Massachusetts Development Finance Agency hearing

Notice is hereby given that a public hearing will be conducted by the Massachusetts Development Finance Agency (the “Issuer”) at 10:30 a.m. on June 8, 2021, at its offices located at 99 High Street, 11^th Floor, Boston, Massachusetts, 02110, with respect to the proposed issuance by the Issuer, acting under and pursuant to Massachusetts General Laws, Chapters 23G and 40D, as amended, of notes in the maximum aggregate principal amount of $40,000,000 (the “Notes”). If the Issuer’s offices are closed on June 8, 2021 due to unforeseen circumstances, including without limitation adverse weather conditions, the public hearing will be held on the next business day on which the Issuer’s offices are open at the same time and location. The total estimated project costs are $69,964,987. 

In order to promote and protect the safety of both the public and MassDevelopment staff in light of the ‎COVID-19 virus, and pursuant to the Executive Order of the Governor of The Commonwealth of ‎Massachusetts (the “Commonwealth”) dated March 12, 2020 regarding the conduct of public ‎hearings in the Commonwealth, and IRS Revenue Procedures 2020-21 and 2020-49, providing guidance for the holding of teleconference public hearings in conformance with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), the public hearing will be held via the following telephonic conference line in lieu of physical presence at the public hearing‎:

Dial-in number:  1-888-305-1655 

Participant Code: 309639

The Notes will be issued to provide for the financing and/or refinancing of, and the reimbursement of funds advanced by BC Baystate Place LLC (the “Borrower,” which term includes for purposes of this Notice any parent, subsidiary or other affiliate thereof) with respect to certain facilities owned or to be owned and operated by the Borrower (including without limitation such financing, refinancing or reimbursement of note reserves, capitalized interest, issuance costs and associated working capital expenditures), generally consisting of (i) the acquisition of a 3.79 acre site located at 414 Chestnut Street, Springfield, MA 01104, and a 12-story, a 13-story and an 8-story building on such site, the buildings being linked together in an L-shaped configuration and containing 23 studio, 264 one-bedroom and 59 two-bedroom apartments; and (ii) the acquisition, rehabilitation, renovation, furnishing and equipping of said buildings (with at least forty percent (40%) of the apartment units being occupied by tenants with income not exceeding sixty percent (60%) of area median income) (collectively, the “Project”).

The Notes, which will constitute exempt facility bonds for a qualified residential project within the meaning of Sections 142(a)(7) and 142(d)(1) of the Code (namely, the Project), will not constitute a general obligation of, or a pledge of the faith and credit of the Issuer or a general obligation of, or a debt or pledge of the faith and credit of the Commonwealth.

Interested persons wishing to express their views on such Project and the proposed issuance of revenue notes to finance and refinance the costs of such Project will be given the opportunity to do so at the public hearing or may, prior to the time of the public hearing, submit their views in writing to Massachusetts Development Finance Agency, 99 High Street, 11^th Floor, Boston, Massachusetts 02110. Persons desiring to participate at the telephonic public hearing must make a written request at least 24 hours prior to the hearing by email to tefrahearinginfo@MassDevelopment.com or by mail to MassDevelopment, 99 High Street, Boston, MA 02110, Attn:  TEFRA Hearings.