NOTICE OF PUBLIC HEARING
The Philadelphia Authority for Industrial Development (the "Authority") will hold a public hearing on Tuesday, July 15, 2014 at 10 a.m. in the offices of the Philadelphia Industrial Development Corporation, 1500 Market Street, 2600 Center Square West, Philadelphia, PA 19102, to consider the proposed issuance of indebtedness (the "Note/s") by the Lower Salford Industrial Development Authority ("LSIDA") to finance the following project:
A. Borrower: Settlement Music School of Philadelphia, a Pennsylvania nonprofit corporation ("School").
B. Maximum Amount of the Note: Up to the amount of $7,400,000.00.
C. Project Locations: 416 Queen Street, Philadelphia, PA; 6128 Germantown Avenue, Philadelphia, PA; 3745 Clarendon Avenue, Philadelphia, PA; 4910 Wynnefield Avenue, Philadelphia, PA and 318 Davisville Road, Willow Grove, PA.
D. Nature of Project: The Project funds will be used for: (1) the refunding of the outstanding principal amount of the Authority's Economic Development Revenue Note (Settlement Music School Project)Series 2009 the proceeds of which were used to finance (a) the repayment of taxable indebtedness incurred by the School on August 25, 2009 to repay the outstanding principal of the Authority's Variable Rate Demand Revenue Bonds (Settlement Music School of Philadelphia Project), Series 2004 (the "2004 Bonds"), the proceeds of which were used to finance (i) the renovation and expansion of the School's Mary Louise Curtis (Queen Street) Branch, including the construction of an approximately 12,000 square foot addition; (ii) the implementation of a comprehensive technology upgrade, including a new telephone system, data network and custom designed software for student scheduling, billing, payroll and donor gift activity; (iii) renovation and expansion of the School's Germantown Branch, including additional parking and construction of a new entrance; (iv) acquisition, renovation and equipping of a site for the School's Jenkintown Branch, including approximately 1.7 acres of land and an approximately 12,000 square foot building thereon; and (v) other miscellaneous renovations, improvements and additions, including capital repairs, at any or all of the School's facilities, including, without limitation, roof replacement at the Queen Street, Kardon-Northeast and Germantown Branches; (b) additional funds for the financing of certain additional capital projects of the School including: (i) construction of a 25,000 square foot, three-story facility to replace the Jenkintown Branch in Abington Township with expanded voice and instrument teaching facilities, including additional parking to 110 cars; and (ii) renovation of the Germantown Branch location, including the expansion of ancillary parking facilities onto adjacent vacant lots owned by the School and related site work; and (iii) payment of financing costs; (2) payment of a portion of the costs of issuance of the Note/s and (3) other appropriate and lawful purposes (collectively, the "Project").
At the public hearing, any and all persons in attendance will be afforded the opportunity to comment on the proposed issuance of indebtedness and the location and nature of the Project.
A copy of the application to be filed with the Pennsylvania Department of Community and Economic Development is available for inspection at the office of the LSIDA. This notice is published by, and the public hearing is being held by, the Authority in accordance with the public noticing requirement of section 147(f) of the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder.
If you are a person with a disability and wish to attend this public meeting and you require an auxiliary aid, service or other accommodation to participate, please 215-496-8020 at least 24 hours in advance so arrangements can be made to accommodate your needs.
Philadelphia Authority
for Industrial Development
Ref# 0003157535-01
↧