BUFFALO, N.Y. (WIVB) - It's a landmark deal for expansion of the ECMC campus in Buffalo. The hospital expects to save millions by borrowing through the county Control Board to build a new state-of-the-art skilled nursing facility on the Grider campus.
County Executive Chris Collins was practically bursting as he talked about a new $160 million project on ECMC's medical campus. A new state-of-the-art nursing home, with 390 beds, is set to be built right next to the Grider Street hospital. Erie County's Fiscal Stability Authority will borrow $98 million to get the project moving.
Collins said, "We're going to be able to save almost $118 million in the interest savings combined with the shorter term borrowing."
The county will be able to reduce borrowing from 30 years to 15 years.
"So what we're doing is taking advantage of the credit rating," explained Collins.
This new nursing home will replace the old Erie County Home in Alden. A source of political battles in the past, the Erie County Nursing Home was in jeopardy of closing during the Erie County budget crisis back in 2005. It's been the target of frustration for many who live there because the building is old and outdated.
ECMC CEO Jody Lomeo said, "It's 80 years old and it's in need of what I would say is T.L.C."
Lomeo says the Alden home location has been inconvienant for patients who need treatment.
"It made very little sense to continue to transport to and from Grider Street," said Lomeo.
He says being next to the hospital, connected by a closed walkway will be not only convenient, it's cost effective.
Control Board Chairman Dan Oliverio said, "Regardless of any savings, this is a terrific project for the community, the city and the county."
The county will break ground at the end of the month. The new skilled nursing facility will be up and running by December of 2012.
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