Tompkins County
New York

Resolution
2017-204

Resolution of the Tompkins County Legislature, as the Elected Legislative Body of Tompkins County, New York, in Accordance with Section 147(f) of the Internal Revenue Code of 1986, as Amended (the "Code"), Approving the Issuance by the Tompkins County Development Corporation of up to $26,500,000 Aggregate Principal Amount Tax-Exempt Revenue Bonds (Ithaca College Project), Series 2017

Information

Department:Tompkins County Area DevelopmentSponsors:
Category:Fiscal

Attachments

  1. Printout
  2. 2017 - Notice of Public Hearing - TEFRA (TCDC Ithaca College 2017) (HBROC-3199806 v2) (This file has not yet been converted to a viewable format)
  3. Affidavit of publication in IJ Ithaca Coll Bonds TCDC
  4. Pub Hearing Min IC refi 100417
  5. IDA TCDC Updated Application - FINAL Ithaca College Project

Resolution/Document Body

              WHEREAS, the Tompkins County Legislature (the "Legislature"), as the elected legislative body of Tompkins County, New York (the "County"), has been advised by the Tompkins County Development Corporation (the "Issuer") that, in order to assist in the financing of a certain Project (as defined below) for the benefit of Ithaca College (the "College"), a not-for-profit corporation and organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code"), the Issuer proposes to issue, contingent upon the adoption of this Resolution, its Tax-Exempt Revenue Bonds (Ithaca College Project), Series 2017 in one or more series, in an aggregate principal amount not to exceed $26,500,000 (the "Bonds"), and

 

WHEREAS, the project (the "Project") shall consist principally of: financing all or a portion of the cost of a certain project (the "Project") consisting of:

 

(A)              the advance refunding of the outstanding principal amount of the Issuer's $25,905,000 original principal amount Tax-Exempt Revenue Bonds (Ithaca College Project), Series 2011 (the "Series 2011 Bonds"), the proceeds of which were used to finance a certain project (the "2011 Project") consisting of: (1) the acquisition of a parcel (or parcels) of land located at 1031 Danby Road, Ithaca, New York, and containing in the aggregate approximately 30.5 acres (the "Land") and the existing improvements situated thereon consisting principally of 21 apartment buildings containing in the aggregate approximately 286,000 square feet of space and 150 residential units, parking areas containing in the aggregate a capacity for approximately 659 vehicles and other related improvements (the "Existing Apartments"), and a community building containing in the aggregate approximately 7,800 square feet of space (the "Community Building" and, together with the Existing Apartments, the "Existing Improvements"); (2) (i) the renovation, rehabilitation, and general upgrading of the Existing Improvements and (ii) the construction on the Land of up to 5 new apartment buildings and an addition to be added on to the community building containing in the aggregate approximately 133,000 square feet of space and 78 residential units, parking areas containing in the aggregate a capacity for approximately 85 additional vehicles and other related improvements (collectively, the "Improvements"); (3) the acquisition and installation in and around the Existing Improvements and the Improvements of certain items of machinery, equipment, and other tangible personal property (the "Equipment" and, collectively with the Land, the Existing Improvements and the Improvements, hereinafter the "Facility"); and (4) paying certain costs and expenses incidental to the issuance of the Bonds (the costs associated with items (1) through (4) above being hereinafter collectively referred to as the "2011 Project Costs"); and

 

(B)   funding of a debt service reserve fund, if any and certain costs incidental to the issuance of the Bonds (the costs associated with items (A) and (B) being hereinafter collectively referred to as the "Project Costs"), and

 

WHEREAS, the Issuer proposes to assist in the financing of the Project by issuing the Bonds to (i) pay all or a substantial portion of the cost of financing the Project and (ii) pay reserves and costs incidental to the issuance of the Bonds, and

 

              WHEREAS, pursuant to Section 147(f) of the Code, interest on the Bonds will not be excluded from gross income for Federal income tax purposes unless the issuance of the Bonds is approved by the Legislature after a public hearing to consider both the issuance of the Bonds and the nature and location of the facilities financed therewith has been conducted following reasonable public notice, and

