PUBLIC HEARING NOTICE
NOTICE IS HEREBY GIVEN that a public hearing will be held by the Philadelphia Authority for Industrial Development (the "Authority") at 10:00 a.m., on June 2, 2015, 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 and consider the proposed issuance of indebtedness by the Authority to finance the following project (the "Project"):
A. Name of the Borrower/Initial Owner of Facility: The Pennsylvania Academy of the Fine Arts (the "Academy").
B. Maximum Amount of Indebtedness: Not to exceed $21,000,000.
C. Nature of Financed Facilities: The proceeds of the financing will be used to: (1) refund the Authority's Tax-Exempt Revenue Bonds, Series 2010A (Pennsylvania Academy of the Fine Arts Project) (the "2010A Bonds"), the proceeds of which were used, along with other funds, to finance or refinance (i) a capital improvement program consisting of renovations and improvements to the Academy's facility located at 118 North Broad Street and the purchase of an adjacent facility at 128 North Broad Street (the "Hamilton Building"), (ii) renovations and improvements to the Hamilton Building, (iii) the relocation of the Academy to the Hamilton Building, (iv) the fit out of certain floors of the Hamilton Building for classrooms, student studios and shops, and (v) the construction of a new library and administrative spaces; (vi) the payment of certain fees due from the Academy in connection with the Academy's termination of certain interest rate management agreements; and (vii) the costs of issuance of the 2010A Bonds; (2) refund certain indebtedness of the Academy evidenced by one or more lines of credit and used for, among other things, information technology equipment, other equipment and other improvements to the Academy's facilities at the locations described below; and (3) pay certain costs of issuance of the financing.
D. Location of Financed Facilities: 118 North Broad Street, Philadelphia, Pennsylvania, 19102 and 128 North Broad Street, Philadelphia, Pennsylvania, 19102.
This notice is published in accordance with, and the public hearing is being held by the Authority as the issuer of obligations as required by, the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder. At the public hearing, any and all persons in attendance will be afforded an opportunity to comment on the proposed Project and the proposed issuance of indebtedness.
PHILADELPHIA AUTHORITY
FOR INDUSTRIAL DEVELOPMENT
Ref# 0003215432-01
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