NYCEDC Facilitates Over $130M in Bonds for Richmond University Medical Center
Tax-Exempt Build NYC Bonds will Help Fuel Major Modernization Efforts, Including New Emergency Department
January 2, 2019 – New York City Economic Development Corporation (NYCEDC) today announced the Build NYC board approval of $132 million in tax-exempt bonds to help fuel the modernization of Richmond University Medical Center (RUMC). The project, which has received funding from the City, Borough President James Oddo, Council Member Deborah Rose, Council Member Steven Matteo, and other local stakeholders, will include the addition of a 21st century emergency department and further positions the medical center to meet the growing health care needs of Staten Island residents. In addition, this project will support the growth of good jobs on Staten Island’s North Shore, as the medical center is already one of the largest employers in the borough.
“We’re making investments across Staten Island to create new jobs and improve the quality of life for residents,” said NYCEDC President and CEO James Patchett. “Our investment in Richmond University Medical Center will deliver critical medical services to the borough, and we’re proud to work with our partners in Borough President Oddo’s Office and the New York City Council to help fund this important project.”
RUMC’s project is part of a long-term facility improvement plan which will first include a new emergency department, followed by future expansion of its operating suites, energy infrastructure enhancements, and accompanying modernization plans. Scheduled for construction to begin in spring 2019, the new emergency department will cover 35,000 square feet and feature increased private treatment rooms, state-of-the-art trauma bays, additional support space, and specialty areas for pediatrics and urgent care.
“Thank you to everyone involved in supporting our new state-of-the-art emergency department, especially NYCEDC, Council Speaker Johnson, Borough President Oddo, Council Members Rose and Matteo,” said medical center President and CEO Daniel J. Messina, Ph.D., FACHE. “We assist over 60,000 people a year in our Level 1 Adult Trauma emergency department. Increasing our capacity is critical to ensuring that residents of Staten Island continue to receive the highest level of emergency care during their moments of greatest need.”
Borough President James Oddo said, “Staten Islanders want and deserve state-of-the-art healthcare, and allowing RUMC to continue its mission to deliver a new Emergency Department facility is critically important to our borough. This has very much been a team effort to this point, and we welcome and appreciate the Build NYC Board for their work to help complete RUMC’s expansion and renovation project.”
“Richmond University Medical Center is a critical component of our Staten Island health care infrastructure,” said City Council Member Debi Rose. “In the absence of a city hospital in our borough, Staten Island’s health care system has been severely underfunded for decades. The approval of these tax-exempt bonds, combined with funding from the City Council, take us a significant step toward providing Staten Islanders with the state-of-the-art health care facility we need and deserve, one that will not only meet our current needs, but also carry us well into the future.”
“Updating RUMC’s emergency department and modernizing its other facilities is critical to the long-term viability of Staten Island’s two-hospital healthcare system, and thus critical to the quality of life of our residents,” said City Council Minority Leader Steven Matteo. “That is why I worked with Borough President Oddo, Speaker Johnson and my colleagues to secure unprecedented capital funding for the hospital over the previous few years. I am very pleased the Build NYC Board has approved additional tax-free bonding to help fill the financing gap for this important project, to ensure it moves forward as planned.”
Also scheduled for 2019, the medical center will begin construction of its new co-generation power plant. This new plant will not only be cost-efficient, but will also supply cleaner energy. When operational its daily output to the hospital will include over 3,000 kilowatts of electricity in addition to air conditioning and heat.
NYCEDC’s Strategic Investments Group (SIG) helped facilitate the access of bond financing through the Build NYC Resource Corporation (Build NYC). Build NYC assists 501(c)(3) organizations and other exempt facilities operators in accessing capital through tax-exempt and taxable bond financing.
New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.