2023-05-09T11:49:49-05:00 2022-06-30 440160260 FORVIS LLP 500 RIDGEFIELD COURT ASHEVILLE NC 28806 990 2021-07-01 611816180 PURCHASE SENIOR LEARNING COMMUNITY INC PURC 9142516000 735 ANDERSON HILL ROAD PURCHASE NY 10577 JUDITH J NOLAN TREASURER 9142516000 2023-05-09 1 JUDITH NOLAN 999009999 AMY BIBBY P00445891 8282542254 2023-05-09 0 AAL1 IAL1 2021 2023-04-26 12:10:37Z JUDITH J NOLAN 735 ANDERSON HILL ROAD PURCHASE NY 10577 50907 0 X WWW.SENIORLIVINGATPURCHASE.EDU X 2016 NY TO DEVELOP & OPERATE A SENIOR LEARNING HOUSE COMMUNITY ON THE GROUNDS OF SUNY, PURCHASE COLLEGE. 12 12 0 14 0 0 273345 0 0 0 0 50907 0 0 273345 50907 0 0 0 0 0 0 0 0 0 2693271 2892712 2693271 2892712 -2419926 -2841805 28355738 444361714 35378661 455645416 -7022923 -11283702 X TO DEVELOP AND OPERATE A SENIOR LEARNING HOUSING COMMUNITY ON LAND LEASED FROM THE STATE UNIVERSITY OF NEW YORK ON THE PURCHASE COLLEGE CAMPUS. 0 0 THE PURCHASE COLLEGE ADVANCEMENT CORPORATION (PCAC), A MEMBER-LESS NEW YORK STATE NOT-FOR-PROFIT CORPORATION WITH FEDERAL 501(C)(3) DESIGNATION, WAS FORMED TO DEVELOP AND OPERATE A SENIOR LIVING AND LEARNING COMPLEX TO BE BUILT ON THE CAMPUS OF PURCHASE COLLEGE, STATE UNIVERSITY OF NEW YORK (SUNY), ON A 40.05 ACRE PARCEL OF LAND LEASED FROM SUNY. USING A $5,250,000 GRANT FROM PURCHASE COLLEGE FOUNDATION HOUSING CORPORATION (PCFHC), PCAC STEWARDED THE ENABLING LEGISLATION, MARKET RESEARCH, DESIGN, AND CONTRACTUAL ARRANGEMENTS WITH THE VARIOUS PROJECT CONSULTANTS AND WITH AN OPERATIONS MANAGER.KEY PROVISIONS OF THE ENABLING LEGISLATION INCLUDE GIVING PCAC THE RIGHT TO CONSTRUCT UP TO 385 LIVING UNITS, OF WHICH 20% ARE TO BE AFFORDABLE TO RESIDENTS WHOSE INCOME IS 80% OR LESS OF THE WESTCHESTER COUNTY MEDIAN INCOME, AND THAT THE PROCEEDS ARE TO BE USED BY THE COLLEGE, DIVIDED 75% FOR TAP ELIGIBLE STUDENT SCHOLARSHIPS AND 25% FOR NEW FULL-TIME FACULTY. THE INITIAL PHASE OF THE DEVELOPMENT CONSISTS OF 220 INDEPENDENT LIVING UNITS, OF WHICH 44 ARE THE AFOREMENTIONED AFFORDABLE UNITS, 36 ASSISTED LIVING SUITES, 32 MEMORY CARE SUITES, AND A BUILDING CONTAINING COMMUNITY AMENITIES SUCH AS DINING VENUES, HEALTH AND WELLNESS FACILITIES, CLASSROOMS, ETC., ALL TOTALING APPROXIMATELY 550,000 OF CONDITIONED SPACE, AND RELATED INFRASTRUCTURE IMPROVEMENTS. THE COMMUNITY'S OFFERING PLAN FOR THIS INITIAL PHASE HAS BEEN APPROVED BY THE NEW YORK STATE ATTORNEY GENERAL.PCAC CREATED A SEPARATE NEW YORK STATE NOT-FOR-PROFIT CORPORATION, PURCHASE SENIOR LEARNING COMMUNITY INC. (PSLC), WHOSE SOLE MEMBER IS PCAC. PSLC HAS ALSO RECEIVED 501(C)(3) DESIGNATION BY THE INTERNAL REVENUE SERVICE. PSLC IS THE SPONSOR OF THE COMMUNITY, IS THE OBLIGOR OF THE TAX EXEMPT BOND FINANCING, AND IS THE SUB-LESSEE OF THE LAND. AS OF MAY, 2018, ALL CONTRACTS AND WORK PRODUCTS HAVE BEEN TRANSFERRED FROM PCAC TO PSLC.IN OCTOBER, 2018, PSLC RAISED $15,000,000 IN BOND ANTICIPATION NOTE FUNDS WHICH WERE USED TO COMPLETE THE REMAINDER OF THE PRE-DEVELOPMENT AND PRE-MARKETING EFFORTS. ON NOVEMBER 10, 2021, PSLC CLOSED ON THE ISSUANCE OF $398,090,000 OF