• NOTICE OF PUBLIC HEARING Noti...

NOTICE OF PUBLIC HEARING

Notice is hereby given that the Philadelphia Authority for Industrial Development ("Authority") will hold a public hearing on October 9, 2018 at 10:00 a.m. prevailing time, in the offices of the Philadelphia Industrial Development Corporation, located at 2600 Centre Square West, 1500 Market Street, Philadelphia, Pennsylvania 19102, to discuss the issuance of tax-exempt and/or taxable revenue bonds ("Bonds") in one or more series pursuant to a plan of finance for the following project ("Project"):
PROJECT OWNER: 8001 Torresdale Corporation ("Borrower"), a Pennsylvania nonprofit corporation and a tax-exempt organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code").
PROJECT USER: New Foundations Charter School, Inc. ("School"), a public charter school duly organized and validly existing under the Pennsylvania Charter School Law (24 P.S. ยง17-1701-A, et seq.), a Pennsylvania nonprofit corporation and a tax-exempt organization described in Section 501(c)(3) of the Code, or an affiliate thereof or successor thereto.
MAXIMUM AMOUNT OF BONDS: $26,000,000.
DESCRIPTION OF PROJECT TO BE FINANCED: The proceeds of the Bonds will be loaned to the Borrower and used to finance, refinance or reimburse all or a portion of the costs of a project that consists of:
(1) acquisition, construction, renovation, improvement, furnishing and equipping of a building ("School Facilities") for use as a charter school, and the 0.64 acres of land on which it is situated located at 4763 Rhawn St., Philadelphia, PA, 19136;
(2) refunding the Authority's $14,000,000 Revenue Bonds, Series of 2012 (New Foundations Charter School Project) ("2012 Bonds"), currently outstanding in the aggregate principal amount of $13,975,000, the proceeds of which were loaned to the Borrower to finance (i) paying all or a portion of the costs of (a) acquisition, demolition and site preparation of the real property located at 4850 Rhawn St., Philadelphia, PA, 19136 ("Rhawn St. Property") and (b) certain renovations to the Rhawn St. Property to suit it for lease and use by the School as a public charter school (including as a 9th through 12th grade charter high school), which renovations included classrooms, science labs, a library, dining facilities, a gymnasium, and other rooms and related capital expenditures; (ii) funding a debt service reserve fund for the 2012 Bonds and capitalized interest; and (iii) paying all or a portion of the costs of issuance of the 2012 Bonds;
(3) refunding of the Cheltenham Township Industrial Development Authority's $9,050,000 Series 2007-A Note (8001 Torresdale Project) ("2007 Note"), currently outstanding in the aggregate principal amount of $6,753,982.93, the proceeds of which were loaned to the Borrower to (i) refinance the Borrower's then-outstanding loan to Premier Bank; (ii) pay or reimburse the Borrower for costs of (a) construction of a multi-story classroom addition of approximately 24,556 square feet to the existing educational facility located at 8001 Torresdale Avenue, Philadelphia, PA, 19111 ("8001 Torresdale Avenue Property") for lease and use by the School, (b) certain renovations to the 8001 Torresdale Avenue Property, (c) acquisition of equipment for the School, and (d) completing conversion of 8025 Torresdale Avenue, Philadelphia, Pennsylvania 19136 ("8025 Torresdale Avenue Property") to a parking lot for lease to the School; (iii) fund a portion of the cost of issuance of the tax-exempt financing; and (vii) other appropriate and lawful purposes;
(4) refunding of the Telford Industrial Development Authority's $1,800,000.00 Series 2002 B Construction Line of Credit/Permanent Mortgage Note (8001 Torresdale Corporation), currently outstanding in the aggregate principal amount of $658,341.04, the proceeds of which were loaned to the Borrower to (i) refinance existing debt of the Borrower; (ii) finance a portion of acquisition costs for the 8025 Torresdale Avenue Property; (iii) finance a portion of demolition costs of the existing building located on the 8025 Torresdale Avenue Property; (iv) finance a portion of paving of a parking lot located on the 8025 Torresdale Avenue Property; (v) finance a portion of construction costs of a 17,026 square foot building located on the 8001 Torresdale Avenue Property to contain a gymnasium, kitchen, classrooms and locker rooms; and (vi) finance a portion of costs for conversion of a portion of the existing 15,000 square foot building situated on the 8001 Torresdale Avenue Property from a multi-purpose room to classrooms;
(5) paying capitalized interest on the Bonds, if deemed necessary in connection with the sale of the Bonds;
(6) funding any required reserves, if deemed necessary in connection with the sale of the Bonds; and
(7) paying allowable issuance costs of the Bonds.
The facilities will be owned by the Borrower and will be leased by the School as part of its program of providing educational services.
At the public hearing, any and all persons in attendance will be afforded an opportunity to comment on the proposed project and the issuance by the Authority of its Bonds therefor. If you need an accommodation due to a disability and want to attend a meeting, please call (215) 496-8020 at least 24 hours in advance so arrangements can be made.
This notice is published, and the public hearing is being held by and on behalf of the Authority as the issuer of the Bonds, as required by Section 147(f) of the Code, and regulations promulgated thereunder.

PHILADELPHIA AUTHORITY FOR
INDUSTRIAL DEVELOPMENT




Ref# 0003371635-01
PostedSeptember 23, 2018