Hawkins represented Lincoln Center for the Performing Arts, Inc., as special financing counsel, in connection with a $150 million financing by The Trust for Cultural Resources of The City of New York. This financing provided initial funding for LCPA's $1.2 billion redevelopment plan for its iconic 16-acre Manhattan campus. This transaction marked LCPA's first public debt issuance and was sold as its unsecured general obligation, payable solely from its own revenues without financial covenants, without any lien upon its revenues or physical plant assets and without recourse to the constituent organizations. Hawkins worked closely with LCPA in the development of a flexible authorization process and of a credit disclosure presentation appropriate to the scope and complexity of the facilities owned and managed by LCPA, its programs and its unique multi-participant operations and redevelopment plan. Our work also included advising LCPA with respect to the utilization of tax-exempt bonds in the context of its wide range of diverse facilities (utilized by nine performing arts organizations, two arts education organizations, a public park and a public library in addition to LCPA’s own programmatic and administrative use) and of the expectation of fundraising activity by certain of the constituent organizations. We have since participated, as special financing counsel or underwriters’ counsel, in ten additional series of bonds that were publicly issued by TCR on behalf of LCPA or participant organizations, totaling approximately $800 million.
|Client||Lincoln Center for the Performing Arts, Inc.|
|Distinction||Redevelopment of the World's Premier Performing Arts Complex|
|Issuer||The Trust for Cultural Resources of The City of New York|
|Issue Size||$150 Million|