NOTICE OF PUBLIC HEARING ON PROPOSED PROJECT AND FINANCIAL ASSISTANCE RELATING THERETO

Notice is hereby given that a public hearing (the “Public Hearing”) pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), will be held by Buffalo and Erie County Industrial Land Development Corporation (the “Issuer”) on the 30^th day of April, 2025 at 9:00 o’clock a.m., local time, at the offices of the Issuer located at 95 Perry Street – Suite 403 in the City of Buffalo, Erie County, New York in connection with the following matters:

Canisius University, a New York not-for-profit education corporation (the “University”), submitted an application (the “Application”) to the Issuer, a copy of which Application is on file at the office of the Issuer, which Application requested that the Issuer consider undertaking a project (the “Initial Project”) for the benefit of the University, said Initial Project consisting of the following: (A) the refinancing in whole or in part of the Canisius College Revenue Bonds, Series 2012 issued by the Dormitory Authority of the State of New York (“DASNY”) in the original aggregate principal amount of $15,220,000 (the “Series 2012 Bonds”), which Series 2012 Bonds were used to refinance DASNY’s Canisius College Insured Revenue Bonds, Series 2000 issued in the original aggregate principal amount of $19,175,000 (the “Series 2000 Bonds”), which Series 2000 Bonds were used to finance (i) the acquisition and construction of a three-story building for use as a residential housing facility located at the odd addresses between and including 993-1025 West Delavan Avenue in the City of Buffalo, Erie County, New York and 139-165 Harvard Place in the City of Buffalo, Erie County, New York, (ii) the acquisition and improvement of certain properties located at 1018, 1022 and 1024 Lafayette Avenue in the City of Buffalo, Erie County, New York for use as a student parking lot, (iii) the renovation of Campion Hall located at 2136 Main Street in the City of Buffalo, Erie County, New York for use as a residential housing facility and (iv) the renovation of and installation of an HVAC system at the Old Main classroom building located on the University’s approximately 72 acre campus (the “Campus”) with an address of 2001 Main Street in the City of Buffalo, Erie County, New York (collectively, the “2000 Project Facility”); (B) the refinancing, in whole or in part, of the Issuer’s Tax-Exempt Revenue Refunding Bonds (The Canisius College of Buffalo, New York Project), Series 2015A issued in the original aggregate principal amount of $30,760,000 (the “Series 2015A Bonds”) and the Issuer’s Tax-Exempt Revenue Refunding Bonds (The Canisius College of Buffalo, New York Project), Series 2015B issued in the original aggregate principal amount of $16,195,000 (the “Series 2015B Bonds” and together with the Series 2015A Bonds, the “Series 2015 Bonds”), which Series 2015 Bonds were used to refinance (i) DASNY’s Canisius College Insured Revenue Bonds (Canisius 2004 Project), Series 2004 issued in the original aggregate principal amount of $28,840,000 (the “Series 2004 Bonds”), which Series 2004 Bonds were used to (a) finance (1) the construction of a seven story residence hall located on the Campus (the “2004 Residence Hall”), (2) renovations of Bosch Hall located on the Campus, (3) reconfiguration and expansion of the existing parking facilities located on the Campus, (4) construction of underground tunnels to connect the 2004 Residence Hall with Bosch Hall and the Winter Student Center located on the Campus, (5) additional site work, such as paving, landscaping and site lighting and (6) improvements for renovation of infrastructure at various facilities located on the Campus (collectively, the “2004 Project Facility”), (b) refinance DASNY’s Canisius College Construction and Consolidation Bonds of 1967, Series B (the “1967 Bonds”), which 1967 Bonds were used to finance the construction and equipping of the Koessler Athletic Center on the Campus (the “1967 Project Facility”), (ii) DASNY’s Canisius College Insured Revenue Bonds (Canisius College Project), Series 2005 issued in the original aggregate principal amount of $23,610,000 (the “Series 2005 Bonds”), which Series 2005 Bonds were used to (a) refinance DASNY’s Canisius College Insured Revenue, Series 1995 issued in the original aggregate principal amount of $31,595,471.50 (the “Series 1995 Bonds”), which Series 1995 Bonds were used to (1) finance (A) the construction of a student residence townhouse project located at 2044-2062 Main Street in the City of Buffalo, Erie County, New York (the “1995 Project Facility), (B) the renovation of Frisch Hall and Bosch Hall located on the Campus, (C) the purchase and installation of telecommunication equipment on the Campus and (2) refinance DASNY’s College and University Variable/Fixed Rate Insured Revenue Bonds (1985 Pooled Capital Program) (the “Series 1985 Bonds”), which Series 1995 Bonds were used to finance the renovation of and addition to the Bouwhuis Library located on the Campus (the “1985 Project Facility) and (iii) the Issuer’s Tax-Exempt Revenue Bonds (The Canisius College of Buffalo, New York Project), Series 2010 issued in the original aggregate principal amount of $16,000,000 (the “Series 2010 Bonds”), which Series 2010 Bonds were used to finance the demolition, construction and/or renovation, expansion, upgrading and equipping of the existing facilities located at 1901 Main Street and 48 E. Delavan Avenue in the City of Buffalo, Erie County, New York related to a parking ramp and an approximately 128,000 square foot Science Hall building including classrooms, labs, offices and support spaces for use as an interdisciplinary science center (collectively, the “2010 Project Facility”); (C) (i) the renovation and rehabilitation of (a) approximately 30,000 square feet of an existing building located on the Campus for use as a student success center, (b) approximately 26,000 square feet of the Science Hall located at 1901 Main Street  in the City of Buffalo, Erie County, New York and (c) approximately 45,000 square feet of academic classrooms at Old Main Hall located on the Campus (collectively, the “Existing Facilities”) and (ii) the acquisition and installation thereon and therein of machinery and equipment (the “Equipment”) (the Existing Facilities and the Equipment being hereinafter collectively referred to as the “New Project Facility”); (D) refinancing of certain indebtedness incurred by the University to finance improvements to the Bura-Delavan student housing facilities located at 1025 W. Delavan Avenue in the City of Buffalo, Erie County, New York (collectively, the “Bura-Delavan Project Facility”) (the 1967 Project Facility, the 1985 Project Facility, the 1995 Project Facility, the 2000 Project Facility, the 2004 Project Facility, the 2005 Project Facility, the 2010 Project Facility, the New Project Facility and the Bura-Delavan Project Facility being collectively referred to hereinafter as the “Initial Project Facility”); (E) the financing of all or a portion of the costs of the foregoing by the issuance of taxable and/or tax-exempt revenue bonds of the Issuer in one or more issues or series in an aggregate principal amount sufficient to pay the cost of undertaking the Initial Project, together with necessary incidental costs in connection therewith, in an aggregate principal amount not to exceed $55,000,000 (the “Obligations”); and (F) the payment of a portion of the costs incidental to the issuance of the Obligations, including issuance costs of the Obligations, capitalized interest and any reserve funds as may be necessary to secure the Obligations.

