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The New York City Industrial Development Agency and the New York City Capital Resource Corp. yesterday approved a total of $924 million of tax-exempt bond financing for seven projects, including the refunding of $650 million of Liberty Bonds, at a monthly board meeting.
Polytechnic University plans to use the proceeds of up to $125 million of bonds to refund $85.3 million of outstanding revenue bonds issued in 2000 and for capital construction at its Brooklyn campus. The funds will help pay for work on a new athletic center, the campus' main building, a dormitory, and a laboratory. The college also plans to refinance approximately $5.5 million of mortgage debt. Hawkins Delafield & Wood LLP is bond counsel. JPMorgan will underwrite the deal.
The board approved up to $10 million of bonds for S&L Aerospace Metals LLC, a manufacturer of assemblies for the aerospace industry, to acquire, renovate, and equip a 41,000-square-foot facility in College Point, Queens. The proceeds will also...