The health system, which includes a 17-bed critical access hospital, obtained the USDA Communities Facilities program funding with help from banking firm Lancaster Pollard, who managed the short-term financing because the federal loans cannot be used to fund construction.
The federal funding was structured as two $10 million tax-exempt revenue bonds and a $1 million taxable note, all priced at an effective annual rate of just more than 1 percent, according to the release. Manning will fund the remaining $3.8 million needed for the 62,000-square-foot replacement facility, which will house an emergency department, inpatient and outpatient services and Manning’s existing 13-bed chemical dependency treatment center, Manning Regional Healthcare Clinic and the West Central Iowa Healthcare Foundation in a one-story building.
The project is expected to be completed by 2014, according to the release.
More Articles on Hospital Financing:
Wood County Hospital Issues $54M in Bonds for Refunding, Cancer Center
A New FHA Section 242/223(f) Refinancing Program offers Hospitals Access to Low, Fixed Interest Rate Debt
Jefferson Community Health in Nebraska Obtains $5.8M in Funding for Renovations
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
