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THOMPSON, NY-Concord Associates LP is receiving a $250 million loan from Union Labor Life Insurance Co. for the $1-billion Concord Resort here. Concord is part of a joint venture with Empire Resorts Inc. which is constructing the Concord-Empire Resorts Hotel-Casino. The Union Labor Life Insurance Co. is making this loan through its investment vehicle, Separate Account J, “J for Jobs,” which is purposed not only to deliver strong returns, but valuable financing solutions to union employers and the creation of new union jobs.

David Hanlon, CEO of Empire Resorts, says in a statement that this project will create 2000 permanent jobs to the residents of Sullivan County, as well as union construction jobs. Currently the project has been issued its foundation building permits and concrete work has begun for the new hotel and convention center.

The project calls for a 750-room hotel, 300,000 sf of commercial space, which is set aside for a casino, ballrooms, meeting rooms and retail entertainment. There are additional plans to build a 125-room Hotel and Spa, as well as reworking existing golf courses.

In early September, Concord Associates finalized an equity loan to meet the state’s $300 million requirement after Gov. Paterson and the state’s legislative leaders agreed on a tax rate revenue modification for racinos–combination raceway and casino.

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