Minot, N.D.-based Trinity Health is one step closer to financing a new hospital and medical park.
Trinity Health in a news release said the Ward County Board of Commissioners gave the organization approval Tuesday to issue up to $63 million in healthcare revenue bonds for the project, which is slated to be built in southwest Minot.
The organization said the majority of the tax-exempt bonds will go toward refinancing existing debt, but part of the bonds will also help fund preliminary site preparation, construction planning and other preliminary project work.
In addition to this bond issuance, Trinity Health expects to seek a second bond issuance for the project. Funding for the project is also expected to come through operating funds and private philanthropy, according to Trinity Health President and CEO John Kutch.
"This [first bond issuance] is an opportunity to secure a lower interest rate on current debt prior to securing financing for the new hospital," he said. "Our priority is to be good stewards of our resources — to offer the best care for the best value, so it makes fiscal sense to take this approach."
Trinity Health noted a final price for the project remains unclear, as project refinements are in the works. A current construction estimate, which excludes other costs like equipment, is $275 million.