Crawford County Hospital Authority voted to allow MMC to refinance the institute with a tax-exempt loan of up to $6.85 million for nine years through First Niagara Bank. MMC currently has a $10 million, 15-year loan from 2006 with a variable interest rate with First Niagara. The $6.85 million figure is the balance from this original $10 million loan.
While the current interest rate on MMC’s loan is 1.99 percent, the hospital expects rates to rise in the future, and aims to get a fixed interest rate to avoid high costs, according to the report. The current interest rate on a fixed loan is approximately 2 to 2.05 percent.
The hospital expects to complete the refinancing by late July or early August.
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