NOTICE OF PUBLIC HEARING ON PROPOSED PROJECT
AND FINANCIAL ASSISTANCE RELATING THERETO
NOTICE IS HEREBY GIVEN 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 DUTCHESS
COUNTY LOCAL DEVELOPMENT CORPORATION (the “Issuer”) on the 29th day of June,
2023 at 9:30 o’clock a.m., local time, at the Town of Red Hook Town Hall, 7340 S Broadway,
Red Hook, New York 12571, in connection with the following matters:
BARD COLLEGE, a New York education corporation and an organization
described in Section 501(c)(3) of the Code (the “College”), has submitted an application to the
Issuer (the “Application”), a copy of which application is on file at the office of the Issuer, which
application requested that the Issuer consider undertaking a project for the benefit of the College,
consisting of the issuance of tax-exempt revenue bonds that will be qualified 501(c)(3) bonds for
educational facilities under the Code in the principal amount presently estimated to be One
Hundred Fifty-Five Million and 00/100 Dollars ($155,000,000.00) but not to exceed One Hundred
Sixty Million and 00/100 Dollars ($160,000,000.00) (the “Series 2023 Bonds”) to be used for the
following purposes:
(A) Paying the costs of construction and installation of the following
improvements to be located on the College’s main campus whose primary
address is 30 Campus Road, Annandale-On-Hudson, NY 12504 (the “Main
Campus”):
(1) the construction, furnishing, and equipping of North Campus Residence
Halls comprising approximately 50,000 square feet of building footprint.
The North Campus Residence Halls are configured as four student housing
buildings, as well as a fifth building, the Head House, as an amenity space,
all located on an undeveloped field on the northern part of the Main
Campus, adjacent to Robbins Hall off of Robbins Road. The Residence
Halls are designed as apartment-style student housing with single- and
double-room occupancy and approximately 300 rooms. The Head House
contains a 200-person multipurpose hall along with wellness space,
classrooms, maker space, team rooms and student lounges to serve the
northern portion of the Main Campus;
(2) the construction, furnishing, and equipping of a Performing Arts Lab,
with an approximately 20,000 square foot building footprint, located on an
undeveloped field on the northern part of the Main Campus, next to the
Fisher Center’s parking lots at the end of Robbins Road, to house teaching
and workshop spaces, studio space, and small-scale performance spaces to
be used for student music and dance programs as well as professional
productions; and
(3) renovations and upgrades to buildings and infrastructure on the Main
Campus;
(B) Paying capitalized interest on the Series 2023 Bonds;
(C) Funding any required reserves, if deemed necessary in connection with the
sale of the Series 2023 Bonds; and
(D) Paying all or a portion of the costs incidental to the issuance of the Series
2023 Bonds (together with paragraphs (A), (B) and (C), above, the
“Project”).
The Series 2023 Bonds will be issued in one or more issues, series, or subseries, pursuant
to a plan of finance, in an aggregate principal amount presently estimated to be One Hundred FiftyFive Million and 00/100 Dollars ($155,000,000.00) but not to exceed One Hundred Sixty Million
and 00/100 Dollars ($160,000,000.00). The Issuer is considering whether (a) to undertake the
Project, (b) to finance the Project by issuing, from time to time, the Series 2023 Bonds, (c) to loan
the proceeds of the Series 2023 Bonds to the College to pay the cost of undertaking the Project,
together with necessary incidental costs in connection therewith, and (d) to provide certain
exemptions from taxation with respect to the Project, including a potential exemption from
mortgage recording taxes with respect to any documents recorded by the Issuer with respect to the
Project in the office of the County Clerk of Dutchess County, New York or elsewhere (collectively,
the “Financial Assistance”). The facilities financed with proceeds of the Series 2023 Bonds will
be owned and/or operated by the College.
If the issuance of the Series 2023 Bonds is approved by the Issuer, interest on the Series
2023 Bonds will not be excludable from gross income for federal income tax purposes, unless (a)
pursuant to Section 147(f) of the Code and the regulations of the United States Treasury
Department thereunder, the issuance of the Series 2023 Bonds is approved by the County
Executive of Dutchess County, New York after the Issuer has held a public hearing on the nature
and location of the Project and the issuance of the Series 2023 Bonds; and (b) pursuant to Section
145(a) of the Code, all property which is to be provided by the net proceeds of the Series 2023
Bonds is to be owned by a Section 501(c)(3) organization or a governmental unit and at least
ninety-five percent (95%) of the net proceeds of the Series 2023 Bonds are used with respect to
(1) governmental units and/or (2) the activities of Section 501(c)(3) organizations which do not
constitute “unrelated trades or businesses” (as defined in Section 513(a) of the Code) with respect
to such Section 501(c)(3) organizations.
If the Issuer determines to proceed with the Project and the issuance of the Series 2023
Bonds, (a) interest on the Series 2023 Bonds will be excluded from gross income for federal
income tax purposes pursuant to Sections 103 and 145 of the Code, as applicable, (b) the Project
will be financed with the Series 2023 Bonds, (c) the proceeds of the Series 2023 Bonds will be
loaned by the Issuer to the College or its designee pursuant to a Loan Agreement (the
“Agreement”) requiring that the College or its designee make payments equal to debt service on
the Series 2023 Bonds and make certain other payments, and (d) the Series 2023 Bonds will be a
special obligation of the Issuer payable solely out of certain of the proceeds of the Agreement and
certain other assets of the Issuer pledged to the repayment of the Series 2023 Bonds. THE SERIES
2023 BONDS SHALL NOT BE A DEBT OF THE STATE OF NEW YORK OR OF THE
COUNTY OF DUTCHESS, NEW YORK, AND NEITHER THE STATE OF NEW YORK NOR
THE COUNTY OF DUTCHESS, NEW YORK SHALL BE LIABLE THEREON.
The Issuer will at the above-stated time and place hear all persons with respect to the
Project or the Financial Assistance being contemplated by the Issuer in connection therewith.
Interested parties may present their views both orally and in writing with respect to the Project or
the Financial Assistance. Additional information can be obtained from, and written comments
may be addressed to: Sarah Lee, Chief Executive Officer, Dutchess County Local Development
Corporation, Three Neptune Road, Poughkeepsie, New York 12601; Telephone: (845) 463-5400
or via email to sarah@thinkdutchess.com.
A copy of the Application is available for review by the public upon request to the Chief
Executive Officer. A transcript or summary report of the hearing will be made available to the
County Executive of Dutchess County, New York. Approval of the issuance of the Series 2023
Bonds by the County Executive of Dutchess County, New York is necessary in order for the
interest on the Series 2023 Bonds to qualify for exemption from federal income taxation.
Dated: Poughkeepsie, New York
June 15, 2023
DUTCHESS COUNTY LOCAL
DEVELOPMENT CORPORATION
By: s/Timothy Dean
Timothy Dean, Chairman