The Issuer is considering whether (A) to undertake the Initial Project, (B) to finance the Initial Project by issuing, from time to time, the Obligations, (C) to use the proceeds of the Obligations to pay the cost of undertaking the Initial Project, together with necessary incidental costs in connection therewith, and (D) to provide certain exemptions from taxation with respect to the Initial Project, including exemption from mortgage recording taxes with respect to any documents, if any, recorded by the Issuer with respect to the Initial Project in the office of the County Clerk of Erie County, New York or elsewhere.

If the issuance of the Obligations is approved, with respect to any portion of the Obligations intended to be issued as federally tax-exempt obligations, the interest on such portion of the Obligations will not be excludable from gross income for federal income tax purposes unless (A) pursuant to Section 147(f) of the Code and the regulations of the United States Treasury Department thereunder, the issuance of the Obligations is approved by the County Executive of Erie County, New York (the “County Executive”) after the Issuer has held a public hearing on the nature and location of the Initial Project Facility and the issuance of the Obligations; and (B) pursuant to Section 145(a) of the Code, all property which is to be provided by the net proceeds of the Obligations is to be owned by a Section 501(c)(3) organization or a governmental unit and at least ninety-five percent (95%) of the net proceeds of the Obligations are used with respect to (1) governmental units and/or (2) the activities of Section 501(c)(3) organizations which do not constitute “unrelated trades or businesses” (as defined in Section 513(a) of the Code) with respect to such Section 501(c)(3) organizations.

If the Issuer determines to proceed with the Initial Project and the issuance of the Obligations, (A) the proceeds of the Obligations will be loaned by the Issuer to the University pursuant to a loan agreement (the “Agreement”) requiring that the University or its designee make payments equal to debt service on the Obligations and make certain other payments to the Issuer and (B) the Obligations will be a special obligation of the Issuer payable solely out of certain of the proceeds of the Agreement and certain other assets of the Issuer pledged to the repayment of the Obligations. THE OBLIGATIONS SHALL NOT BE A DEBT OF THE STATE OF NEW YORK OR ERIE COUNTY, NEW YORK, AND NEITHER THE STATE OF NEW YORK NOR ERIE COUNTY, NEW YORK SHALL BE LIABLE THEREON.

The Issuer has not yet made a determination pursuant to Article 8 of the Environmental Conservation Law regarding the potential environmental impact of the Initial Project.

The Issuer will at said time and place hear all persons with views on the location and nature of the proposed Initial Project Facility, the financial assistance being contemplated by the Issuer in connection with the proposed Initial Project or the proposed plan of financing the proposed Initial Project by the issuance from time to time of the Obligations. A copy of the Application filed by the University with the Issuer with respect to the Initial Project, including an analysis of the costs and benefits of the Initial Project, is available for public inspection during business hours at the offices of the Issuer. A transcript or summary report of the hearing will be made available to the members of the board of directors of the Issuer and to the County Executive. If the Issuer determines to issue any portion of the Obligations as federally tax-exempt obligations, approval of the issuance of such portion of the Obligations by Erie County, New York, acting through its elected County Executive, is necessary in order for the interest on such portion of the Obligations to qualify for exemption from federal income taxation.

The Issuer encourages all interested parties to submit written comments to the Issuer, which will be included within the public hearing record. Any written comments may be submitted to the Issuer’s website at www.ecidany.com, or mailed to the Issuer at 95 Perry Street – Suite 403, Buffalo, New York 14203, until the comment period closes at 4:00 p.m. on May 27, 2025.

Click here for a copy of the application (PDF)

Click below for public Comment