BONDS ISSUED THROUGH THE WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION, OF WHICH $391,200,000 ARE TAX-EXEMPT TO THE BONDHOLDERS FOR BOTH NEW YORK STATE AND FEDERAL INCOME TAXES, AND $6,890,000 ARE TAXABLE. WITH INITIAL ISSUE PREMIUMS, THE TOTAL PROCEEDS OF THE BOND FINANCING WAS $406,084,608. THE BOND PROCEEDS ARE BEING USED TO: REFUND THE $15,000,000 OF BOND ANTICIPATION NOTES, TOGETHER WITH ACCRETED INTEREST; TO FUND THE HARD AND SOFT COSTS OF THE CONSTRUCTION OF THE PROJECT; TO FUND CAPITALIZED INTEREST; TO FUND DEBT SERVICE RESERVES; TO FUND CERTAIN START-UP LOSSES; AND TO FUND THE COSTS OF ISSUANCE. CONSTRUCTION OF THE COMMUNITY, KNOWN AS BROADVIEW SENIOR LIVING AT PURCHASE COLLEGE, BEGAN IMMEDIATELY AFTER FINANCING WAS OBTAINED IN NOVEMBER, 2021. THE COMMUNITY IS SCHEDULED TO OPEN FOR OCCUPANCY OF ITS FIRST RESIDENTS IN FALL OF 2023. ALL CONSTRUCTION IS SCHEDULED TO BE COMPLETED BY SPRING OF 2024.THE GOALS OF THE COMMUNITY ARE TO SUPPORT THE EDUCATION MISSION OF THE COLLEGE THROUGH THE PROVISION OF REVENUE, GENERATED FROM GROUND RENT OF THE LEASE, TO FUND SCHOLARSHIPS FOR STUDENTS, TO ENHANCE THE COLLEGE'S ABILITY TO COMPETE FOR FACULTY DEDICATED TO TRANSFORMATIVE ENGAGEMENT WITH THE STUDENT BODY, AND TO CREATE AN ENVIRONMENT FOSTERING INQUIRY BASED, INTERGENERATIONAL LEARNING THAT NOT ONLY SUSTAINS LIFE, BUT IMPROVES IT FOR ALL INVOLVED, ALL IN FURTHERANCE OF THE PURPOSES AND OBJECTIVES OF THE ENABLING LEGISLATION.WITH THE ADDITION OF THE RESIDENTS OF THE SENIOR LIVING COMMUNITY, THE COLLEGE WILL BECOME A CENTER FOR LIFE-LONG LEARNING. IT WILL OFFER STUDENTS OF ALL AGES UNIQUE, NON-CONVENTIONAL ACCESS TO OPPORTUNITIES FOR INTELLECTUAL AND SOCIAL GROWTH THROUGH ACADEMIC, CULTURAL AND SOCIAL ACTIVITIES.A SECOND SET OF GOALS, EQUALLY AS IMPORTANT, IS TO PROVIDE MUCH NEEDED, HIGH-QUALITY SERVICE-BASED HOUSING AND CARE FOR AREA SENIORS. 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 13 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 NY X ELIZABETH ROBERTSON PRESIDENT 9144174201 735 ANDERSON HILL ROAD PURCHASE NY 10577 X ELIZABETH ROBERTSON CHAIRMAN/PRESIDENT 8.00 4.00 X X 0 0 0 BARRY PEARSON VICE CHAIRMAN 5.00 2.00 X X 0 0 0 JUDITH NOLAN TREASURER 1.00 2.00 X X 0 0 0 CARL AUSTIN BOARD MEMBER 1.00 2.00 X 0 0 0 THOMAS J SCHWARZ BOARD MEMBER 1.00 1.00 X 0 0 0 STEVEN MABUS RESIGNED MAR '22 BOARD MEMBER 1.00 1.00 X 0 0 0 EARLE YAFFA BOARD MEMBER 1.00 1.00 X 0 0 0 ERNIE PALMIERI BOARD MEMBER 1.00 1.00 X 0 0 0 KEVIN PLUNKETT BOARD MEMBER 1.00 1.00 X 0 0 0 MILAGROS PENA BOARD MEMBER 1.00 1.00 X 0 0 0 MICHELLE IFILL BOARD MEMBER 1.00 1.00 X 0 0 0 DREW FUNG BOARD MEMBER 1.00 1.00 X 0 0 0 DR KAARE WEBER BOARD MEMBER 1.00 1.00 X 0 0 0 WAYNE RUSH VICE PRESIDENT/PROJECT MGR/SECRETARY 15.00 5.00 X 0 0 0 0 0 0 0 0 0 0 LCSD-SCD PARTNERS LLC 400 LOCUST STREET STE 820 DES MOINES IA 50309 DEVELOPMENT MANAGEMENT SERVICES 3733250 HCM DESIGN INC 700 EAST PRATT ST SUITE 1200 BALTIMORE MD 21202 DESIGN FEES 1441501 FIRST AMERICAN TITLE INS CO 666 THIRD AVENUE 5TH FLOOR NEW YORK NY 10017 