Kingston, NY – The mission of the Ulster County Capital Resource Corporation (‘UCCRC’) is to promote community and economic development in Ulster County in ways that complement the work of Ulster County, primarily through issuing and selling bonds for non-profit institutions.
To further this mission, at its November 22, 2017 meeting, the UCCRC addressed the Woodland Pond, Inc.’s (‘Woodland Pond’) application to refinance its existing tax-exempt/taxable revenue bonds. The aggregate principal amount of this refinancing is presently estimated not to exceed $85,000,000. The proceeds of the refinancing will be used to cover existing debt financing and incidental costs related to the refinancing.
Woodland Pond first entered into a financing transaction with the UCCRC in 2007 and refinanced a portion of its debt in 2014. The prior debt issuances were used to finance Woodland Pond’s continuing care retirement community under Article 46 of the New York Public Health Law. The project included the acquisition of approximately 83 acres located to the west of North Putt Corners Road between Shivertown Road and Erman Lane in the Village of New Paltz, Ulster County, NY; the construction of an approximately 354,000 square foot building and twelve separate cottages each containing approximately 3,500 square feet of space; and, the acquisition and installation of certain machinery and equipment.
At the meeting on November 22, 2017, UCCRC authorized a public hearing for the Woodland Pond, Inc. – 2017 Refunding Project. The Public Hearing is scheduled for December 11, 2017 at 7:00 PM at the New Paltz Middle School (Room 2), 196 Main Street, New Paltz, NY.
The next regular meeting for the UCCRC will be on December 13, 2017 at 9:00 AM at the Legislative Chambers, 244 Fair Street, 6th Floor, Kingston, NY.
UCCRC is an independent, public benefit corporation created by the State of New York to offer tax incentives to qualified non-profit institutions. The UCCRC receives its operating funds by collecting fees from institutions that enter into contracts with the Agency. For more information, visit http://ulstercountyny.gov/economic-development/ulster-county-capital-res....