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VIST-Settlement NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that a public hearing will be held by the Philadelphia Authority for Industrial Development (the “Authority”) at 10:00 a.m., on June 22, 2021 via conference call by dialing the toll-free number +1 (855) 633-2040 and then when prompted, passcode 2805224#. Due to the COVID-19 pandemic, the building that the Authority uses for its meetings is currently closed to the public, as such the meeting is open to the public via conference call only in accordance with Pennsylvania law (2020 Pa. Legis. Serv. Act 2020-15 (S.B. 841) (PURDON'S)) and the Governor’s Declaration of a State of Emergency for the Commonwealth of Pennsylvania dated March 6, 2020 due to a public health emergency, as amended by a First Amendment to Proclamation of Disaster Emergency dated June 3, 2020, a Second Amendment to Proclamation of Disaster Emergency dated August 31, 2020, a Third Amendment to Proclamation of Disaster Emergency dated November 24, 2020,a Fourth Amendment to Proclamation of Disaster Emergency dated February 19, 2021 and a Fifth Amendment to Amendment to Proclamation of Disaster Emergency dated May 20,2021. The purpose of the public hearing is to discuss to consider the proposed issuance of indebtedness (the “Note”) by the Horsham Industrial and Commercial Development Authority (“HICDA”) to finance a Project, as defined below. A. Borrower: Settlement Music School of Philadelphia, a Pennsylvania nonprofit corporation (“School”). B. Maximum Amount of the Note: Not anticipated to exceed $4,000,000.00. C. Project Locations: 416 Queen Street, Philadelphia, PA; 6128 Germantown Avenue, Philadelphia, PA; 3745 Clarendon Avenue, Philadelphia, PA; 4910 Wynnefield Avenue, Philadelphia, PA and 318 Davisville Road, Willow Grove, PA. D. Nature of the Project: The Project funds will be used to refund/refinance a tax- exempt Note issued by Lower Salford Industrial Development Authority on August 21, 2014 in the amount of $5,100,000 (the “Lower Salford Note”). The Lower Salford Note is currently outstanding in the amount of $3,728,038.48, and was originally issued to finance a project consisting of: 1) the refunding and reissuance of tax-exempt indebtedness that was incurred in November, 2009, the proceeds of which were used for (a) repayment of taxable indebtedness incurred by the School on August 25, 2009 to repay the outstanding principal of the Philadelphia Authority for Industrial Development (“PAID”) Variable Rate Demand Revenue Bonds (Settlement Music School of Philadelphia Project), Series 2004 (the “2004 Bonds”), previously issued by PAID on behalf of the School to pay all or a portion of the costs of (i) the renovation and expansion of the School’s Mary Louise Curtis (Queen Street) Branch, including the construction of an approximately 12,000 square foot addition; (ii) the implementation of a comprehensive technology upgrade, including a new telephone system, data network and custom designed software for student scheduling, billing, payroll and donor gift activity; (iii) renovation and expansion of the School’s Germantown Branch, including additional parking and construction of a new entrance; (iv) acquisition, renovation and equipping of a site for the School’s 4845-1005-5659 Jenkintown Branch, including approximately 1.7 acres of land and an approximately 12,000 square foot building thereon; and (v) other miscellaneous renovations, improvements and additions, including capital repairs, at any or all of the School’s facilities, including, without limitation, roof replacement at the Queen Street, Kardon- Northeast and Germantown Branches; (b) the financing of certain additional capital projects of the School including: (i) construction of a 25,000 square foot, three-story facility to replace the Jenkintown Branch in Abington Township with expanded voice and instrument teaching facilities, including additional parking to 110 cars; and (ii) renovation of the Germantown Branch location, including the expansion of ancillary parking facilities onto adjacent vacant lots owned by the School and related site work; and (iii) payment of financing costs; (2) payment of a portion of the costs of issuance of the Note and (3) other appropriate and lawful purposes. The current refunding and refinancing of the Lower Salford Note is referred to in this Notice as the “Project.” At the public hearing, any and all persons in attendance will be afforded the opportunity to comment on the proposed issuance of indebtedness and the location and nature of the Project. A copy of the application to be filed with the Pennsylvania Department of Community and Economic Development is available for inspection at the office of the HICDA. This notice is published by, and the public hearing is being held by, the Authority in accordance with the public noticing requirement of section 147(f) of the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder. If you are a person with a disability and wish to attend this public meeting and you require an auxiliary aid, service or other accommodation to participate, please 215-496-8020 at least 24 hours in advance so arrangements can be made to accommodate your needs. Philadelphia Authority for Industrial Development 4845-1005-5659.
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