Clarkson University: Notice of Public Hearing

Notice is hereby given by the St Lawrence County Industrial Development Agency Civic Development Corporation (the “Issuer”) that a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”) will be held by the Issuer on the 27th day of March, 2012 at 1:30 PM, local time, in the Community Meeting Room located at the Potsdam Civic Center, 2 Park Street, Potsdam, New York 13676 in connection with the following matters:

Clarkson University, a New York not-for-profit education corporation (the “University”) has submitted an application (the “Application”) to the Issuer, a copy of which is on file at the office of the Issuer, which Application requested the Issuer consider undertaking a project (the “Project”) for the benefit of the University, consisting of (A)(1) the construction and installation of infrastructure improvements on the University’s Hill Campus generally located south of Maple Street between the Clarkson Entrance Road and the Raquette River in the Village of Potsdam, New York (collectively, the “Campus”) to support residential facilities such as utilities and water management (collectively, the “Improvements”), (2) the renovation and reconstruction of the approximately 21,908 square foot Moore House located on the Campus and the construction of an approximately 32,100 square foot addition thereto (“Moore House”), (3) the renovation and reconstruction of 10 units located in Woodstock Village located on the Campus (“Woodstock Village”), (4) completion of the NAB Lab adjacent to the Camp-Rawley Building located on the Campus including construction of an approximately 11,450 square foot addition thereto (“NAB Lab”), and (5) the acquisition and installation thereon and therein of various machinery and equipment (collectively, the “Equipment”) (the Improvements, the Moore House, the Woodstock Village, the NAB Lab and the Equipment being hereinafter collectively referred to as the “Facility”), all of the foregoing to constitute the construction and improvement of facilities to be owned and operated by the University and other directly and indirectly related activities of the University; (B) the refinancing of a loan from Manufacturers and Traders Trust Company that financed the construction of a new student center on the Campus (the “Refinancing”); (C) the financing of all or a portion of the costs of foregoing by issuance of tax-exempt and taxable revenue bonds of the Issuer in one or more issues or series in aggregate principal amounts sufficient to pay the cost of undertaking the Project, together with necessary and similar costs in connection therewith, presently estimated to be approximately $36,000,000 million and in no event in excess of $39,000,000 (the “Bonds”); (D) paying all or a portion of the costs incidental to the issuance of the Bonds including issuance costs of the Bonds and funding any reserve funds as necessary to secure the Bonds; (E) the granting of potential exemptions from mortgage recording taxes; and (F) the making of a loan (the “Loan”) from the proceeds of the Bonds to the University or such other person as may be designated by the University and agreed upon by the Issuer.

The Issuer is considering whether (A) to undertake the Project; (B) to finance the Project by issuing, from time to time, the Bonds; (C) to use proceeds of the Bonds to make the Loan to the University to assist in paying the cost of undertaking the Project, together with necessary and incidental costs in connection therewith; and (D) to provide exemptions from taxation with respect to the Project, including exemption from mortgage recording taxes with respect to any documents, if any, recorded by the Issuer with respect to the Project in the Office of the County Clerk of St. Lawrence County or elsewhere.

If issuance of the Bonds is approved, interest on the Bonds will not be excludable from gross income for federal income tax purposes unless, pursuant to Section 147(f) of the Code, the issuance of the Bonds is approved by the St. Lawrence County Legislature after the Issuer has held a public hearing on (i) the nature and location of the Facility, (ii) the nature of the Refinancing, and (iii) the issuance of the Bonds.

If the Issuer determines to proceed with the Project and the issuance of the Bonds (A) the Facility will be acquired, constructed, reconstructed, renovated and installed by the University with proceeds of the Loan, (B) the agreement authorizing the Loan (the “Agreement”) will require the University or its designee make payments equal to debt service on the Bonds and make certain other payments, and (C) the Bonds will be special obligations of the Issuer payable solely out of the proceeds of the Agreement and certain other assets of the Issuer pledged to the repayment of the Bonds.  The Bonds shall not be a debt of the State of New York or the County of St. Lawrence, New York, and neither the State of New York nor St. Lawrence County, New York shall be liable thereon.

The Issuer will at said time and place hear all persons with views on the location and nature of the proposed Project, the financial assistance being contemplated by the Issuer in connection with the proposed Project or the proposed plan of financing of the proposed Project by issuance from time to time of the Bonds.  A copy of the Application filed by the University with the Issuer with respect to the Project is available for public inspection during normal business hours at the offices of the Issuer.  A transcript or a summary report the hearing will be made available to the directors of the Issuer and to the St. Lawrence County Legislature.  Approval of the issuance of the Bonds by the St. Lawrence County Legislature is necessary in order for the interest on the Bonds to qualify for exemption from federal income taxation.

Additional information can be obtained from, and written comments may be addressed to: Patrick Kelly, Chief Executive Officer, St. Lawrence County Industrial Development Agency Civic Development Corporation, 80 State Highway 310, Suite 6, Canton, New York 13617, Telephone: (315) 379-9806.


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December 7, 2018 Meeting Notice

The St. Lawrence County Industrial Development Agency is scheduled to meet on Friday, December 7, 2018 at 8:30 AM at the Ernest J. LaBaff Industrial Building, 19 Commerce Lane, Canton.  Meetings of the St. Lawrence County IDA - Local Development Corporation, St. Lawrence County IDA - Civic Development Corporation and St. Lawrence County Property Development Corporation will immediately follow.