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 October 27, 2026.

Click here for a copy of the Bond Application 

Clcik below for public comment