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Bonding Authorized for William George Agency, Kendal at Ithaca

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Bonding Authorized for William George Agency, Kendal at Ithaca

Thursday, November 6, 2014

The Legislature approved issuance by the Tompkins County Development Corporation of tax-exempt revenue bonds—bonding of up to $2 million for the William George Agency for Children’s Services, and of up to $60 million in bonds for Kendal at Ithaca.

Bonding for the William George Agency was approved by a 10-1 vote (Legislator Carol Chock voting no; with Legislators Mike Sigler, Martha Robertson, and Kathy Luz-Herrera excused), will support a dining hall renovation and equipment at its Freeville campus, as well as other improvements.

For Kendal, the bonding (approved without dissent) will underwrite an 84,000 square foot addition to the facility (to accommodate an independent living apartment building and a skilled nursing facility), and other renovations and equipment; the bonds will also refinance earlier bond debt.  (Legislator Carol Chock noted that Kendal should be lauded by proactively addressing energy issues as part of the project.)  The tax-exempt bonds, which must be approved by the Legislature under State law, carry no indebtedness to the County and give the non-profit organizations access to tax-free financing under the federal Internal Revenue Code.