“Job Creation” is not simply a new catch phrase created by the
government to garner the adoration of the public during sluggish economic times
or to gain the attention of the media to create news. While we are bombarded
with different approaches to create new jobs and get individuals off
unemployment and back to work, regional centers such as Empire State EB-5 are working
with organizations in communities across the country to cultivate viable plans
for job creation into sustainable realities.
Empire State E-5 recently took some time to discuss with Jack Ormond,
Chief Financial Officer at Cuba Memorial Hospital, proposed plans for an Assisted
Living Facility in the Town of Cuba, New York. The Stonewood Crossing Assisted Living Facility will have 50 apartment units and seven of the units
will have two bedrooms for double occupancy. The facility will have
for a program of social and enrichment activities scheduled by staff, and
trained nursing personnel will provide medication management for residents.
During our time with Jack, we
spoke about his experience with the Regional
Center Principals David Eckert and Keith Schubmehl, development plans for the facility,
and how regional centers such as Empire State EB-5 are utilizing the government
sanctioned EB-5 program to assist organizations with alternative financing
opportunities (see Blog Part 1 here).
For the second part of our blog
series, we discussed with Jack the direct economic effect of the proposed
Assisted Living Facility in regards to job creation that will have immense
impact on not only the Cuba community, but also the State of New York and US
economy as a whole.
We’ve provided a summary of our interview with Jack in order to
showcase the most compelling and key facts about the Assisted Living Facility
in Cuba, New York.
Why is the assisted living project vital to the community?
Ormond: It gives us a
full spectrum campus that does not exist anywhere within this region within
50-75 miles of where the hospital is located. Our market study census figures state
that there are 74,000 individuals over the age of 65 within 30 miles of Cuba
Memorial Hospital. That’s quite a market for this type of service that simply
cannot be found in the area.
How will the Assisted Living Facility at Cuba Memorial impact the
community at large in terms of job creation?
Ormond: The Assisted
Living Facility at Cuba Memorial will employ between 46 new individuals,
including both full time and part time employees.
What is the projected economic impact of the Assisted Living Facility
on the economy?
Ormond: The Assisted
Living Facility will create a 4 million dollar annual expense that will be paid
for. The facility will generate an additional economic benefit to our region,
as the calculator for New York State is generally to be at 2.5 times the
expenditures. We have projected at an 8
to 10 million-dollar annual impact to the community that is hugely important.
Located in a targeted employment
area, the Assisted Living Facility meets the criteria for EB-5 investors according
to an economic impact study.
According to the Bureau of Labor Statistics, healthcare is one of the
largest industries and accounted for 14.3 million jobs for wage and salary
workers in 2008. The healthcare industry will generate 3.2 million jobs between
2008 and 2018 (more than any other industry), and with an aging US population,
the need for Nursing and Assisted Living facilities could not be more apparent.
Nursing and residential care facilities account for 22.8% of all employment
within the healthcare sector, and this number is expected to rise exponentially
as more individuals reach the age of retirement or are in need of Nursing and
Assisted Living care.
For more information about EB-5 programs investment opportunities or capital lending structure,
CONTACT US TODAY
Tel: (866) 763-6515
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