From the President’s Desk:
Budget in Place
With the New York State budget in place, it is time to look ahead to an exciting
change that will increase opportunities for collaboration between DASNY and two
state agencies.
The budget authorizes DASNY to provide construction services for the New York
State Department of Environmental Conservation, and New York State
Department of Parks, Recreation, and Historic Preservation. This collaboration is a
key component of Governor Cuomo’s NY Works plan. DASNY will work with DEC
on more than three dozen dam and flood control projects in regions all over New
York State. For NYSOPRHP, DASNY is assisting with the various site improvement
projects at Niagara Falls State Park.
This one-year agreement allows DASNY to lend its expertise in two new areas,
while creating jobs and making long overdue infrastructure improvements. This effort will benefit all New
Yorkers and give a boost to the state tourism industry. Our construction team is already performing
preliminary work for both agencies.
I applaud Governor Cuomo for recognizing the expertise at DASNY and creating the opportunity for us to
share services in a cost effective manner for New York taxpayers.
We are eager to get to work with both of our new clients.
Paul
Also in this issue:
Featured Project:
Bronx Mental Health
Redevelopment
Project
Financing Team Gets
High Marks
Bonds for World
Trade Center Lead
the Way
ATTENTION MWSBEs:
DASNY is partnering with Governor Andrew M. Cuomo’s New York
State MWBE Team, the Office of General Services, and the U.S.
Commerce Department’s Minority Business Development Agency to
host two FREE seminars and networking events dedicated to helping
Minority, Women-owned, and Small Business Enterprise (MWSBE)
write winning proposals for construction-related professional services
when doing business with New York State.
There will be one event in Albany and one in New York City. For
details on dates and registration (space is limited!) please follow this
link.
http://www.cvent.com/Surveys/Welcome.aspx?s=fb0cecea-8a0a4248-97fc-2d28466b92cc
DASNY President Elected VP at NAHEFFA
DASNY President Paul T. Williams, Jr. has been
elected to serve as Vice-President and Director
of the National Association of Health and
Educational Facilities Finance Authorities
(NAHEFFA). NAHEFFA strives to promote the
common interest of its member organizations,
which provide capital financing for not-for-profit healthcare and
higher education institutions. NAHEFFA focuses its efforts on issues
which directly influence the availability of, or access to tax-exempt
financing for health care and higher educational institutions. DASNY
has been a member of NAHEFFA since its creation in 2008 through
the merger of the National Council of Health Facilities Finance
Authorities and the National Association of Higher Educational Finance
Authorities. Mr. Williams will serve a two year term.
Featured Project:
Bronx Mental Health Redevelopment Project
What will have six buildings, 430 beds, and is one of the largest construction projects North of lower
Manhattan? It’s the Bronx Mental Health Redevelopment Project, which is being managed by DASNY
for the New York State Office of Mental Health.
The approximately $350 million project will transform the Bronx Psychiatric Center with state-of-the-art
facilities that will result in a LEED Silver-certified campus with improved functionality and efficiencies, all
with the goal of substantially improving mental health services for the public.
―It’s a project that has many potential complications – we will essentially construct six new buildings with
overlapping schedules,‖ said Chief Project Manager Ron Gecsedi. ―But we have been able to streamline
that workload by breaking the project down into manageable pieces.‖ DASNY’s Construction Services
Team includes Kasia Drogowski, Michael Morrill, Michael Costache, Paul Goncalves and Jhony
Gutierrez.
DASNY’s Interior Design Group is also collaborating on the project. DASNY’s Quality Assurance, Code
Compliance, Counsel, Opportunity Programs Group and Construction Contracts have all had integral roles
in advancing the project through procurement, design, bidding and into construction.
When construction finishes in 2015, the redesigned Bronx Psychiatric Center will take up less space and
could free up land for redevelopment.
