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1538

THE CITY RECORD

64,488 square foot building located at 181 Lincoln Place, Brooklyn, NY
the Lincoln Place Facility, renovating the Schools facilities located at 712-716 Carroll Street, Brooklyn, NY and acquiring a parcel of land together with a building thereon, located at 152-156 Sterling Place, Brooklyn, NY and B refund bonds issued in the aggregate principal amount of $11,480,000 by the New York City Industrial Development Agency The Berkley Carroll School Project, Series 1998, the proceeds of which were used to i pay costs of constructing an addition to the Schools building, located at 701 Carroll Street and renovating a science center located at the Lincoln Place Facility, and ii refunding bonds issued by the New York City Industrial Development Agency in 1993 the proceeds of which were used to pay the costs of constructing and equipping the Lincoln Place Facility and renovating and improving existing facilities at 181 Lincoln Place, 712-715 Carroll Street and 701
Carroll Street, each in Brooklyn, NY and 2 refinance a taxable loan currently outstanding in the aggregate principal amount of $4,429,274
the proceeds of which were used to acquire a 2,750 square foot parcel of land and a 9,000 square foot building, located at 703 Carroll Street, Brooklyn, NY the 703 Carroll Street Facility; 3 pay three interest rate swaps, currently outstanding in the aggregate principal amount of $2,000,000 incurred in connection with the issuance of the 2014 Bonds;
4 finance renovations to the 703 Carroll Street Facility; 5 fund capitalized interest and one or more debt service reserve funds; and 6
pay for certain costs related to the issuance of the Bonds. The size of the 703 Carroll Street Facility will be increased to 11,225 square feet following the renovations and will be used by the School to increase enrollment and enhance its academic offerings by creating x larger classrooms for the study of science, technology, engineering, art and math; y a cafeteria; and z a multipurpose gathering space for exhibitions, presentations, and meetings. The School will also upgrade the existing fire safety system and improve accessibility at the 703
Carroll Street Facility. Addresses: 699 Carroll Street, Brooklyn, NY
11215; 152-156 Sterling Place, Brooklyn, NY 11217; 701-703 Carroll Street, Brooklyn, NY 11215; 712-716 Carroll Street, Brooklyn, NY
11215; and 181 Lincoln Place, Brooklyn, NY 11217. Type of Benefits:
Tax-exempt bond financing and exemption from City and State mortgage recording taxes. Total Project Cost: $45,000,000.
Projected Jobs: 233 full time equivalent jobs retained; 21.5 full time equivalent jobs created. Hourly Wage Average and Range: $36.86/
hour, estimated range of $20.00/hour to $85.00/hour.
Borrower Name: Cathedral School of St. John the Divine the School, a New York not-for-profit education corporation exempt from federal taxation, pursuant to Section 501c3 of the Internal Revenue Code of 1986, as amended, as borrower, operating an independent, co-educational day school. Financing Amount: $11,500,000 in tax-exempt revenue bonds the Bonds. Project Description:
Proceeds from the bonds will be used to 1 refinance existing Build NYC Resource Corporation Tax-Exempt Revenue Bonds Cathedral School of St. John the Divine Project, Series 2017, currently outstanding in the aggregate principal amount of $11,000,000 the 2017 Bonds, the proceeds of which were used by the School to finance or refinance: i a portion of the costs of the construction and equipping of a 7,880 square foot three-story addition to an existing 32,000 square foot building leased by the School and located on a 494,174 square foot parcel of land, located at 28 Morningside Drive, New York, NY the Facility, including the addition of a 2,700 square foot media and innovation center, new dining/meeting/assembly rooms, an admissions suite, an elevator, a mechanical room, and exterior access road reconfiguration; ii a portion of the costs of renovating and equipping 4,000 square feet of existing Facility interior space including addition of a maker-space annex, learning spaces, new classrooms, offices, seminar/conference rooms, a new faculty work room and the addition of access ramps at the entrance to the Facility, as well as renovations to the reception area and several restrooms; and iii certain costs related to the issuance of the 2017 Bonds; and 2 pay for certain costs related to the issuance of the Bonds. The Facility is leased by the School and is operated as an independent co-educational day school for students in Kindergarten through Grade 8. Address: 28
Morningside Drive, New York, NY 10025. Type of Benefits: Taxexempt bond financing and exemption from City and State mortgage recording taxes. Total Development Cost: $16,963,194. Projected Jobs: 79 full time equivalent jobs retained. Hourly Wage Average and Range: $40.25/hour, estimated range of $15.50/hour to $46.00/hour.
Borrower Name: Friends of New World Prep, Inc., Friends, a New York not-for-profit corporation, and its affiliate, New World Preparatory Charter School the School, a New York not-for-profit education corporation exempt from federal taxation, pursuant to section 501c3
of the Internal Revenue Code of 1986, as amended, operating as a public charter school. Financing Amount: $58,000,000 in tax-exempt and taxable revenue bonds the Bonds. Project Description:
Proceeds from the Bonds will be used, as part of a plan of financing, to finance and refinance the costs of 1 the acquisition of parcels of land totaling 1.26 acres, located at 26 Sharpe Avenue, Staten Island, NY
also known as 15 Treadwell Avenue, 19 Treadwell Avenue and 2230
Richmond Avenue and the five buildings and improvements thereon;
2 the demolition of four of such buildings thereon with the following gross square footage GSF: a church building consisting of 5,700
GSF, an office building consisting of 8,400 GSF, a gymnasium/cafeteria
THURSDAY, FEBRUARY 18, 2021

