May 2002

Cortland IDA To Issue Up To $20 Million In Bonds for Cortland Regional Medical Center Expansion

The Cortland County Industrial Development Agency approved a resolution at its May 13 board meeting finalizing the issuance and sale of up to $20 million in Civic Facility Revenue Bonds to assist in a major renovation and expansion project planned for Cortland Regional Medical Center. This is the largest bond issue ever done by the Cortland County IDA.

The Cortland County IDA is authorized under General Municipal Law to issue bonds to finance certain projects which develop, acquire, construct or improve and equip civic facilities, warehousing, commercial, research and manufacturing facilities for the purpose of advancing job opportunities as well as enhancing the health and economic prosperity of Cortland County residents. Bonds are authorized by resolution of the IDA and sold at public or private sale.

The bonds will help finance improvements to Cortland Regional Medical Center's facility in the City of Cortland, including major renovations and equipping of the urgent and convenient care facilities, laboratory, radiology and imaging, cardiology and admitting departments. In addition, the Hospital will be making major improvements to its power system. The bond issue also includes refinancing an earlier bond issue that helped construct and equip the hospital's 82-bed residential care facility, as well as prior renovations and improvements to the existing facility.

The project will have a direct impact on the local economy. "Health care is the fastest growing job sector in the national, state and local economy, and is projected to be the largest job generator in the next decade," noted BDC/IDA Executive Director Linda Hartsock. "Jobs associated with health care also pay higher than average income levels. We see important employment gains associated with this project."

"State of the art health care consistently shows up in corporate surveys as one of the most critical factors in attracting employers and employees," added BDC/IDA Chairman Paul Slowey. "This project will provide both economic and quality of life benefits to the community by enabling the hospital to integrate technological advances and greater efficiencies into the delivery of patient services. This is a very appropriate project for the IDA to support, and we expect it will both help accommodate growth and bring new services to the community."