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On the Home front: The asking price

March 17, 2014 - John D'Agostino
This is the second of a series of blogs regarding the County Home.

In a recent meeting with VestraCare representatives, Edward Farbenblum, executive vice president, admits his organization was "uncomfortable" with the $16 million price tag for the county facility. Opponents of the sale, however, spoke often about how the property was worth more than the amount being offered.

In the end, the County Legislature approved the sale of the Chautauqua County Home to the group last month. The sale is expected to be finalized by the end of the calendar year.

Click on the link at right to hear the full conversation.

 
 

Article Comments

(2)

Captain

Mar-22-14 9:45 AM

btw, the expansion project reportedly cost OVER $16M, therefore, BEFORE the loan to fund this project was approved by a lending institution, financial statements listing the home's value at that time was required.

Captain

Mar-22-14 9:23 AM

Considering the size, but more importantly the expense, of a major expansion (done several years ago), I assume there was a legitimate need for this costly project, but after only a relatively short period of time, that need apparently didn't generate enough revenue to pay off the project loan and keep the home operating in the black.

What was the home's value BEFORE the expansion...you know, BEFORE the CCLeg approved borrowing the money AGAINST the home's value?

Pols are good at wasting our money, but what's more alarming is the public accepts it.

 
 

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