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SOUTHOLD LOCAL DEVELOPMENT CORPORATION
53095 ROUTE 25 (MAIN ROAD)
PO BOX 1179
SOUTHOLD, NEW YORK 11971
Southold Local Development Corporation 2017 Status Report
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On June 3 2014 the Southold Town Board adopted a resolution which created the
Southold Local Development Corporation (SLDC). The Town Board created the Southold Local
Development Corporation in recognition of the significant economic, social and cultural
contributions the not-for-profit sector makes to the Town. The mission of the SLDC is to foster
community and economic development and the creation of jobs in the not-for profit sector.
SLDC can assist not-for-profit projects in the Town with access to low-cost tax exempt bond
financing as well as other forms of assistance that may be available.
In early 2015 the Southold Local Development Corporation issued an approximate $19.5
million tax exempt bond that enabled Peconic Landing to expand, adding 16 skilled nursing
home beds and 16 new memory care units as well as upgrading and improving the community
center area. The not-for-profit project was done in conjunction with a for-profit project for the
housing cooperative which added 46 independent living apartments. The project was completed
in May 2016 and as of the end of 2017 the memory care units were 95% occupied and the skilled
nursing home beds were 86% occupied. In addition all 46 independent living apartments have
been sold. Prior to the project Peconic Landing had approximately 230 employees (full time, part
time and per diem) with an annual payroll of $8.6 million. As of the end of 2017, Peconic
Landing had a total of 359 employees consisting of 192 full time, 42 part time and 152 per diem
with an annual payroll of $12,599,319.
Currently the SLDC has an application pending from Eastern Long Island Hospital
(ELIH) for an approximate $15 million bond financing to refund prior tax exempt debt. ELIH is
in the process of affiliating with Stony Brook University Hospital and this tax exempt bond
financing will close when the affiliation process is completed. Various State reviews and
approvals are required including the Public Service Control Board (PSCB) and the Governor. It
is estimated that the affiliation process and the bond closing will take place in the late summer or
early fall of 2018. As of December 2017 ELIH had a total of 448 employees (218 full time and
230 part time) with an annual payroll of $25,047,300 with an additional annual expenditure of
$9,768,140 for employee benefits.