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, 50 West High Street, Ballston Spa, New York.

 

 

Dated:  April 14, 2008

 

                                                                                    COUNTY OF SARATOGA INDUSTRIAL

                                                                                    DEVELOPMENT AGENCY

 

                                                                                    Raymond F. Callanan, Chairman