Welcome to the
Town of Colonie
Local Development Corporation (LDC)
John Kearney
Chairman
Joe LaCivita
Executive Director
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Shaker Pointe development

Public Notice(s)

PUBLIC NOTICE
Notice is hereby given that a special meeting of the Town of Colonie Local Development Corporation shall be held on Monday, April 23, 2018 at 6:00 p.m. at the Town of Colonie Public Operations Center, 347 Old Niskayuna Road, Latham, New York 12110, first floor conference room.

Joseph LaCivita
Executive Director

 

NOTICE OF PUBLIC HEARING

            Pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), the Town of Colonie Local Development Corporation (the “Issuer”) will hold a public hearing on April 23, 2018, at 6:00 p.m. in the Town of Colonie in the first floor conference room at the Town of Colonie Public Operations Center, 347 Old Niskayuna Road, Latham, New York, regarding the following matter:

 

            Shaker Pointe at Carondelet, Inc, a New York not-for-profit corporation (the “Corporation”), has requested that the Issuer issue its “qualified 501(c)(3) bonds” (the “Tax-Exempt Bonds”) under Section 145 of the Code and incidental taxable bonds (the “Taxable Bonds” and with the Tax-Exempt Bonds, the “Bonds”) in an aggregate principal amount not to exceed ,500,000 to make a loan to the Corporation to (1) finance (a) construction of a 3-story building containing approximately 35 independent living units (the “Facility”) located on approximately 30 acres of land located at One Bell Tower Drive in the Town of Colonie, Albany County, New York (the “Land”), and (b) the acquisition and installation therein and thereon of various machinery and equipment (the “Equipment”) (the Land, the Facility and the Equipment being collectively referred to as the “Project Facility”); (2) refinance the outstanding principal balance of the Issuer’s ,000,000 Tax-Exempt Revenue Bonds (Shaker Pointe at Carondelet, Inc. Project), Series 2014 (the “2014 Bonds”); and (3) finance capitalized interest and costs incidental to the issuance of the Bonds.  The Corporation has also requested that the Issuer grant a mortgage recording tax exemption (except as may be limited by Chapter 394 of the Laws of 2016 of the State, amended by Chapter 3 of the Laws of 2017 of the State) with respect to the recording of any mortgage with the County Clerk of the County of Albany (the “Financial Assistance”).

 

            The proceeds of the 2014 Bonds were used to finance construction of a three-story building containing approximately 56 independent living units for senior citizens and offices located on the Land and the acquisition and installation therein and thereon of various machinery and equipment.

 

            The Facility is the final phase of a multi-phase project consisting of (A)(1) the acquisition of a leasehold interest in the Land and the existing buildings located thereon (the “Existing Buildings”), (2) the demolition of the Existing Buildings, and (3) construction and equipping of several buildings including various apartments with common areas, single family, duplex and triplex housing units, several one-story parking garages and a community center in locations as shown on the site plan approved by the Town of Colonie Planning Board with multiple car capacity.

 

The Corporation is the initial ground lessee of the Land and the initial owner and operator of the Project Facility.  The Project Facility will be used to provide housing and related amenities and services for persons age 55 and older.

 

The Bonds will be special limited obligations of the Issuer payable solely from the loan payments received from the Corporation and from certain other related assets of the Corporation pledged to the repayment of the Bonds.

 

A representative of the Issuer will, at the above-stated time and place, hear and accept written comments from all persons with views in favor of or opposed to the issuance of the Tax-Exempt Bonds.  At said public hearing, interested parties will be provided reasonable opportunity to present their views, both orally and in writing.  A copy of the Corporation’s application is available at the office of the Issuer for review by interested persons.

 

Under the Code, approval of the issuance of the Tax-Exempt Bonds by the Town Board of the Town of Colonie is necessary in order for the interest on the Tax-Exempt Bonds to be excluded from the gross income for federal income tax purposes.

 

THE BONDS SHALL NOT BE A DEBT OF THE STATE OF NEW YORK OR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING THE TOWN OF COLONIE, AND NEITHER THE STATE OF NEW YORK NOR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING THE TOWN OF COLONIE, SHALL BE LIABLE THEREON.

 

Dated:  March 30, 2018                 TOWN OF COLONIE LOCAL DEVELOPMENT CORPORATION

Joseph LaCivita
Executive Director

 

PUBLIC NOTICE
Notice is hereby given that a meeting of the Finance Committee of the Town of Colonie Local Development Corporation shall be held on Monday, April 23, 2018 at 5:45 p.m., in the first floor conference room at the Town of Colonie Public Operations Center, 347 Old Niskayuna Road, Latham, New York 12110.

Joseph LaCivita
Executive Director

 

PUBLIC NOTICE
Notice is hereby given that the Town of Colonie Local Development Corporation shall hold meetings at 6:30 p.m. on the following dates at the Town of Colonie Public Operations Center, 347 Old Niskayuna Road, Latham, New York 12110, second floor conference room:

 

Monday, January 22, 2018 at 6:30pm

Monday, March 19, 2018 at 6:30pm

Monday, June 18, 2018 at 6:30pm

Monday, September 10, 2018 at 6:30pm

Monday, October 15, 2018 at 6:30pm

Monday, December 17, 2018 at 6:30pm

 

Joseph LaCivita
Executive Director

* All requests for an item to be placed on the agenda and all required documentation related thereto must be received by the Agency at least 10 business days in advance of the meeting date