The hospital service district has committed to a $2 million escrow agreement with Universal and will finance the remaining $40 million with grants.
The hospital is expected to be rebuilt by late 2011, and is part of the city’s plan to restore healthcare facilities to eastern New Orleans following Hurricane Katrina.
Read the Times-Picayune report on the New Orleans Methodist Hospital purchase (note: this report is no longer available on the Times-Picayune website).
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