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NOTICE
OF PUBLIC HEARING
Public notice is hereby given that
at the time and place designated below, the New York State Housing Finance
Agency ("Agency") will conduct a public hearing for the purpose of
giving interested persons an opportunity to be heard on a proposed residential
building designated as "environmentally responsible" pursuant to the
Hugh L. Carey Battery Park City Authority Residential Environmental Guidelines,
to be located in the north neighborhood of Battery Park City on Site 18A between
Murray Street and Park Place West and to be known as "20 River
Terrace" ("Project"), and the proposed issuance by the Agency of
tax-exempt Housing Revenue Bonds ("Bonds") for the Project in an
amount estimated not to exceed $100,000,000. Proceeds of the Bonds are expected
to be used by the Agency to make a loan to finance a portion of the acquisition,
construction, and other costs associated with the Project.
Construction of the Project has already commenced with financing that did not
involve any issuance of tax-exempt bonds.
The Project is to be situated in
the north neighborhood of Battery Park City in Manhattan. The Project will
consist of the new construction of approximately 293 residential units in an
anticipated 27-story building proposed to contain a mixture of studio,
one-bedroom, two-bedroom and three-bedroom units (two of which will be
non-revenue units). The proposed building will also contain a parking garage
with approximately 50 spaces. Five percent of the residential units are expected
to be available to households earning no more than 150% of Area Median Income
for New York City, adjusted for family size ("AMI"). It is anticipated
that the Project will be owned by River Terrace Associates, LLC, a joint venture
between Albanese Development Corporation and Northwestern Mutual Life Insurance
Company ("Owner"). The total estimated cost of the Project is
approximately $123,000,000. A public hearing with respect to the proposed
issuance of the Bonds to finance the Project will be held at the following time
and place:
Place:
New York State Housing Finance Agency
641 Lexington Avenue – 4th Floor
New York, NY 10022
Time:
Wednesday,
June 12, 2002,
For
the convenience. of interested persons, Project descriptive material will be
available for inspection by appointment during the hours between 9:00 a.m. and
5:00 p.m. at the Agency located at 641 Lexington Avenue, 4th Floor, New York,
New York, and one hour prior to the hearing on the date of hearing.
For further information, contact Tracy Oats, Vice President, Policy and Planning, New York State Housing Finance Agency, 641 Lexington Avenue, New York, New York 10022, (212) 688-4000, extension 678. The Agency will accept written statements regarding the Project, which should be received at the hearing or at the above address no later than June 12, 2002.