Schenectady, N.Y. –  The Schenectady County Capital Resource Corporation (CRC) recently approved and closed on $15.3 million in bond financing for Ellis Medicine.

The bonds will be used to refinance existing debt with the NYS Dormitory Authority at a lower interest rate. The bonds will be repaid in full by Ellis Medicine. There is no financial obligation to Schenectady County or the CRC.

The CRC was established by Schenectady County to help non-profit groups issue bonds while generating revenue for the CRC, which can then be used to support other economic development projects in the community.

The CRC is administered by the Schenectady County Metroplex Development Authority as part of the County’s unified economic development team.

County Legislator Gary Hughes, Vice Chair of the CRC Board said, “Ellis Medicine is one of the largest employers in Schenectady County with more than 3,500 jobs. We are pleased to be able to assist them with this bond financing. By using the CRC, Ellis also supports our local economic development efforts.”

“Thanks to the Schenectady County Capital Resource Corporation, Ellis Medicine is able to realize significant savings by refinancing some of our existing debt at a lower rate,” said James W. Connolly, President and CEO of Ellis Medicine. “As a not-for-profit hospital facing the challenges of health care reform in an uncertain economy, it’s even more important that we continue to be good stewards of our resources – this CRC bond approval supports our doing just that. Every dollar we save is a dollar we can re-invest in our people, technology and facilities so we can better meet the healthcare needs of our communities as an even stronger organization.”

The CRC earned a fee of $114,900 on the project to be invested in local economic development projects.