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County approves financing for Saratoga Hospital

By Stephen Williams
Tuesday, October 15, 2013

The Saratoga County Board of Supervisors voted today to authorize up to $35.6 million in tax-exempt financing for construction of a new surgical wing at Saratoga Hospital.

The hospital initially came to the county’s Capital Resource Corp. for $26.7 million in financing, but asked for the higher amount in case costs rise. The hospital is also expected to put several million dollars of its own money into the major expansion on the west side of the hospital.

“[Costs] could be anywhere from $25 million to $35 million. They don’t have all their costs in yet,” recently said CRC Chairwoman Anita M. Daly, R-Clifton Park.

The Capital Resource Corp. approved the financing earlier this month, but it also required approval from the Board of Supervisors. Because the hospital bonds will be tax-exempt, it will receive a lower interest rate on the borrowing. Hospital officials estimate they will save $3.9 million over 25 years.

The money would be used to construct a three-story addition housing operating rooms and support facilities as well as a new intensive care unit.

Hospital officials estimate the project will lead to about 50 new jobs and will help retain the 1,200 jobs currently at the hospital.

It will be a multiyear project, but hospital officials hope to begin preparatory work around Nov. 1.

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