Purchase Senior Learning Community Inc

TO DEVELOP & OPERATE A SENIOR LEARNING HOUSING COMMUNITY ON THE GROUNDS OF SUNY, PURCHASE COLLEGE.

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 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 WHO EARN 80% OR LESS OF THE WESTCHESTER COUNTY MEDIAN INCOME, AND THAT THE PROCEEDS ARE TO BE USED BY THE COLLEGE, DIVIDED 75% FOR SCHOLARSHIPS AND 25% FOR NEW FULL TIME FACULTY.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 WILL BE 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 ARE BEING USED TO COMPLETE THE REMAINDER OF THE PRE-DEVELOPMENT AND PRE-MARKETING EFFORTS. PSLC WILL SEEK TO RAISE PERMANENT FINANCING FOR THE INITIAL PHASE OF THE DEVELOPMENT, CONSISTING OF 220 INDEPENDENT LIVING UNITS, 36 BEDS OF ASSISTED LIVING AND 32 BEDS OF MEMORY CARE, BY ISSUANCE OF TAX-EXEMPT BONDS THROUGH THE WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION. THE $15,000,000 FROM THE BOND ANTICIPATION NOTES FINANCING, TOGETHER WITH ACCRUED INTEREST, WILL BE REPAID WITH PROCEEDS FROM THE PERMANENT FINANCING.THE COMMUNITY'S OFFERING PLAN HAS BEEN APPROVED BY THE NEW YORK STATE ATTORNEY GENERAL. WITH THIS APPROVAL IN PLACE, PSLC HAS BEEN PERMITTED TO BEGIN MARKETING THE PROJECT. BY THE CLOSE OF FYE JUNE 30, 2021, ONE HUNDRED FIFTY ONE DEPOSITS, REPRESENTING 68.6% OF THE INDEPENDENT LIVING UNITS, IN THE AMOUNT OF 10% OF A MARKET RATE UNIT'S ENTRANCE FEE, OR $10,000 FOR AN AFFORDABLE RESIDENCE, WERE RECEIVED. THE THRESHOLD NUMBER OF DEPOSITS IN ORDER TO PROCEED TO PERMANENT FINANCING IS SET AT 70% OF THE UNITS, OR 154 OF THE 220 UNITS PLANNED. PCAC AND PSLC EXPECT TO REACH THAT THRESHOLD BY JULY, 2021. IN ANTICIPATION OF THIS, PSLC BEGAN PREPARATIONS TO COMPLETE THE PERMANENT TAX-EXEMPT BOND FINANCING THROUGH THE WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPROATION, WITH THE INTENT TO CLOSE ON THAT FINANCING BY NOVEMBER, 2021, AND THEN TO IMMEDIATELY BEGIN CONSTRUCTION OF THE COMMUNITY. THE COMMUNITY, KNOWN AS BROADVIEW - SENIOR LIVING AT PURCHASE COLLEGE, IS SCHEDULED TO OPEN FOR OCCUPANCY OF ITS FIRST RESIDENTS IN THE FALL OF 2023 AND TO HAVE ALL CONSTRUCTION COMPLETED BY SPRING OF 2024.THE GOALS OF THE COMMUNITY ARE TO SUPPORT THE EDUCATION MISSION OF THE COLLEGE THROUGH THE PROVISION OF REVENUE 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.