Project Type(s): Community and Healthcare
Project Year: 2018
CDE(s): Empire State Development Corporation
NMTC amount: $8,000,000
Total Project Costs: $8,400,000
The Project involves the fit out and equipping of 17,000 square-feet of medical office space, in a portion of a medical office building that St. James Hospital is leasing from a private developer. The Project is located at 7100 Route 70A, a highly distressed area of Hornell, NY. Total Project cost is expected to be approximately $8,400,000. ESNMC proposes to make a suballocation of up to $8,000,000 in federal New Market Tax Credits (NMTC) to assist in the financing of the Project. The remainder of the Project costs will be contributed by a contribution by St. James Hospital. The Project is expected to retain 73 jobs and create 12 new jobs.