OPERATIONS& ACCOMPLISHMENTS REPORT 2017
TOWN OF HEMPSTEAD
LOCAL DEVELOPMENT CORPORATION

The Town of Hempstead Local Development Corporation was reconstituted from its inactive status on March 25, 2009, with the adoption of its corporate by laws by its Board of Directors. The Town of Hempstead Local Development Corporation is authorized by law to provide benefits to not-for-profits and charitable entities.

The LDC provided tax exempt bond financing to three academic institutions to enhance the educational excellence provided by each of them, respectively. 

Molloy College refinanced $43,250,000 of its 2009 bond series which initially was $46,080,000. The more attractive rate will help the College pay less in loans.

Hofstra University refinanced its 2007 tax exempt bond series of $17,775,000.00 through a total financing of $54,520,000.00 ($36,745,000.00 of new bonds). The issue will be utilized to construct a new building for its school of business to be connected to the CV Starr classroom facility which will also be renovated. 

The Academy Charter School, located within Hempstead Village utilized $38,585,000.00 in bonds (Series 2017A - $35.9 million in exempt bonds; Series 2017B - $2.65 million in taxable bonds).  The project consists of a 112,215 square foot building that will be utilized as a high school.

The LDC is hopeful that this improving economic environment will assist smaller not for profit institutions to expand their facilities in 2018. 

Resolution Number:  015-2018 LDC
Adopted:  3/29/18
Ayes: 6
Nays: 0

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Florestano Girardi
Chairman