Notice is hereby given that a telephonic public hearing, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), will be held by the Hudson County Improvement Authority (the “Authority”) on July 9, 2025 for the purpose of providing a reasonable opportunity for interested persons to express their views both orally and in writing on the proposed issuance by the Authority of Charter School Revenue Bonds (Canal Crossing Charter School Campus Project), Series 2025 in an aggregate principal amount not to exceed $185,000,000 (the “Bonds”). The hearing will commence at 9:30 a.m. EST, or as soon thereafter as the matter can be heard and will be held via toll free telephonic means accessible to the general public as described below.
The proceeds of the Bonds will be loaned to Friends of Quality Education, Inc., a New Jersey nonprofit corporation (the “Borrower”), to finance the Canal Crossing Charter Public School Campus Project (the “Project”), consisting of the development and construction of a charter school campus (the “Campus”) at 79 Caven Point Avenue, which is identified as a portion of Block 24301, Lot 1.03 (formerly Block 24301, Lot 1.01, and Block 23704, Lot 23) on the official Tax Map of the City of Jersey City (the “Property”), that will feature approximately 300,000 sf of school facility buildings to house one Elementary School (69,508 sf) for 720 students, one Middle School (35,054 sf) for 360 students, two High Schools (89,016 sf in total) for a combined 960 students, shared space including gymnasiums, cafeterias, a theater and music practice rooms, a parking garage and playing field, playground and other outdoor space, all for lease to, and occupancy by BelovED Community Charter School, Inc. (“BelovED”) and Empowerment Academy Charter School Inc. (“Empowerment Academy”; together with BelovED, the “Schools”) each a public charter school and New Jersey nonprofit corporation, and b) an adjacent segment of the Morris Canal Greenway to be constructed on land owned by the Jersey City Redevelopment Agency on Block 24301, Lot 1.02 (the “Greenway”) and infrastructure supporting the Campus and Greenway; (ii) providing for deposit of money to a debt service reserve fund and capitalized interest account; and (iii) financing the costs of issuance of the Bonds.
The Borrower is a New Jersey nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986. The Bonds are expected to be qualified 501(c)(3) bonds, as defined in section 145 of the Internal Revenue Code, of 1986, as amended, and are expected to be issued pursuant to the County Improvement Authorities Law constituting Chapter 183 of the Laws of 1960 of the State of New Jersey, as amended and supplemented (N.J.S.A. 40:37A-44 et seq.).
The Bonds will be special limited obligations of the Authority payable solely from the loan repayments to be made by the Borrower to the Authority, and certain funds and accounts established by the trust indenture for the Bonds. The principal of and interest on the Bonds will not constitute obligations of the State of New Jersey or any political subdivision thereof, including the County of Hudson, the Authority, the City of Jersey City or any political subdivision thereof. The Bonds will not constitute a debt or a loan of credit or a pledge of the full faith and credit or taxing power of the State of New Jersey or any political subdivision thereof, including the County of Hudson, the Authority, the City of Jersey City or any political subdivision thereof. within the meaning of any state constitutional provision or statutory limitation and shall never constitute or give rise to a pecuniary liability of the State of New Jersey, or any political subdivision thereof, including County of Hudson, the Authority, the City of Jersey City or any political subdivision thereof.
The public hearing will be conducted in a manner that provides a reasonable opportunity for persons with differing views on both the issuance of the Bonds and the financing of the Project to be heard and to present their oral and written comments. At the time set for the public hearing, pursuant to Internal Revenue Service Revenue Procedure 2022-20, interested persons will be given a reasonable opportunity to express their views, both orally (via telephonic participation) and in writing, on the merits and location of the Project, the plan of financing, the issuance of the Bonds or related matters. Members of the public may listen to and contribute to any discussion during the hearing by: (1) dialing toll-free (833) 209-2588 and (2) entering conference code 864084847# at the prompt. Persons wishing to participate should submit a written request to speak to Leah Sandbank, Esq., McManimon, Scotland & Baumann, LLC, 75 Livingston Avenue, 2nd Flr, Roseland, New Jersey 07068, at least 24 hours before the hearing, however the hearing officer will also provide a time for additional comments at the end of the hearing. Oral remarks may not exceed five minutes in duration. Written comments should be delivered at the public hearing or mailed to Leah Sandbank, Esq., McManimon, Scotland & Baumann, LLC, 75 Livingston Avenue, 2nd Flr, Roseland, New Jersey 07068, for receipt not later than the date and time of the hearing. This notice is published, and the hearing is held, in satisfaction of the requirements of Section 147(f) of the Code.
Published at www.hcia.org on July 1, 2025
