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marriottThe Tompkins County Industrial Development Agency (IDA) has closed on incentives for a new full service Marriott Hotel that will add 159 guest rooms, a restaurant and meeting space to the east end of The Commons.  The Tompkins County Development Corporation (TCDC) has issued Kendal at Ithaca $47,720,000 in tax exempt bonds, $7.900.000 will be used to refinance existing debt. The remaining balance will be used for new construction and renovation.

The Marriott undertaking is a $32 million community development project that will serve as an anchor on The Commons to help catalyze local business growth and expansion. Ultimately, the new Marriott Hotel will contribute to a thriving and vibrant downtown center for the community.

Kendal at Ithaca plans for the major expansion and enhancement of its community and programs to better serve its current and future residents, staff, volunteers and visitors. The project will include:
  • New two story building with 24 apartments off the southeast corner of the swimming pool.
  • New one story nursing home with three neighborhoods of 16 private rooms each to the northeast corner of the existing nursing home.
  • Creation of a centralized entrance and reception area closer to N. Triphammer Road.
  • New casual dining venue.
  • Expansion of the area dedicated to exercise, wellness and physical therapy activities.
  • Increase of the total number of residences on site for those living independently to 236.
  • The TCDC is managed by TCAD on behalf of the County Board of Legislators. The TCDC and its predecessor, the Tompkins County IDA, have issued over $700 million in tax exempt bonds, resulting in the construction or renovation of over 1.5 million square feet in Tompkins County.
Professional Service Firms Involved in Financing:
Harris Beach PLLC - Bond Counsel
Tompkins County Development Corporation - Bond Issuer
Mariette Geldenhuys, Esq. - Issuer Counsel
Kendal at Ithaca, Inc. - Institution/ Borrower
Miller Mayer LLP - Institution/ Borrower Counsel
B.C. Ziegler & Company - Underwriter
Nixon Peabody - Underwriter Counsel
The Bank of New York Mellon - Trustee for Series 2014A Bonds
Hinkley Allen - Trustee Counsel
Manufacturers and Traders Trust Company - Bank/Bond Purchaser of Series 2014B Bonds
Hancock Estabrook LLP - Bank/Bond Purchaser Counsel

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