California’s Community Memorial Obtains Bonds, Land for $320M Project

Ventura, Calif.-based Community Memorial Health System’s construction plans are moving forward after the city council agreed to issue $390 million in tax-exempt municipal bonds and to give the system land for the site in exchange for a nearby lot owned by the system, according to a Ventura County Star report.

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CMHS is planning to build a $320 million replacement hospital next to the existing Community Memorial Hospital in Ventura. The new facility will feature 252 private rooms, 10 surgical theaters and 10 more critical care beds than the current hospital.

The city’s exchange of a 45,000-square-foot parcel for a 19,000-square-foot lot will allow the hospital to obtain the full site control it needs to begin construction.

The project could be completed within four years.

Read the Ventura County Star report on Community Memorial Health System.

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