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Erie County, Stability Authority & ECMC Partner on borrowing, saving ECMC millions
ECMC building state-of-the-art skilled nursing facility on Buffalo’s East Side

ECMC building state-of-the-art skilled nursing facility on Buffalo’s East Side

Erie County Medical Center Corporation (ECMCC) will save millions of dollars financing its new state-of the-art nursing home on Buffalo's East Side thanks to a partnership between the Corporation, Erie County Executive Chris Collins and the Erie County Fiscal Stability Authority (ECFSA).  Collins will issue a declaration of need to the County Legislature paving the way for the ECFSA to borrow on behalf of ECMCC. 

Borrowing through the ECFSA will allow ECMCC to obtain the necessary $98 million in financing at a much lower interest rate and shorter term, saving approximately $118 million in total interest expense.  Both Collins and ECFSA Chairman Daniel Oliverio suggested shortening the term of the anticipated borrowing from 30 years to 15 years to help achieve these savings. 

The new skilled nursing facility with related infrastructure and the new Center of Excellence for Transplantation and Kidney Care with adjacent medical office space has a total price tag of $160 million.  The new skilled nursing facility will replace the current Erie County Home in Alden.  Erie County has agreed to contribute $11.5 million to this project.

 "This partnership will save millions for ECMCC, allowing the hospital to keep its costs down as it makes critical investments in the future of health care in our community," said Erie County Executive Chris Collins.  "I am pleased my administration can facilitate this transaction, and I want to thank the leadership of the Stability Authority for using its borrowing ability to benefit the community."

"We are very happy to partner with County Executive Collins, ECMCC CEO Jody Lomeo, the Legislature and all the county and ECMCC officials who have voiced their support for this critical, community project," said ECFSA Chairman Daniel Oliverio.  "The skilled nursing facility that will be funded by these bonds is a tremendous project that will benefit our community for decades to come."

 "The savings from ECFSA issuing these bonds will help strengthen ECMCC's financial position and strengthen the county's as well," continued Oliverio.  "Today's vote of the ECFSA board was an important step in bringing this project to fruition, but we're not quite done.  We all look forward to working with the Legislature and other stakeholders to obtain the necessary approvals to get this completed."

"The savings from this partnership with the County of Erie are very significant and will assist our efforts to modernize the ECMC Health Campus.  This project will bring better healthcare to the residents of the Home, jobs to the City of Buffalo, and economic development on the east side," said Jody Lomeo, CEO of the ECMC Corporation.

The County Executive will submit the declaration of need to the County Legislature tomorrow.

 

NEWS CONTACT: Tom Quatroche at 716-898-4300 -or- tquatroc@ecmc.edu

 

6/14/2011

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