BOND TITLE INSURANCE 1042135 WESTCHESTER LOCAL DEVELOPMENT CORP 148 MARTINE AVENUE WHITE PLAINS NY 10601 BOND ISSUER FEE 447553 NIXON PEABODY 1300 CLINTON SQUARE ROCHESTER NY 14604 BOND COUNSEL - LEGAL FEES 415000 13 50907 0 50907 50907 50907 50907 0 0 50907 X 1500 1500 34910 34910 714662 714662 1835591 1835591 10 10 145833 145833 3945 3945 15363 15363 140898 140898 2892712 0 2892712 0 77514 970307 1297782 4897 574108 82926640 12568158 82926640 340195586 14407387 19695073 28355738 444361714 1699189 36515649 14395468 398506104 14416389 4867615 20623663 35378661 455645416 X -7022923 -11283702 -7022923 -11283702 28355738 444361714 X -2841805 -922889 -496085 X X 0 1 X 1 0 X 600000 851547 1451547 600000 851547 1451547 0 0 0 1451547 183474 183474 183474 183474 600000 1035021 1635021 0.88780 0.11220 X 82926640 82926640 82926640 REFUNDABLE DEPOSITS 20623663 20623663 X -1104900 -922889 263167 -496085 -1155807 50907 0 50907 3155879 263167 263167 2892712 0 2892712 PART X, LINE 2: PURCHASE SENIOR LEARNING COMMUNITY INC. ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS USING A RECOGNITION THRESHOLD OF MORE LIKELY THAN NOT AS TO WHETHER THE UNCERTAINTY WILL BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS BEEN MET. MANAGEMENT DETERMINED THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD. PART XI, LINE 2D - OTHER ADJUSTMENTS: LOSS ON EXTINGUISHMENT OF DEBT -496,085. A WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION 455135576 95737TEU6 2021-11-10 219130000 PSLC PROJECT & ENTRANCE FEE PRINCIPAL REDEMPTION - SERIES 2021A 0 0 0 B WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION 455135576 95737TEW2 2021-11-10 23605000 PSLC PROJECT & ENTRANCE FEE PRINCIPAL REDEMPTION - SERIES 2021B 0 0 0 C WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION 455135576 95737TEX0 2021-11-10 58775000 PSLC PROJECT & ENTRANCE FEE PRINCIPAL REDEMPTION - SERIES2021C 0 0 0 D WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION 455135576 95737TEY8 2021-11-10 89690000 PSLC PROJECT & ENTRANCE FEE PRINCIPAL REDEMPTION - SERIES 2021D 0 0 0 A 227453947 13814750 4542492 20828569 188268137 2024 1 0 1 1 B 23639228 849780 472100 2164708 20152641 2024 1 0 1 1 C 58860226 1880800 1175500 5389989 50413937 2024 1 0 1 1 D 89820054 2578588 1793800 8225063 77222603 2024 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 D 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 D 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION DATE THE REBATE COMPUTATION WAS PERFORMED: 11/10/2022 ISSUER NAME: WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION DATE THE REBATE COMPUTATION WAS PERFORMED: 11/10/2022 ISSUER NAME: WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION DATE THE REBATE COMPUTATION WAS PERFORMED: 11/10/2022 ISSUER NAME: WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION DATE THE REBATE COMPUTATION WAS PERFORMED: 11/10/2022 SCHEDULE K, PART II, LINE 3, COLUMN A - D THE AMOUNTS REFLECTED ON LINE 3 INCLUDE INTEREST EARNED ON BOND PROCEEDS. