MONTICELLO — The Center of Discovery (TCFD) is looking to bond $70 million to help its future projects and is asking for help from the Sullivan County Funding Corporation (SCFC).

In a special meeting on October 7, TCFD's Chief Financial Officer Claude D'Alessandro and TCFD's General Counsel Steven H. Mosenson met with the SCFC's board in Monticello.

SCFC is a not-for-profit local development corporation whose board members are the same as the County of Sullivan Industrial Development Agency (IDA).

According to D'Alessandro, there are three reasons they are seeking a $70 million bond.

First is to convert the former Frontier building in Rock Hill into a specialty hospital, as reported in the August 24, 2018 issue in the Democrat.

According to TCFD, the first floor of the building will be converted into an education academy, an expansion of the TCFD's existing school program.

The second floor will house a new children's specialty hospital and according to TCFD, “will be at the forefront of connecting research and innovation.”

The third floor of the Frontier building will be converted into a state of the art research institute for brain and body health, which will include partnering with leading national and international physicians.

The second reason TCFD is seeking a bond is to provide additional pediatric development in their programs.

The third reason for the bond will be to increase the adult residence program, as TCFD serves the needs of adults until they are 21.

According to Mosenson, TCFD tries to find a suitable homes for those individuals once they reach that age. Unfortunately, they have not been able to find homes for 18 people they serve due to the severity of their conditions.

“We have not been able to find acceptable adult placement for them. So we're going to develop a program for them so they can stay with us as adults,” said Mosenson.

TCFD will need to expand their residence program to accommodate those adults, pending approval from the state.

The TCFD is looking to build three housing units for those 18 adults.

They currently serve 164 pediatric individuals and 140 adults between the ages of 18 to 21.

According to Mosenson, once the individual reaches 21, most times, the families bring them back home or find a special needs facility nearby.

The SCFC's resolution states that the bond should not exceed $70 million, and if approved, $60.8 million will be tax-exempt, and $6.8 million will be taxable.

In a letter sent to SCFC, TCFD has consulted with Roosevelt and Cross as its investment bank and bond placement agent and will go out to the market place once the deal is approved.

According to the Chairman of the SCFC Ira Steingart, this is the first step in the process for TCFD securing a bond.

The next step would be for the Sullivan County Legislature to vote on the matter.