Dominican Village, the not-for-profit assisted living community in Amityville, will refinance an $18 million bond issue from the late 1990s in a move to lower operating costs.
The refinance will be done through a local development corporation whose board members, taken from the Babylon Town Industrial Development Agency, were appointed at Monday’s Town Board meeting.
The move does not use any taxpayer dollars, said Robert Stricoff, Babylon IDA chief.
Dominican Village is sponsored by the Sisters of St. Dominic. The original bonds funded construction and improvements to the 150-unit facility, Stricoff said.