Skip to Content
Author: The BCW

County LDC Approves $195 Million Bond Financing for New Patient Care Tower at Westchester Medical Center

A major expansion of Westchester Medical Center’s campus took a big step forward this week with the final approval by the Westchester County Local Development Corporation (LDC) of $195 million in tax-exempt bond financing for the development of a new 162,626-square-foot Patient Care Tower on the Valhalla campus.

“Today’s historic approval by the Local Development Corporation is yet another example of how we are working with our not-for-profit community in securing tax-exempt bond financing benefits that are provided at no cost or risk to the taxpayers of Westchester County. This magnificent new project will further enhance our County’s world-class healthcare sector while providing a boost to our region’s economy,” said Westchester County Executive George Latimer.

“The Local Development Corporation is very pleased to approve the bond financing for this very important healthcare development at the Westchester Medical Center campus. As a result, nearly 900 construction jobs and new full-time jobs will be created and the County will receive more than $3.5 million in total economic benefits,” said Local Development Corporation Chair Joan McDonald.

“The LDC has a clear vision for the future of Westchester County, and we’re happy that vision includes projects such as the Patient Care Tower,” said Michael D. Israel, President and Chief Executive Officer, Westchester Medical Center Health Network (WMCHealth). “The Patient Care Tower on the Westchester Medical Center campus will be the Hudson Valley’s hub of critical care medicine as it will bring together critical care and medical-surgical specialties in one location, enabling Westchester Medical Center to convert to all private inpatient rooms across the rest of the campus. Additionally, the Patient Care Tower will advance our academic mission by giving medical residents and students a state-of-the-art facility in which to train.”

According to a cost benefit analysis prepared for the LDC, the project would provide the County with total benefits of $3,531,780 over 30 years. The total benefits are comprised of $722,468 in sales tax revenue from construction; $2,528,062 of sales tax revenue from operations over 30 years, and $281,250 in fees to be collected by the LDC based on the bond proceeds. The project is also estimated to create more than 770 construction jobs and 127 new full-time jobs.

The $221.3 million Patient Care Tower project would feature a five-story, 128-bed structure with all of its inpatient rooms ICU-equipped and a patient-centric design with leading edge amenities that will create a soothing, healing environment. It will house vital services for WMCHealth patients and their families including trauma, neurosciences, cardiology and general surgery. WMCHealth is a BCW Member.

Similar News Items

The Business Council of Westchester released its 2024 Legislative Agenda and called on state lawmakers to embrace policies that support a sustainable economy and job creation. The BCW produces the Annual Legislative Agenda each year for federal, state and local representatives on behalf of the business community. Among the recommendations in its 44-page report, the […]

Read Article

The Business Council of Westchester is among 43 business organizations representing tens of thousands of businesses of all sectors and sizes across New York urging the Senate and Assembly to allocate funding in the Fiscal Year 2025 budget to address the unemployment insurance debt; as well as support the Governor’s proposals to sunset the state’s […]

Read Article

Congratulations to the Burn Center at Westchester Medical Center on being verified by the American Burn Association (ABA) as an Adult and Pediatric Burn Center. The verification was made after a rigorous and thorough review of Westchester Medical Center’s burn care program. With this verification, BCW Member Westchester Medical Center is now home to the […]

Read Article

Become A Member

Join the county’s largest and most influential business organization today.

JOIN NOW!
The Business Council of Westchester is committed to helping businesses market, learn, advocate, and grow. Over 80 events and programs are offered every year, giving our members ample opportunity to connect and meet with businesses representatives in the Westchester community and beyond.
Back to top