Life’s WORC is a private not-for-profit organization providing comprehensive, quality care to individuals with mental retardation, developmental disabilities, and traumatic brain injury. The organization is headquartered in Garden City, NY. Life’s WORC is committed to providing all supports necessary to enable individuals with severe disabilities to participate fully as members of their community. Life’s WORC operates under the auspices of the NYS Office of People with Developmental Disabilities. Founded in 1971, Life’s WORC serves over 1,200 individuals and their families and maintains 36 homes and 14 non-residential programs throughout Nassau, Queens, and Suffolk Counties.
The organization’s mission is to provide alternative residential settings for individuals with multiple handicaps so that they may remain in the community. Life’s WORC’s history of providing such care has served as a nationwide model for providing the effective care of a special population.
Solution and Execution
Life’s WORC has utilized the services of the investment bankers now at GATES Capital Corporation for the last decade. In the most recent instance, GATES, at the request of Life’s WORC’s management, identified a significant number of refinancing opportunities which the organization could efficiently combine with certain new capital projects, e.g. a dedicated autism center adjacent to its headquarters building in Garden City. As a result of working closely with Life’s WORC’s management team, GATES privately placed $15,820,000 in tax exempt and taxable revenue bonds through three governmental issuers—Build NYC Resource Corporation, Town of Hempstead Local Development Corporation, and Suffolk County Economic Development Corporation. These three issuers corresponded to the projects located in the three adjacent counties of Queens (NYC), Nassau and Suffolk. The bonds were issued in concert under a common offering plan and were placed with one commercial bank. The interest rate and amortization structure generated significant debt service savings.