NOTICE OF PUBLIC HEARING
ON PROPOSED PROVIDING OF 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 August 9, 2010 at 8:00 o’clock,
a.m., local time, at the City Council Chambers, Saratoga Springs City Hall, 474
Broadway in the City of Saratoga Springs, New York, in connection with the
following matters:
The 21 Aletta Street Limited
Partnership, a New York limited partnership having an address of 33 Cady Hill
Boulevard, Saratoga Springs, New York 12866 (the “Applicant”), has requested
that the Agency undertake a project (the “Project”) consisting of (a) the acquisition
of an approximately 16.34 acre parcel of land located within the W.J. Grande
Industrial Park in the City of Saratoga Springs, Saratoga County, New York (the
“Land”), (b) the construction thereon of an approximately 31,350 square foot
building (the “Facility”) to be leased to Leonard Bus Sales, Inc., a New York
business corporation having an address of Four Leonard Way, Deposit, New York (the
“Tenant”) for use in the storage, sale and repair of school buses and related
activities, and (c) the acquisition and installation therein of certain
machinery and equipment (the “Equipment” and together with the Land and the
Facility, the “Project Facility”). The
total cost associated with the acquisition, construction and installation of
the Project Facility is presently estimated to equal $3,541,500.
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 finance all or a portion of the cost of the acquisition,
construction and installation of the Project Facility and the cost of the Loan,
which principal amount is currently estimated to be approximately Two Million Eight
Hundred Thousand Dollars ($2,800,000).
If the execution and delivery of the Mortgage is approved, (A) the
Project may be granted such exemptions with respect to state and local sales
tax, mortgage recording tax and real property taxes as are applicable to commercial
service facilities as set forth in the Agency's Uniform Tax Exemption Policy
adopted on March 11, 1999, as amended, (B) the Project Facility will be
acquired, constructed and installed by the Agency and will be leased (with an
obligation to purchase) or sold by the Agency to the Applicant or its designee
pursuant to a project agreement (the “Agreement”), (C) the Applicant and the
Tenant will be the initial users of the Project Facility, and (D) 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.
The Agency will at said time and
place hear all persons and accept written comments relating to the location and
nature of the proposed Project.
Copies of the Applicant’s
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: July 19, 2010
DEVELOPMENT
AGENCY
Raymond
F. Callanan, Chairman