Notice of Public Hearing to be Held on August 23, 2022
Notice of Public Hearing to be Held on August 23, 2022
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that a public hearing will be conducted by the Rhode Island Health and Educational Building Corporation (the “Corporation”) on Tuesday, August 23, 2022 at 10:15 a.m. via telephonic conference. In accordance with IRS Revenue Procedure 2022-20, providing guidance for the holding of toll-free teleconference public hearings in conformance with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), the public hearing will be held via teleconference line in lieu of physical presence at the public hearing. Members of the public may use the dial-in information provided at the end of this notice to access the hearing.
The purpose of the public hearing is to consider the proposal of Rhode Island Mayoral AcademySM Blackstone Valley in Cumberland, Rhode Island, a Rhode Island nonprofit corporation (the “Institution”), that the Corporation issue its Educational Institution Revenue Bonds, Blackstone Valley Prep Mayoral Academy Issue, in a maximum aggregate face amount not to exceed $25,000,000 as part of a plan of finance, in one or more series or sub-series of bonds (the “Bonds”), for the purposes of: (i) financing the purchase of real estate and facilities located at 909 Lonsdale Avenue, Central Falls, Rhode Island (the “909 Lonsdale Avenue Assets”), and miscellaneous capital improvements to the 909 Lonsdale Avenue Assets, to include construction, renovation, furnishing and/or equipping, including HVAC, electrical, plumbing and security improvements, for use as classrooms or in other education-related functions, used and to be used by the Institution in its school operations (the maximum amount of proceeds of the Bonds to be used for such purpose is $10,000,000); (ii) financing the purchase of real estate and facilities located at 3 Fairlawn Way, Lincoln, Rhode Island (the “3 Fairlawn Way Assets”), and miscellaneous capital improvements to the 3 Fairlawn Way Assets, to include construction, renovation, furnishing and/or equipping, including HVAC, electrical, plumbing and security improvements, for use as classrooms or in other education-related functions, used and to be used by the Institution in its school operations (the maximum amount of proceeds of the Bonds to be used for such purpose is $10,000,000); (iii) financing miscellaneous capital improvements to the real estate and/or facilities located at 291 Broad Street, Cumberland, Rhode Island and 52 Broad Street, Cumberland, Rhode Island (collectively, the “Broad Street Assets”), to include construction, renovation, furnishing and/or equipping, including HVAC, electrical, plumbing and security improvements, for use as classrooms or in other education-related functions, used and to be used by the Institution in its school operations (the maximum amount of proceeds of the Bonds to be used for such purpose is $2,500,000 at each of 291 Broad Street and 52 Broad Street); (iv) financing the purchase of a lot located at 5 Jones Street, Cumberland, Rhode Island adjacent to the Institution’s existing high school and construction, furnishing and equipping of an addition to the existing high school thereon (the “5 Jones Street Project” and, together with the 909 Lonsdale Avenue Assets, the 3 Fairlawn Way Assets, and the Broad Street Assets, the “Project”) to be used by the Institution in its school operations (the maximum amount of proceeds of the Bonds to be used for such purpose is $12,300,000); and (v) paying certain costs of issuance and other common costs with respect to the Bonds. The acquisition of the Bonds by their initial purchaser, or affiliate entity, is expected to be financed or refinanced at a later date by a larger issuance of bonds issued by the Arizona Industrial Development Authority, a nonprofit corporation designated as a political subdivision of the State of Arizona, for the benefit of multiple public charter schools in multiple states, including, but not limited to, the Institution.
The owner and/or operator of all of the real estate, facilities and other assets comprising the Project will be the Institution and/or its affiliate, School Holdings I, LLC. Neither the State of Rhode Island nor the Corporation is obligated to pay the principal or redemption price of or interest or premium on the Bonds, and neither the faith and credit nor the taxing power of the State of Rhode Island or of any municipality or political subdivision thereof is pledged to the payment of the Bonds. The Corporation does not have taxing power.
Interested members of the public are invited to participate in the hearing and to offer comments and ask questions with regard to the issuance of the above-referenced Bonds and the location and nature of the Project to be financed by using the following toll free call-in number:
Dial-in: (866) 528-2256 (toll free)
Participant Code: 5962298
Those requesting interpretative service for the hearing impaired must notify the Corporation at (401) 831-3770 forty-eight (48) hours in advance of this meeting.
Kimberly W. Mooers
Executive Director and Hearing Officer
Rhode Island Health and Educational Building Corporation