Monday, May 15, 2017

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Religious school seeks tax-free bonds to fund purchase of building

TOWN OF MONROE – Congregation B’nai Yoel, Inc. would like to purchase the building that the religious organization is renting for a school in the Town of Monroe.

The group is seeking $8 million in bonds through the Orange County Funding Corporation.

“They are trying to finance the purchase of a building that they currently lease,” said Chief Executive Officer Laurie Villasuso. “They are an exempt organization as an educational facility so they are able to use an entity like a local development corporation, which is what the OCFC is, to purchase tax-free bonds.”

The OCFC accepted the initial application and will now go through the required process before passing judgment on the application, which also includes $84,000 in mortgage tax filing fees.

The school plans to hire 20 new people and retain 150 existing jobs. A total of $4 million in private funds would be involved in the purchase.

 


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