Schenectady, N.Y. — The Schenectady County Capital Resource Corporation (CRC) today approved the issuance of $14.4 million in bonds to finance an expansion by Baptist Health System, Inc. in the Town of Glenville. The bonds will finance a 67-unit assisted living facility that will be owned by Baptist Health Charitable Housing, Inc. (BHCH), a subsidiary of the Baptist Health System. The project creates 35 new jobs in Glenville as well as construction jobs.
Marty Finn, a CRC Board member and Chair of the Schenectady County Legislature’s Economic Development Committee said, “This project represents a major investment in Glenville and we are pleased to work with Baptist Health System to access the bond financing they need to implement this expansion project.”
“For many years Baptist Health System has wanted to expand its long term care services to seniors in the community,” said President and CEO Tim Bartos. “We are excited that this project is coming to fruition and that our community will have these services available to them. We look forward to continuing our long history of providing quality healthcare services to seniors.”
Located at 7 Swaggertown Road, the assisted living complex will feature a combination of studio, one-bedroom, two-bedroom and semi-private units.
The Town of Glenville has already approved the project.
Residents at the new facility will have access to the Baptist Health Nursing and Rehabilitation Center, a 262-bed skilled nursing and rehabilitation facility that has provided long and short-term comprehensive care since 1977. Located at 297 North Ballston Avenue, it is only one-half mile from the new project site on Swaggertown Road.
The Schenectady County Legislature established the CRC in 2010 to help non-profit organizations access tax exempt bonds for large capital construction projects. The bonds are repaid in full by the borrower, with no obligation to the County or the CRC. Earlier, Union College worked with the CRC to issue $15 million in bonds for campus upgrades.
The CRC is administered by Metroplex as part of Schenectady County’s unified economic development team.
Baptist Health System is the parent organization for Baptist Health Nursing and Rehabilitation Center, Baptist Health System Foundation, Family Medical Care, The Nurse Connection Staffing, Inc. and Home Connection Companions. These individual operations, each with their own Board of Directors, function under the umbrella of The Baptist Health System.
For more information, see www.bapthealth.com or contact the Director of Marketing and Public Relations at 370-4700.