• NOTICE OF PUBLIC MEETING AND ...

NOTICE OF PUBLIC MEETING AND
PUBLIC HEARING

The Philadelphia Authority for Industrial Development (the "Authority") will hold a public hearing on September 26, 2017, at 10:00 a.m. in the offices of the Philadelphia Industrial Development Corporation located at 1500 Market Street, 2600 Centre Square West Tower, Philadelphia, PA 19102-2126 to discuss the issuance of tax-exempt revenue bonds or notes (the "Bonds") for the following project (the "Project"):
A. Initial Owner: Sankofa Network, Inc. ("Sankofa") or Imhotep Institute Charter School, Inc. (the "School") as transferee of, or successor by merger to, Sankofa.
Initial Operator: The School
B. Maximum Amount of Bonds: $10,000,000
C. Project Location: The Project is located on the School's existing campus at 6201 North 21st Street, Philadelphia, Pennsylvania 19138.
D. Description of Project: The Project consists of: (a) the refinancing of the Series 2007 Construction/Permanent Mortgage Note of the Nockamixon-Bucks Industrial Development Authority (the "2007 Note") which was issued to: (i) refinance existing debt of Sankofa incurred in connection with the acquisition, construction, furnishing and equipping of a two-story 80,950 square foot academic, administrative and community resource facility to be used by the School (the "Facility"), including reimbursement of such costs; (ii) finance capitalized interest on the 2007 Note and (iii) pay the costs of issuance on the 2007 Note; (b) the refinancing of a note issued in 2007 by Sankofa to finance additional construction and related costs of the Facility; and (c) financing payment of the costs of issuing the Bonds.
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.
This notice is published in accordance with, and the public hearing is held by and on behalf of the Authority as the issuer of the Bonds as required by the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder.

Philadelphia Authority for
Industrial Development




Ref# 0003330967-01
PostedSeptember 10, 2017