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERSHIP OF THE CORPORATION SHALL CONSIST OF ONE MEMBER: PURCHASE COLLEGE ADVANCEMENT CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBER SHALL DESIGNATE AND ELECT THE DIRECTORS OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBER SHALL ESTABLISH, AND AMEND AS NECESSARY, THE BY-LAWS OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS FIRST REVIEWED BY THE MANAGER OF FINANCE AND THE DIRECTOR OF FINANCE FOR CAMPUS FOUNDATIONS AND RELATED ENTITIES. PENDING THEIR APPROVAL, AND PRIOR TO FILING, THE FORM 990 IS PROVIDED ELECTRONICALLY TO THE FULL BOARD FOR COMMENTS OR QUESTIONS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY PROVIDES FOR ANNUAL WRITTEN ACKNOWLEDGEMENT BY EACH TRUSTEE OR OFFICER THAT EACH HAS READ AND IS FAMILIAR WITH THE CONFLICT OF INTEREST POLICY AND AS TO WHETHER OR NOT THE TRUSTEE OR OFFICER HAS A CONFLICT OF INTEREST. IF A CONFLICT EXISTS, THE COMPLETE DETAILS OF THE CONFLICT ARE TO BE DESCRIBED IN WRITING AND SUBMITTED TO THE BOARD CHAIR OR THE PRESIDENT. THE BOARD CHAIR OR PRESIDENT SHALL REFER THE ISSUE TO THE EXECUTIVE COMMITTEE, OR OTHER BOARD COMMITTEE HAVING DESCISION-MAKING AUTHORITY OVER THE SUBSTANTIVE MATTER IN QUESTION. THE TRUSTEE OR OFFICER WHO DISCLOSES A DIRECT OR INDIRECT FINANCIAL INTEREST IN A PROPOSED OR EXISTING CONTRACT, TRANSACTION, OR ARRANGEMENT MAY MAKE A PRESENTATION AND RESPOND TO QUESTIONS BY THE BODY, BUT AFTER SUCH PRESENTATION, HE OR SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND VOTE ON, THE CONTRACT, TRANSACTION, OR ARRANGEMENT THAT RESULTS IN THE CONFLICT OF INTEREST. EACH YEAR AT THE BOARD OF TRUSTEES' ANNUAL MEETING, THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED AND WRITTEN ACKNOWLEDGEMENTS SUBMITTED DURING THE COURSE OF THE YEAR, FINANCIAL RESULTS AND TRANSACTIONS ARE REVIEWED FOR REASONABLENESS AND APPROPRIATENESS, INCLUDING WITH REGARD TO ANY POTENTIAL FOR THERE BEING A CONFLICT. THE CONFLICT OF INTEREST POLICY EXPRESSLY STATES THAT FAMILY AND BUSINESS RELATIONSHIPS MAY BE SOURCES OF POTENTIAL CONFLICTS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G DEVELOPMENT AND MANAGEMENT SERVICES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 714,662. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 714,662. FORM 990, PART XI, LINE 9: LOSS ON EXTINGUISHMENT OF DEBT -496,085. FORM 990. PART XII, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. PURCHASE COLLEGE ADVANCEMENT CORPORATION 735 ANDERSON HILL ROAD PURCHASE NY 10577 800432298 MANAGE SENIOR LEARNING COMMUNITY AT SUNY PURCHASE NY 501(C)(3) LINE 10 N/A 0 PURCHASE COLLEGE FOUNDATION HOUSING CORP 735 ANDERSON HILL ROAD PURCHASE NY 10577 134086734 MANAGE AND OVERSEE DORMITORY AND FACILITIES AT SUNY PURCHASE NY 501(C)(3) LINE 10 STATE UNIVERSITY OF NEW YORK 0 PURCHASE HOUSING CORPORATION II 735 ANDERSON HILL ROAD PURCHASE NY 10577 821262347 MANAGE AND OVERSEE DORMITORY AND FACILITIES AT SUNY PURCHASE WAYBACK NY 501(C)(3) LINE 10 STATE UNIVERSITY OF NEW YORK 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 0