NOTICE OF PUBLIC HEARING
The Philadelphia Authority for Industrial Development (the "Authority") will hold a public hearing on January 30, 2014 at 10:00 a.m., 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 revenue bonds (the "Bonds") for the following project (the "Project").
A. Initial Owner: Parents United for Better Schools, a Pennsylvania nonprofit community development corporation and a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code")(the "Borrower").
B. Occupant/User: The Borrower will own the Project facilities and will lease such facilities to The Mathematics, Civics and Sciences Charter School of Philadelphia, Inc., a Pennsylvania nonprofit corporation and a tax-exempt organization under the Code.
C. Maximum Amount of Bonds: Not to exceed $13,300,000 (exclusive of any original issue discount or original issue premium).
D. Location of Project: The facilities are located at 447 North Broad Street, 1326-40 Buttonwood Street, 1300-24 Buttonwood Street, and 442-448 North 13th Street, Philadelphia, Pennsylvania 19123.
E. Description of Project: The Project consists of (a) the payment or reimbursement of the costs of expansion, renovation and equipping of an approximately 58,000 sq. ft. school facility serving grades 1-12 located at the addresses noted above, including without limitation the construction of approximately 21,825 sq. ft. of new building space and renovation of approximately 25,500 sq. ft. of existing building space to accommodate new classrooms and science labs, athletic and auditorium facilities, common space, and other capital improvements; (b) the refinancing of the outstanding principal amount of an existing loan issued in the original principal amount of $4,005,963, the proceeds of which were used to (i) refinance costs of acquisition, renovation, improvement and equipping of the existing school facility, including without limitation the land on which it is situated, and (ii) finance the acquisition of the land on which the facility expansion will be situated; (c) the funding of capitalized interest on the Bonds; (d) the funding of a debt service reserve fund or other required reserves for the Bonds; and (e) the payment of the costs associated with the issuance of 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. 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# 0003123905-01
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