Bryant Rabbino proudly served as Co-Bond Counsel to the Hudson Yards Infrastructure Corporation (“HYIC”) in connection with HYIC’s $454,140,000 Hudson Yards Revenue Bonds, Fiscal 2022 Series A (Green Bonds) (the “HYIC Bonds”), which refunded all remaining outstanding bonds of HYIC issued under its prior indenture. HYIC, a local development corporation created in 2005 by New York City, was created to finance certain property acquisition and infrastructure work for a multi-billion dollar commercial, residential and public facility complex (the “Hudson Yards Project”) located in an approximately 45 square block area on the west side of Manhattan, which includes the vital extension of the MTA’s No. 7 subway line.
The HYIC Bonds are secured by revenues of the Corporation, including payments in lieu of taxes and payments in lieu of mortgage recording tax collected within the Hudson Yards Project area and certain payments from the City, subject to annual appropriation. Notably, the HYIC Bonds were designated as “Green Bonds,” which signifies that such bonds are used to finance or refinance projects including clean transportation projects, and such bonds conform with the International Capital Market Association Green Bonds Principles.
The refunding achieves approximately $269 million in total debt service savings for HYIC, with nearly $17 million in each Fiscal Year 2023 through 2025 and nearly $10 million annually thereafter through Fiscal Year 2047.
Bryant Rabbino attorneys B. Seth Bryant, Sani A. Williams, Aram Muradyan, Bernard Armoo and Goldie Bryant assisted on the transaction which closed on October 27, 2021.