UPDATE April 2004 in April New York Bankruptcy Law Skadden Arps the North Member States the Court passion fruit ID Number by WesleyL

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									Catholic Health System
Economic Development Initiative

UPDATE May 2004
A strategic reuse of former Our Lady of Victory Hospital campus, located in the Central Business District of the City of Lackawanna

OUR LADY OF VICTORY
$27,735,395
Erie County Provides Funds
For over 18 months, the Our Lady of Victory Renaissance plan has been in process with many successes over the past several months. The key support received came from Erie County Executive Joel Giambra and the Commissioner of Environment and Planning, Laurence Rubin. The $300,000 grant comes by way of the Community Development Block Grant funds that are provided to developers of programs that develop lower income communities. The opportunity for the reuse of the former OLV Hospital campus remains strong. A recent article published in Business First (April 23, 2004) indicates that development of the Lackawanna area will bring over $11M annually to the City, it’s businesses and residents.
Check presented by Joel Giambra 5/10/04

HIGHLIGHTS

* * * * * * * * *

Economic Revitalization for Lackawanna, addition of 145 jobs; retain 100. Addresses need of growing senior population, currently 23% of area Leverages over $17.0M in Medicaid and DHCR funds for entire project Housing for low and moderate income seniors, able to age-in-place PACE site to offer community an alternative to institutional SNF care Project will be in Empire Zone, may use tax credits for portion of project Community support from local, county, and federal officials. CHS holds “license” for PACE under NYSDOH demonstration project Financial commitments from regional foundations pending NYS support

Project Components
74 bed Skilled Nursing Facility Program All-Inclusive Care for Elderly Low/Moderate Income Senior Housing Synergistic Retail and Medical Services

Housing Application Submitted
A second application for the Low Income Housing Tax Credits (LIHTC) was submitted to the New York State Division of Housing and Community Renewal on March 22, 2004. This is the more important component of the overall project at this time. Successful applicants will be notified sometime after June. If awarded, construction will begin by year-end.

New Developments
 Marsha Henderson and Catherine Braniecki presented a $3,000 check to Aimee Gomlak Brace for the redevelopment of the campus. The funds will be placed within Continuing Care Foundation.  In collaboration with Oishei Foundation, the OLV Project will be submitted for funding consideration from the Robert Wood Johnson Foundation. The application will be submitted by June 2004.

Support Continues
The project has obtained enthusiastic support from Senator George Maziarz, Senator Dale Volker, Assembly Majority Leader Paul Tokasz, Senator William Stachowski, Assemblyman Brian Higgins, the newly elected Mayor of Lackawanna Norman J. Polanski as well as the Lackawanna City Council.

Next steps
 Secure housing funds for 2004 funding round from DHCR/HTF  Submit Certificate of Need for movement of skilled nursing beds  Begin PACE start-up phase

Catholic Health System Corporate Offices 515 Abbott Road, Suite 306 Buffalo, NY 14220 716-828-2975 716-828-3720 fax


								
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