MetroHealth to borrow $1.25B for campus transformation

Cleveland-based MetroHealth System plans to borrow $1.25 billion to build a new hospital on its main campus, reported.

In 2022, the health system will relocate patients from its iconic round towers into the new facility, which will be connected to the recently opened Critical Care Pavilion, according to the report. The towers, built in the 1960s and 1970s, will likely be demolished.

Physicians, nurses and patients provided input for the design of the new patient rooms, which will include larger bathrooms and showers. The rooms will also be fitted to serve a wider variety of patient conditions.

The new building will be slightly taller than the current 12-story towers, but will have less square footage, at 650,000 square feet, compared with the current hospital's 1 million square feet.

Dr. Boutros said MetroHealth and County Council officials are discussing three options for funding the new hospital, according to the report:

1. Whether the county will raise a portion of the money.

2. Whether the county would give MetroHealth a credit enhancement to allow it to borrow at a lower rate.

3. Whether the county will help with the debt reserve fund.

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