NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN by 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 13th day of November, 2012 at 1:00 p.m., local time, in Conference Room #119
located at 80 State Highway 310, Suite 6, Canton, New York 13617 in connection with the
following matters:
St. Lawrence University, a New York not-for-profit education corporation (the
“University”), has submitted an application (the “Application”) to the Issuer, a copy of said
Application is on file at the office of the Issuer, requesting the Issuer issue its tax-exempt and
taxable revenue bonds in one or more issues or series in an aggregate principal amount not to
exceed $56,000,000 (the “Bonds”) for the benefit of the University, for the purpose of (A) the
refunding of all or a portion of the St. Lawrence County Industrial Development Agency Civic
Facility Revenue Bonds (St. Lawrence University Project), Series 2001A remarketed by
Morgan Stanley & Co. Incorporated on July 1, 2009 in the aggregate principal amount of
$41,400,000 and having an outstanding balance of $39,900,000, issued for the benefit of the
University, the proceeds of which were applied in part to finance a project consisting of: (1) the
acquisition of an interest in certain lands comprising the University’s approximately 1,000 acre
main campus and surrounding properties in Canton, New York (collectively, the “Campus”)
together with the existing buildings located thereon including, but not limited to, certain
academic, teaching and research facilities, certain dormitories and other housing facilities, as
more particularly described below (the “Existing Facilities”), (2) the renovation of the Existing
Facilities to (i) extend the useful life of the Existing Facilities, comply with mandated lifesafety
code and environmental requirements, and maintain energy efficient system operations, and (ii)
expand and functionally improve academic, teaching and research facilities, upgrade classrooms
to accommodate new technologies and improve and replace major building systems and
components which shall include (a) roof replacement, structural repairs, exterior masonry and
window repair and replacement; (b) mechanical and electrical system replacement; (c) upgrades
to utility transmission networks, roads and pathways; and (d) the re-engineering of mechanical
and electrical systems to reduce consumption, (3) the construction of new facilities to include:
(i) an approximately 50,000 square foot student center; (ii) student housing facilities to
accommodate approximately 150 students; and (iii) an approximately 56,000 square foot
science building, all located on the main campus including related site work, parking and
auxiliary facilities and utilities (together with the Existing Facilities, the “2001 Facilities”) and
(4) the acquisition and installation in the 2001 Facilities of certain machinery and equipment;
(B) the refunding of all or a portion of the St. Lawrence County Industrial Development Agency
Civic Facility Revenue Bonds (St. Lawrence University Project), Series 2005 remarketed by
Morgan Stanley & Co. Incorporated on July 1, 2009 in the aggregate principal amount of
$15,450,000 and having an outstanding balance of $9,705,000, issued for the benefit of the
University, the proceeds of which were applied in part to finance a project consisting of: (1) the
acquisition of an interest in approximately three acres of land on the Campus adjacent to
Bewkes Science Hall between Payson Hall and Madill Hall in Canton, New York (the “Land”),
(2) the construction on the Land of two interconnecting buildings of three floors each, plus a
partially earth-sheltered lower level, consisting of approximately 130,000 square feet to house
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the University’s biology, chemistry and psychology departments (the “2005 Facility”), and (3)
the acquisition and installation in the 2005 Facility of certain machinery and equipment; (C)
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; (D) the
granting of potential exemptions from mortgage recording taxes; and (E) the making of a loan
or a series of loans (collectively, the “Loans”) from the proceeds of the Bonds to the University
(paragraphs (A) through (E) being referred to herein as the “Project”).
The Existing Facilities involved the major maintenance and capital construction needs
for all University facilities, site work and utilities for fiscal years 2002 through 2005 and the
Existing Facilities consisted of the following facilities located on the Campus:
Education and General - Academic and Administration Facilities:
Payson Hall, Piskor Hall, Memorial Hall, Winning Health Center, Hepburn Hall, Carnegie Hall,
Gunnison Memorial Chapel, Owen D. Young Library, Richardson Hall, Herring-Cole Hall,
Atwood Hall, Vilas Hall, Griffiths Arts Center, Gulick Theatre, Noble University Center, Madill
Hall, Brown Hall, Flint Hall, Valentine Hall, Bewkes Science Hall, Global Studies/Gender
Studies, English Department Offices, Arts Annex and MacAllaster House (54 East Main Street);
Auxiliary Facilities - Dining and Housing:
Sykes Residence, Dana Dining Center, Dean-Eaton Hall, Whitman Hall, Hulett Hall, Jencks
Hall, Robert Hall, Lee Hall, Eben Holden Dining Hall, Reiff College (1 Maple Street), Priest
College (3 Maple Street), Phi Sigma Kappa Fraternity (78 Park Street), Substance-free Living
House (76 Park Street), Sacred Circle Theme Cottage (72 Park Street), Greenhouse Theme
Cottage (70 Park Street), Phi Kappa Sigma Fraternity (1 Lincoln Street), Outdoor Alternative
Theme Cottage (58 Park Street); LaCasa Latina Theme Cottage (54 Park Street), Sigma Pi
Fraternity (52 Park Street), Louis Ray House of Brotherhood Theme Cottage (50 Park Street),
Kappa Delta Sigma Sorority (53 Park Street), Artists' Guild Theme Cottage (1 University
Avenue), Women's Resource Center Theme Cottage (3 University Avenue), Coffee House/Java
House Theme Cottage (5 University Avenue), Brush Alumni House (11 University Avenue),
Alpha Tau Omega Fraternity (College and Elm), Black Women's Residence Theme Cottage (17
College Avenue), Beta Theta Phi Fraternity (25 College Street) and Gaines College (Hillside
Drive);
Auxiliary Facilities: Other: Golf School, Central Heating Plant, Physical Plant Building,
Augsbury Physical Education, Leithead Field House, Newell Field House, Leckonby Stadium,
Weeks Field, Merrick-Pinkard Track, North Country Field, Appleton Arena, Brewer Bookstore
and Elsa Gunnison Appleton Riding Hall (Rt 68, Pierrepont Road).
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 Loans 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, but not limited to, exemption from mortgage recording taxes
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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.
The University will be the initial owner of the Project.
If issuance of the Bonds is approved, interest on the tax-exempt portion of 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
Project, and (ii) the issuance of the Bonds.
If the Issuer determines to proceed with the Project and the issuance of the Bonds (A)
the agreement authorizing the Loans (the “Agreement”) will require the University or its
designee make payments equal to debt service on the Bonds and make certain other payments,
and (B) 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 St. Lawrence County, New
York, and neither the State of New York nor St. Lawrence County, New York shall be
liable thereon.
A representative of 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 tax-exempt portion of the Bonds to qualify for
exemption from federal income taxation.
Written statements provided to the Issuer prior to the public hearing will also become part
of the record of public hearing. Written statements should be addressed to and additional
information can be obtained from: St. Lawrence County IDA Civic Development Corporation,
80 State Highway 310, Suite 6, Canton NY 13617. Written comments must be received by the
Issuer no later than 1:00 PM, local time, on November 13, 2012 to be included in the record of
public hearing.
Dated: October 24, 2012
St. Lawrence County Industrial Development Agency
Civic Development Corporation
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