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DASNY News & Updates: MARCH 2018
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DASNY Finishes 2017 Strong in Municipal Market
Gerrard P. Bushell,
DASNY President & CEO
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Named one of the nation’s most prolific issuer of municipal bonds, DASNY finished 2017 strong. This is according to citations from The Bond Buyer and Reuters. DASNY showcased its successes by delivering 26 issuances totaling $7.7 billion in 2017. Some of the highlights of the year included a $1.75 billion Personal Income Tax (PIT) financing, a $1.67 billion PIT financing, a $1.38 billion sales tax financing and a $344 million SUNY dorms financing.
DASNY supported higher education institutions in 2017 by issuing more than $1 billion in low-cost, tax-exempt bonds to support the capital needs of and refinancing for private, not-for-profit higher education institutions in New York State. DASNY also helped provide New Yorkers with high quality health care by issuing more than $580 million in low-cost, tax-exempt bonds to support the capital needs of and refinancing for private, not-for-profit health care providers in the state.
“DASNY’s achievement lays the groundwork for a strong future,” said DASNY President & CEO Gerrard P. Bushell. “Through this work, DASNY and its clients are creating a solid economic foundation that positions New York for success in 2018 and beyond.”
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Launching of the New DASNY Website
DASNY is streamlining internal processes and making improvements to better assist its clients. These initiatives have led DASNY to take a bold step forward and launch an updated version of its website.
The new site is more mobile and user-friendly. It employs improved navigation and a greater clarity of messages and DASNY’s services. “We are very excited about this next step – I had the opportunity to meet with the teams and explore the site’s new features,” said Gerrard P. Bushell, DASNY President & CEO. “I can tell you it is very easy to navigate and our message and services are clear.”
You can visit the newly revamped website at www.dasny.org.
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DASNY Introduces Public Finance Diversity Fellowship
In February, DASNY introduced its new Public Finance Diversity Fellowship for graduating students. DASNY is working with its senior underwriters to promote this extraordinary opportunity. “The business case for diversity is a core element of the work we do at DASNY, and this fellowship is an important supporting step,” said Gerrard P. Bushell, DASNY President & CEO.
The fellowship is a full-year position, beginning July 1, 2018 through June 30, 2019. It will consist of two six-month terms. The first term will be spent in DASNY’s Albany office serving as an analyst in the public finance division. The second will be spent working alongside one of DASNY’s investment bank partners in either Albany or NYC depending on the selected investment bank. DASNY’s investment banking partners, two of 13 firms that were identified as senior managers pursuant to DASNY’s Underwriter RFP, will be selected by lottery.
You can learn more about the DASNY fellowship on our website.
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DASNY Kicks Off 2018 Summer Internship Program
DASNY is once again looking to provide promising students with an opportunity to develop their knowledge and skills while experiencing hands-on professional work experience. This year’s Summer Internship Program will run from the end of May until mid-August.
Spots are available in DASNY’s Construction, Real Property, and Communications + Marketing departments.
Interns must be must be enrolled in a college degree program at an accredited college or university and must be returning to school in the fall semester immediately following their summer internship. Positions are paid $15 per hour. Interested parties can contact Nicholas Ouellette.
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Realizing the Promise of Progressive Government
Governor Andrew M. Cuomo delivers his eighth State of the State address in Albany on January 3, 2018. |
Governor Cuomo kicked off the year by delivering his eighth State of the State with the theme of “Realizing the Promise of Progressive Government.” Several of the proposals in his address mirror the core of DASNY’s business model, including:
Fighting the federal tax assault on New York. While the fight to save tax-exemption on private activity bonds was successful, advanced refundings – bond issuances used to pay off other outstanding bonds -- did not survive. “The change in tax rates included in the law may affect the attractiveness of tax-exempt municipal bonds for some buyers,” said Gerrard P. Bushell, DASNY President & CEO. “DASNY provides cost-effective construction and low-cost financing to its clients, and plans to continue to do so.”
Advancing the women’s agenda. It will now be required that MWBE goals are set on state funds used for contracting purposes on the local level, creating new opportunities for MWBE participation. Dr. Bushell, a member of the Governor’s MWBE Advisory Council, says DASNY is a leader in MWBE inclusion and the formation of the Resource Acquisition Unit, which combined our Opportunity Programs Group and our Procurement teams, ensures MWBE participation is considered through every step of the contracting process.
Expanding educational opportunity for all: The Governor is enacting sweeping protections against predatory borrowing practices, furthering the fight against student loan debt. In his address, Governor Cuomo said, "With this proposal, we build on the success of the Excelsior Scholarship and lay out a concrete roadmap to alleviate the burden of student debt in New York and equip our students with the protections and the tools they need to succeed." DASNY works with higher education institutions across New York State, including SUNY and CUNY schools. With less student loan debt, more students could enroll in college, and DASNY could face an increase in the demand for the construction of buildings at these academic institutions.
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Major Projects in DASNY’s Construction Division
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Sophie Davis Biomed Program
at CUNY School of Medicine
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MacKenzie Complex
at SUNY Alfred
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DASNY is building upon the successes of the past year.
DASNY’s construction division wrapped up two major projects, including an $11.6 million interior renovation project for the CUNY School of Medicine’s Sophie Davis Biomedical Education Program.
Townsend-Harris Hall is a landmarked structure and was one of the original buildings constructed at what is now the City College of New York (CCNY) campus. The project was completed in two phases over four floors, and included the creation of instructional, office and specialized training spaces.
In Western New York, the $17.8 million Phase One renovation of SUNY Alfred’s MacKenzie Complex is now complete, and students have moved into its 132-bed residence hall. An existing two-story dining hall on the accompanying quad was completely renovated to create food service, student laundry, a fitness room and seating areas.
This comes on the heels of ending the 2017 calendar year with involvement in 927 projects valued at almost $6.5 billion.
The year focused on highlighting the wide breadth of services DASNY offers:
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SUNY New Paltz Residence Hall Earns LEED Silver Certification
Ridgeview Hall at SUNY New Paltz has earned LEED Silver certification. The construction of the 227-bed residence hall was completed in 2015 and helped relieve a shortage of beds on the New Paltz campus. The construction of the 70,524-square foot building cost $25 million.
Some of the features of the residence hall include double occupancy rooms, a café with seating for 100 people, air conditioning, LED lighting, rain gardens, Skype© lounges, a seminar room, and a card-access security system. The project also included the construction of a 192-space parking lot.
In recent years, DASNY has completed other work on the SUNY New Paltz campus, including the renovation of Crispell Hall in 2012, the renovation of Bevier Hall in 2017, and the replacement of roofs for Esopus, Bouton and Gage Halls.
Ridgeview Hall at SUNY New Paltz |
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