CORRECTED
NOTICE OF PUBLIC HEARING
ON
PROPOSED FINANCIAL ASSISTANCE
NOTICE IS HEREBY GIVEN that a public hearing pursuant to Section 859-a(2) of the General Municipal Law of the State of New York will be held by the County of Saratoga Industrial Development Agency (the “Agency”) on May 19, 2008 at 8:00 o’clock, a.m., local time, at the Halfmoon Town Hall at 1 Halfmoon Town Plaza in the Town of Halfmoon, New York, in connection with the following matters:
Atlantic
British Associates LLC, a New York limited liability company having an address
of 6 Enterprise Avenue, Clifton Park, New York 12065 (the “Applicant”), has
requested that the Agency undertake a project (the “Project”) consisting of the
refinancing of a project previously undertaken by the Agency consisting of (a)
the construction on a certain parcel or parcels of land comprising
approximately 15.08 acres located at 6 Enterprise Avenue in the Town of
Halfmoon, Saratoga County, New York (the “Land”) of an approximately 46,800
square foot facility (the “Facility”) leased to Atlantic British Parts, Ltd. and
utilized as a distribution facility and as corporate offices and (b) the
acquisition and installation therein of certain machinery and equipment (the
“Equipment” and together with the Land and the Facility, the “Project
Facility”).
The
Agency is considering whether to undertake the Project and to finance the
Project by executing and delivering a mortgage or mortgages (the
“Mortgage”) to secure a borrowing or borrowings by the Applicant (the “Loan”)
in an aggregate principal amount sufficient to refinance all or a portion of
the cost of the construction and installation of the Project Facility and the
cost of the Loan, which principal amount is currently estimated to be
approximately Two Million Six Hundred Fifty
Thousand and 00/100 Dollars ($2,650,000).
If the execution and delivery of the Mortgage is approved, (A) the Project may be
granted such exemptions with respect to mortgage recording tax as is applicable
to commercial service facilities as set forth in the Agency's Uniform Tax
Exemption Policy adopted on March 11, 1999, and (B) the Mortgage will
be a special obligation of the Agency payable solely out of certain of the
proceeds of the Agreement and certain other assets of the Agency pledged to the
repayment of the Loan. In connection
with the above-described project, the original project undertaken by the Agency
may be refinanced, resulting in additional financial assistance in the form of
a mortgage recording tax exemption.
The
Agency will at said time and place hear all persons and accept written comments
relating the proposed plan of financing the proposed Project.
Copies
of the Applicant’s refinancing application relating to the Project as well as
the Agency’s Uniform Tax Exemption Policy are available for public inspection
during business hours at the offices of the Agency located at the Saratoga
County Planning Department,
Dated: April
14, 2008
DEVELOPMENT
AGENCY
Raymond
F. Callanan, Chairman