A Syracuse, N.Y.-based orthopedic group is looking for a tax deal to move and expand its existing surgery center to Cicero, N.Y., according to a Syracuse.com report.
Here are seven things to know:
1. Syracuse Orthopedic Specialists wants to expand its outpatient surgery center, Specialists' One Day Surgery, by moving to a new building in Cicero that was previously used as the headquarters for Wynit Distribution.
2. The practice plans to convert its current surgery center into a pain management facility. The 16,642-square-foot center includes six operating rooms and two procedure rooms.
3. The existing center isn't configured for more complex procedures, including spine and joint replacement surgeries, and the new facility would allow surgeons to perform the larger procedures outpatient. Syracuse Orthopedic Specialists CEO Michael Humphrey estimates the center will attract 10 percent more patients than the current center, increasing case volume to between 8,000 and 9,000 patients per year.
4. The new 47,713-square-foot facility will include eight operating rooms in addition to an extended recovery area. The center expects to discharge most patients the day of surgery, but the facility will have 12 beds for overnight stays.
5. The new center is expected to cost $13.5 million, and owners applied for $2.3 million in tax exemptions over 10 years for the new facility, including $1.7 million in property tax discounts. According to the report, the tax savings would help fund construction and equipment costs.The Onondaga County Industrial Development Agency will either approve or deny the tax credit.
6. When completed, the center expects to attract 40 percent of its patients from outside of Onondaga County and predicts annual revenues from those patients would hit around $14 million. The new facility would also create 40 new jobs and retain the 57 positions currently employed at the existing surgery center.
7. The new ASC has state approval and the physicians expect to open the facility in early 2019.