Notice of Public Hearing
Notice is hereby given that the Philadelphia Authority for Industrial Development (the "Authority") will hold a public hearing on behalf of itself and the East Norriton Industrial Development Authority (the "East Norriton Authority") on Tuesday, June 2, 2015, at 10:00 am local time, at the offices of Philadelphia Industrial Development Corporation, 1500 Market Street, Suite 2600 West, Philadelphia, Pennsylvania 19102, to discuss the issuance of one or more tax exempt revenue Notes (the "Notes") for the following project (the "Project"):
A. Initial Owner: Mercy Neighborhood Ministries of Philadelphia, Inc. (the "Project Owner")
B. Maximum Amount of Issue: Two Million Dollars ($2,000,000).
C. Nature of Financed Facilities/Description of Project: The proceeds of the Notes will be used to (a) refinance a current outstanding debt of the Applicant to Beneficial Savings Bank in the current principal amount of One Million Four Hundred Eighty Thousand Ninety-Five Dollars ($1,480,095) (the "Beneficial Note"); (2) repay other existing indebtedness in the maximum principal amount of Two Hundred Thousand Dollars ($200,000); (3) provide for miscellaneous projects in the maximum principal amount of Eighty Thousand Dollars ($80,000); (4) pay the remaining costs of securing a Commonwealth of Pennsylvania Act 2 Release of Liability of the real property of the Project Owner; and (5) pay a portion of the closing costs.
D. Location of Financed Facilities: 1939 West Venango Street, Philadelphia, Pennsylvania 19140.
At the public hearing, any and all persons in attendance will be afforded the opportunity to comment on the proposed Project and the issuance of the Notes by the East Norriton Authority. If you need an accommodation due to a disability and want to attend this meeting, please call 215-496-8020 at least 24 hours in advance so arrangements can be made.
This notice is published in accordance with, and the public hearing is being held by and on behalf of the Authority, as representative of the City of Philadelphia, where the facility is located, and the East Norriton Authority as the issuer of the Notes as required by the Internal Revenue Code of 1986, as amended.
PHILADELPHIA AUTHORITY
FOR INDUSTRIAL DEVELOPMENT
Ref# 0003215429-01
↧