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Hudson Valley News
Thu June 27, 2013
Golden Hill Transferred To Private Company
KINGSTON – The Ulster County-owned Golden Hill Health Care Facility was transferred Wednesday to the private Golden Hill Planning Corporation. The company is owned by local businessman Dr. Anthony Bacchi, as well as Edward Farbenblum and Martin Farbenblum, who are experienced nursing home operators.
The facility will remain open, providing care for its residents, retaining jobs and placing the property back on the tax rolls.
The company paid $11.25 million for the facility.
The county sold the nursing home under a plan devised by County Executive Michael Hein that saw creation of a local development corporation to operate it while it entertained proposals from potential buyers.
“Our plan allowed Ulster County to avert a massive tax increase, or worse, the potential closure of this valuable facility,” Hein said. “As difficult as the issue of county nursing homes in crisis is across New York State, I am proud that our plan has been successful and has now become a model in many other communities.”
Bacchi said he and his partners are “committed to provide excellent quality of care at Golden Hill while increasing services to seniors throughout Ulster County.” He said they plan on adding Parkinson’s disease and cardiopulmonary programming as well as investing $4 million to $5 million over the next few years in infrastructure improvements.
County Budget Director and Golden Hill LDC Chief Financial Officer James Hanson said while this “should be a major transformational step toward long term sustainability for the citizens of Ulster County… it is marred by the fact that Assembly Member Kevin Cahill’s blockage of the sales tax extender and insistence on more unfunded mandates continues to jeopardize working families, essential services, public safety and all, county, town and city property taxpayers.”