By JAMES FINK
jfink@bizjournals.com | 716-541-1611

A partnership between Erie County, the county Fiscal Stability Authority and Erie County Medical Center Corp. could save millions in financing charges and fees connected with plans to construct a state-of-the-art nursing home on the ECMC campus.

On Monday, County Executive Chris Collins said he will issue a "declaration of need" on behalf of the project to the Erie County Legislature - a move that will enable the fiscal authority to borrow $98 million needed to build it. The Legislature is expected to act on his request when it meets June 16.

By allowing the authority to take out loans for ECMC, it can borrow the funds at a lower interest rate and on a 15-year term instead of a 30-year term. Collins projected the deal will save $118 million in interest payments.

"This partnership will save millions for ECMC, allowing the hospital to keep its costs down as it makes critical investments in the future of health care in our community," he said.

The nursing home is a central element in more than $160 million in new developments slated for the ECMC campus. Other projects include a Center of Excellence for Transplantation and Kidney Care and a 75,000-square-foot, multi-tenant medical office building.

The nursing home will replace the aging Erie County Home in Alden.

"The savings from the ECFSA issuing these bonds will help strengthen ECMC's financial position and strengthen the county's, as well," said Dan Oliverio, partner in Hodgson Russ and chairman of the Erie County Fiscal Stability Authority.