The Catskill Chronicle

HARRIS, NY (January 12, 2012) – In a major cost-saving move that is expected to contribute to the financial strength of the region, The Center for Discovery has closed on the refinancing of several bonds authorized by the Sullivan County Industrial Development Agency (IDA). This refinancing, which is expected to save The Center over $18 million in interest payments over the remaining term of the bonds, is part of the strong fiscal management of the agency that will make The Center an even more significant contributor to the economic well-being of Sullivan County and New York State.

With more than 1,400 employees, The Center is already the largest employer in Sullivan County. In the last decade alone, The Center has added nearly $68 million in capital construction and is one of the largest employers in the Catskills region.

The refinancing of the bonds will help The Center to continue its expansion in a broad range of programs and allow for the sustained growth of the agency and better care for individuals with a range of disabilities and medical frailties and their families. The agency anticipates creating between 50-100 new positions over the next two to five years.

The Sullivan County IDA was created by New York State as a public benefit corporation with the goal of promoting economic opportunity for the region. The bonds, which date as far back to 2002, have been used to finance much of the capital construction at The Center over the past decade, including the development of one of the State’s first specially dedicated autism campuses and facilities to provide advanced care to children with complex medical conditions.

The refinancing, which is similar to a homeowner refinancing their mortgage, will enable The Center to lock in lower interest rates of approximately 3.4% (from the current rates of up to 7.5%). The Center is projected to save between $1.6 and $1.8 million in the first year alone and up to $18 million over the life of the bonds.

The Center is one of the nation’s premier specialty centers for the treatment of children and adults with significant disabilities, medical frailties and autism spectrum disorders. It provides educational, health and residential services and is the largest Children’s Residential Project (CRP) in the State.