 

WHEREAS, October 4, 2017, at the South Hill Business Campus, 950 Danby Road, Ithaca, New York 14850, the Issuer held such a public hearing upon proper notice in compliance with Section 147(f) of the Code, and

 

WHEREAS, to aid the Legislature in its deliberations, the Issuer has made available to the members of the Legislature prior to this meeting (a) the College's application to the Issuer for financial assistance; (b) the notice of public hearing published by the Issuer in The Ithaca Journal on September 20, 2017, along with the affidavit of publication of such newspaper; and (c) the minutes of such public hearing held on October 4, 2017, and

 

WHEREAS, on the recommendation of the Tompkins County Planning, Development, and Environmental Quality Committee, the Legislature, as the "applicable elected representative" of Tompkins County, New York, within the meaning of Section 147(f)(2)(E) of the Code, approved the issuance of the Bonds on October 5, 2017, and

 

WHEREAS, the Legislature, after due consideration of the foregoing, as the "applicable elected representative" of Tompkins County, New York, within the meaning of Section 147(f)(2)(E) of the Code, desires to approve the issuance of the Bonds, provided the principal, premium, if any, and interest on the Bonds shall be special obligations of the Issuer and shall never be a debt of the State of New York (the "State") or any political subdivision thereof, including without limitation the County, and neither the State nor any political subdivision thereof, including without limitation the County, shall be liable thereon, now therefore be it

 

RESOLVED, on recommendation of the Planning, Development, and Environmental Quality Committee, and by the County Legislature of Tompkins County, That:

 

Section 1.              For the purpose of satisfying the approval requirement of Section 147(f) of the Code, on the prior recommendation of the Tompkins County Planning, Development, and Environmental Quality Committee, the Legislature hereby gives its approval of the issuance by the Issuer of the Bonds and related acts to be taken by the Issuer as part of the Project, provided that the Bonds, and the premium (if any) and interest thereon, shall be special obligations of the Issuer and shall never be a debt of the State or any political subdivision thereof, including without limitation the County, and neither the State nor any political subdivision thereof, including without limitation the County, shall be liable thereon.  This approval is given pursuant to Section 147(f) of the Code for the sole purpose of qualifying the interest payable on the Bonds for exclusion from gross income for federal income tax purposes pursuant to the provisions of Sections 103 and 141-150 of the Code.

 

Section 2.              This Resolution shall be deemed to be made for the benefit of the holders of the Bonds.

 

Section 3.              This Resolution shall take effect immediately.

SEQR ACTION:  TYPE II-20

Meeting History

Oct 5, 2017 3:00 PM  Planning, Development, and Environmental Quality Committee Regular Meeting

Ms. McDaniel briefly explained that the resolution is for the refinancing of $26.5 million of bond proceeds for Ithaca College and will be taking advantage of historically low interest rates.

Ms. Kiefer requested additional information be completed on the Application for Incentives including the signature page with a signature. Ms. McDaniel explained that the application is geared towards industrial projects and property tax incentive projects and some places on the application are not applicable to the College. She will make sure those areas are completed and forward an updated copy to the Legislature. Ms. Robertson would also like the average annual salary range portion of the application completed.

RESULT:RECOMMENDED [UNANIMOUS]
MOVER:Carol Chock, Member
SECONDER:David McKenna, Member
AYES:Martha Robertson, Dooley Kiefer, Michael Sigler, David McKenna, Carol Chock
Oct 17, 2017 5:30 PM Media Tompkins County Legislature Regular Meeting

This resolution was adopted by a roll call vote.

RESULT:ADOPTED [UNANIMOUS]
MOVER:Martha Robertson, Member
SECONDER:James Dennis, Member
AYES:Will Burbank, Carol Chock, James Dennis, Rich John, Anna Kelles, Dooley Kiefer, Daniel Klein, Michael Lane, Leslyn McBean-Clairborne, Martha Robertson, David McKenna, Glenn Morey, Michael Sigler