Want to see how work is progressing? Click below to view one of two webcams set up at the site:
http://www.bronxmhredevelopment.com/webcam01.asp
http://www.bronxmhredevelopment.com/webcam02.asp
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Financing Team Gets High Marks
A new client is giving DASNY a grade of A+ for work done to help finance
a brand new private school building, which has started construction in
Manhattan.
The Trevor Day School, an 80-year old school that serves children in
pre-K through high school, has broken ground on a new $100 million
building on 95th Street near Second Avenue. The new structure will help
the School increase high school enrollment and consolidate operations in
a building that is designed specifically to meet its needs and will be
energy efficient.
The Trevor Day School is not a typical DASNY finance client – in fact it
took a special piece of legislation, signed into law in 2010, to allow
DASNY to collaborate with Trevor.
―We tried to negotiate with a bank for a construction loan, but the agreement fell through,‖ explained Trevor
Day School CFO William Truffa. ―As we looked for other options, we realized DASNY would be the ideal
candidate, but we needed help from the State in order to make the deal happen.‖
The School went to work with Assemblyman Micah Kellner and Senator Jose Serrano to get legislation
passed that would allow DASNY to finance the project. After the bill was signed into law, DASNY got to work,
putting together a $65 million tax-exempt bond deal through a private placement with Citizens Bank to
finance construction costs and to refinance a $25 million bank loan used to purchase the property. The
remainder will be funded through capital campaign involving Trevor’s very supportive Parent Body and
community of friends, as well as funds from the eventual sale of the school’s early childhood building on the
East Side, ―DASNY has an excellent team in place,‖ added Truffa. ―They stayed on top of things, worked very
well with our staff and attorneys. The whole process was very smooth.‖ DASNY’s team on the Trevor
financing includes Senior Financial Analysts Steve Kosier and Gerard Klauser, Senior Counsel Dena
Amodio, and Senior Environmental Engineer Matt Stanley.
Much credit must also go to Pam Clarke, Head of School and Trevor’s Board of Trustees, without whom this
project would not have happened. When it is complete, the new 12-story building will house 510 students in
grades 7-12. In addition, the project is forward thinking – it will be heated and cooled by a geothermal
system and the School hopes to get the project LEED certified.
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DASNY In The News
Excerpt from The Bond Buyer:
"Bonds for World Trade Center Lead the Way"
Link to full article
Right behind the Transitional Finance Authority (TFA), at No. 4, was the Dormitory Authority of the State of
New York. DASNY, founded in 1944 to finance and construct dormitories at state teachers’ colleges — hence
its name — went to market often, selling $4.4 billion of debt through 28 issues. ―We’re a frequent issuer,
compared with the others in the top five. Investors see that we’re in the market a lot. We’re often involved
with large-denomination deals, or what I would call benchmark deals,‖ said DASNY president Paul
Williams.
―And we haven’t had investor losses in more than 60 years. This enhances our ability to attract investors for
our clients.‖
Williams cited five DASNY deals in 2011 as most significant. In January, it sold $131 million of New York
University Hospitals Center revenue bonds to partially fund renovation of the emergency department, and
construct a musculoskeletal institute.
The following month, the Dormitory Authority issued $300 million on behalf of Columbia University for
construction of a science center at its Manhattanville campus.
DASNY in April issued $146 million of bonds to fund the construction of a 21-story building at the Lincoln
Center campus at Fordham University — nine stories for law school academic use and a 12-story
resident hall that will house 430 students.
In July, it sold $909 million of general-purpose personal income tax revenue bonds to finance State
University of New York capital projects and grants under the Expanding Our Children’s Education and
Learning program.
In September, the agency offered $392 million of North Shore-Long Island Jewish Obligated Group
new and refunding revenue bonds.
The proceeds will be used to replace 115 beds at Zucker Hillside Hospital in Glen Oaks, N.Y., build an
education and conference center at Staten Island University Hospital in Staten Island, and construct a
parking facility at Huntington Hospital on Long Island.
―We’re in the market with a lot of different names,‖ Williams said. ―One reason I like this position is that
we’re all across the state, accomplishing things with projects that are really fabulous.‖
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