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EPR Properties (NYSE:EPR) announced that The Sullivan County Infrastructure Local Development Corporation has issued $110 million of Series 2016 Revenue Bonds on June 20 which will fund construction costs for infrastructure and improvements incurred by EPR Properties in connection with its Adelaar Resort, a four-season destination resort planned for the Town of Thompson in Sullivan County.
“That funding will help us to build everything which is in the public domain,” EPR Project Manager Tim Lies said. “That includes roads, and water and sewer lines.
“When those projects are complete they will be turned over to the town [of Thompson] and village [of Monticello] and EPR will be responsible for the operation and maintenance.
“We are currently working on putting a pipe under Route 17 to get water. It will connect to Concord Road and Route 42 [lines],” Lies said. “We would like to especially thank the Sullivan County IDA for their support and help with this project.”
EPR Properties received an initial reimbursement of approximately $43.4 million of construction costs, and expects to receive an additional $44.9 million of reimbursements over the balance of the
construction period (estimated to be completed in 2017).
The Series 2016 Revenue Bonds are not obligations of EPR Properties and are serviced through special assessments on the Adelaar real property, including the Montreign Resort Casino, entertainment village, golf course and waterpark resort properties.
President and CEO Gregory Silvers commented, “This significant milestone in the development of the Adelaar project demonstrates the commitment of the local community and our partners.”