Spano: ULLIC Underwrites $250 Million of Cappelli’s Concord Resort Project
Yonkers, NY -- Assemblyman Mike Spano (D-C-WF, Yonkers), as a member of the New York State Assembly Racing and Wagering Committee, applauds the Union Labor Life Insurance Company’s decision, through “J for Jobs,” to commit $250 million to the $1 billion redevelopment project of the historic Concord Resort. Their generous support of the project makes a significant contribution to the completion of Phase I in this Renaissance Project.
“J for Jobs” was created by Union Labor Life Insurance Company in 1977 with the intention of generating favorable risk-adjusted returns for investors and establishing work for unionized workers. It is responsible for partnering with Labor in tough economic times to create initiatives.
The Concord-Empire Resorts Hotel and Casino will be built on the historic 150-acre site where the Concord Hotel once stood in Kiamesha Lake, New York, located in Sullivan County. Phase I, made possible in part to the Union Labor Life Insurance Company’s funding, and will include the relocation and rebuilding on the Monticello Harness Racing Facility within the 150-acre site.
When all phases are completed, the Concord Resort reconstruction will prove to be the largest project, outside of Manhattan, ever in The State of New York. The project is not just historic due to its magnitude, but also its timing in this unprecedented economic downturn and its job creation potential. Managing Member of the Concord Associates, LP, Cappelli Enterprises, expect to employ 2,000 union construction workers and over 1,900 permanent union hotel and restaurant workers by the time construction concludes.
“In these tough economic times, this project will not only help to revive a county, but provide an undoubted boost to New York State’s economy. Union Labor Life Insurance Company along with Cappelli Enterprises should be proud of the labor movement and positive impact that their involvement with the project is making in New York,” Assemblyman Spano stated.
SOURCE: Office of Assemblyman Mike Spano