IDA gives fund for hospital, school

Real Estate Weekly, Nov 20, 2002

New York City Industrial Development Agency (IDA) chairman and president of the New York City Economic Development Corporation (EDC) Andrew M. Alper announced financing assistance for Jamaica Hospital Medical Center, a non-profit acute care teaching hospital in southern Queens, with tax-exempt bonds for refinancing the construction and expansion of its Pediatric Emergency Department. The IDA will also help the non-profit American University of Beirut to equip and renovate its new facility in Manhattan.

"Jamaica Hospital Medical Center's expansion will enable the hospital to serve more patients and better meet the needs of the surrounding Queens and Brooklyn communities," said Chairman Alper.

Jamaica Hospital Medical Center, established in 1891, is scheduled to be approved for $16 million in triple tax-exempt bonds that will be used to refinance the hospital's expansion of its Labor, Delivery and Recovery Suite and Pediatric Emergency Department. The construction and renovation involved a three-level addition to the main hospital on the east side of the building located at 8900 Van Wyck Expressway in Jamaica. The number of deliveries the hospital accommodates annually has more than doubled in recent years, and is expected to continue to grow. The Pediatric Emergency Department has also been experiencing increased volume.

The American University of Beirut, operating since 1866, is scheduled to receive $10 million in tax-exempt bonds to refinance the acquisition of new space for its New York City office at 3 Dag Hammarskj old Plaza in Manhattan. AUB is dedicated to promoting educational and scholarly activities in the Middle East through a curriculum in the American liberal arts tradition, along with strong professional preparation. English is the language of instruction. It is chartered under the laws of the State of New York and under the supervision of the New York State Board of Regents. The University's New York office houses the organization's development and external relations, fundrasing operations, and monitors its investment portfolio. AUB has more than 5,500 full time students from 64 different countries.