OPERATIONS & ACCOMPLISHMENTS REPORT 2021
TOWN OF HEMPSTEAD
LOCAL DEVELOPMENT CORPORATION

The Town of Hempstead Local Development Corporation was reconstituted from its inactive status on March 25, 2009, through the initiative of the Hempstead Town Board and  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, academic and education institutes, and charitable entities.

In 2021, the Local Development Corporation (LDC) provided tax exempt bonds to three outstanding centers of academia in the town. 

Hofstra University refinanced its existing tax exempt bonds from the 2011 issuance through the LDC. The project included $90,930,000.00 million in the 2021A tax exempt bond series ($60,245 million refunding the 2011 bonds) and $12,320 million in the 2021B Taxable Bond Series. 

The proceeds permit Hofstra to construct a new 75,000 square foot Science and Innovation Center to house engineering and nursing programs as well as capital improvements around the campus. Forty five (45) full time positions shall be created as a result of the project, as well as hundreds of construction jobs. 

Adelphi University refinanced its 2011 Tax Exempt Bond series issued through the LDC. The $13,520 million bond issuance will be utilized to pay for existing projects at lower interest rate savings for the institution. 

The LDC  issued bonds for the Academy Charter School in the sum of $46,615,000.00 million (tax exempt and a taxable tail). The bond proceeds are utilized to construct a 92,000 square foot, four story addition to serve as a high school in 2023 for its academic curriculum. 

As a result of this project, over ninety (90) full time equivalent positions will be added to the school’s payroll. 

Resolution Number:  009 – 2022 LDC
Adopted:  3/24/22
Ayes: 6
Nays: 0

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Florestano Girardi
Chairman