posted July 2, 2008
) |
“This is the culmination of many months of planning and we are very excited to be at this point,” said Charles Stewart, president and CEO. “Bids have been accepted for the lobby project, and we are expecting our first shipment of supplies today. Plans are also being finalized for the next phases of renovation.”
A $35.5 million tax-exempt bond issuance was completed on May 27 and an additional $12 million tax exempt lease line will soon be complete allowing the medical center to acquire several upgrades in technology and equipment. Hospital officials made the original announcement in February of their initial plans and have been working with Regions Bank and Morgan Keegan to secure the bonds and lease line.
This is the largest bond issuance that the hospital has been involved with in the history of Hutcheson.
Refinancing of current debt, a major renovation of the main hospital campus and the purchase of new equipment is included in this refinancing process.
The Hutcheson Health Foundation is assisting with funding of the project with a $516,000 donation. The Hutcheson Auxiliary has also pledged support of $40,000 for furniture replacement.
"We expect this first phase of the renovation which includes the main lobby and surrounding areas, to be completed around the end of August,” said Mr. Stewart. “Renovations will continue into common areas and patient rooms over the next year. In addition to the renovation, all new patient room furniture and seating in the waiting rooms will be purchased.”
With the tax-exempt lease line, the hospital plans to purchase several new pieces of high tech equipment including a CT scanner, an MRI, equipment for a new cardiac catheterization lab and patient monitoring equipment.
“We currently provide all of the diagnostic equipment available, but this is an area that is constantly changing with new technology. This financing program will allow us to provide the newest, most advanced services available to our patients,” said Mr. Stewart.
The hospital does not expect the financing plan to have any impact on the current charge structure.
“The bond issuance and lease line, an improving bottom line, a dedicated and loyal staff, excellent physicians and our solid growth plans for the future are a reflection of ‘the new Hutcheson’ that is taking shape,” said Mr. Stewart. “Hutcheson is fulfilling its mission of serving as a true community hospital.
“This is by far the biggest news for Hutcheson in about 15 years. This is an exciting time, and we‘re glad to bring these improvements to the community,” he added.
| Dining Out | Business | Movies | Focus | About Us |
| Church | Living Well | Memories | Outdoors | Real Estate | Student Scene | Travel |