building consisting of 8,200 GSF, and an office building consisting of 9,600 GSF; 3 the design, construction, renovation, equipping and furnishing of a new 47,900 GSF three-story plus basement level addition and 17,300 GSF of renovations and improvements to the existing building at 26 Sharpe Avenue, Staten Island, NY, all for general classroom and administrative use, together with related site improvements of 91,300 GSF collectively, the Facility; 4 the acquisition of air rights for the contiguous parcel, located at 40 Sharpe Avenue, Staten Island, NY; 5 funding debt service reserve funds and capitalized interest; and 6 paying for certain costs related to the issuance of the Bonds. Friends will lease the Facility to the School to be operated by the School as a public charter school providing educational services to students in Kindergarten through Grade 8.
Addresses: 15 Treadwell Avenue, 19 Treadwell Avenue, 2230
Richmond Terrace, 26 Sharpe Avenue and 40 Sharpe Avenue all in Staten Island, NY 10302. Type of Benefits: Tax-exempt and taxable bond financing and exemption from City and State mortgage recording taxes. Total Project Cost: $58,000,000. Projected Jobs: 89 full-timeequivalent jobs retained; 128 full-time-equivalent jobs created. Hourly Wage Average and Range: $36.00/hour, estimated range of $20.00/
hour to $48.00/hour.
Borrower Name: Friends of SBCSICA, Inc., Friends, a New York not-for-profit corporation exempt from federal taxation, pursuant to section 501c3 of the Internal Revenue Code of 1986, as amended, as borrower, and its affiliate, South Bronx Charter School for International Cultures and the Arts the School, a New York not-for-profit education corporation exempt from federal taxation, pursuant to section 501c3 of the Internal Revenue Code of 1986, as amended, operating as a public charter school. Financing Amount:
$70,000,000 in tax-exempt qualified 501c3 bonds and/or taxable revenue bonds collectively, the Bonds. Project Description:
Proceeds from the Bonds will be used, as part of a plan of financing, to finance the costs of 1 the acquisition of a 22,388 square foot parcel of land, located at 2500 Park Avenue, Bronx, NY the Land and the design, acquisition, construction, equipping and furnishing of a new school building located on the Land, which new school building will total 90,000 square feet, all for educational and administrative use together with the Land, the Facility, 2 funding a debt service reserve fund and capitalized interest; and 3 paying for certain costs related to the issuance of the Bonds. Friends will own the Facility and lease the Facility to the School to be operated by the School as a public charter school providing educational services to students in Grades 6
through 12. Address: 2500 Park Avenue, Bronx, NY 10451. Type of Benefits: Tax-exempt and/or taxable bond financing and exemption from City and State mortgage recording taxes. Total Project Cost:
$70,000,000. Projected Jobs: 47.5 full-time-equivalent jobs retained;
50 full-time-equivalent jobs created. Hourly Wage Average and Range: $36.31/hour, estimated range of $18.00/hour to $48.00/hour.
Borrower Name: The ICS Foundation, Inc., a New York corporation exempt from federal taxation, pursuant to section 501c3 of the Internal Revenue Code of 1986, as amended, as borrower the Foundation, which supports Integration Charter Schools ICS, a corporation exempt from federal taxation, pursuant to section 501c3
of the Internal Revenue Code of 1986, as amended, that operates a network of charter schools which provides education services to students including those with special needs. The Foundationprocures, constructs, and leases education facilities to ICS. Financing Amount:
$33,500,000 in tax-exempt bonds the Bonds, to be issued as qualified 501c3 bonds. Project Description: Proceeds from the Bonds will be used to ai finance the acquisition, renovation, furnishing, and equipping of a 28,500 square foot building located on a 60,700 square foot parcel of land, located at 2245 Richmond Avenue, Staten Island, NY, which is expected to serve as the site of a new school the Owned Facility, to be known as the Richmond Preparatory Charter School providing educational services to students in Grades 6
through 12 including those with special needs Richmond, and ii finance the construction, furnishing and equipping of an expansion to the Owned Facility consisting of 25,000 square feet; b refinance a taxable loan in the outstanding amount of $725,000, which loan financed leasehold improvements in 37,589 square feet of leased space located in one building the Leased Facility 1 and 8,361 square feet of leased space in a second building the Leased Facility 2, both located at 1 Teleport Drive, Staten Island New York, which currently serves as a site for the following schools: John W. Lavelle Preparatory Charter School providing educational services to students in Kindergarten through Grade 12 Lavelle, New Ventures Charter School providing educational services to students from ages 16
through 21 New Ventures and The Lois and Richard Nicotra Early College Charter School providing educational services to students in Grades 8 through 12 Nicotra, c refinance a taxable loan in the outstanding amount of $890,000, which loan financed leasehold improvements in 154,578 square feet of leased space located in a third building the Leased Facility 3 and together with the Leased Facility 1 and the Leased Facility 2, the Leased Facilities, located at 3
Teleport Drive, Staten Island, NY, which currently serves as a site for the following schools: Lavelle, New Ventures, Nicotra, and until the Owned Facility is completed, Richmond, d fund a capitalized interest and debt service reserve fund; and e pay for certain costs and