EYEWITNESS LOCAL NEWSHOSPITAL CONSTRUCTION FINANCING
from Eyewitness News Online
Nearly $32 Million In Financing Secured For New Boone Memorial Hospital, Clinic
Reported by: Jeff Morris
Web Producer: Jeff Morris
Reported: Oct. 3, 2012 5:36 PM EDT
Madison , Boone County , West Virginia
Nearly $32 million in federal financing has been secured to support the construction of a new hospital facility and clinic at Boone Memorial Hospital.
The U.S. Department of Agriculture Rural Development has approved a Community Facility Direct Loan of $31.8 million for the hospital to construct, equip and furnish 78,700 square feet of hospital facility and clinic space.
The funding was announced by U.S. Rep. Nick Rahall, D-W.Va., along with Sens. Jay Rockefeller and Joe Manchin, both D-W.Va.
“For almost five decades, Boone Memorial has helped serve the health needs of generations of families and I have been proud to work with them,” Rahall said. “This major financing is a needed shot in the arm for Boone Memorial, its dedicated workforce, and most importantly, the families they serve. Federal investments, like this, help raise the health and the quality of life for the entire region.”
New construction is needed because the current facility was designed for medical practice in the 1960s. The current facility would be extremely costly to renovate or remodel due to the method of construction. It is also extremely energy inefficient, lacks needed storage, has inadequate environmental controls and the safety and security systems do not meet new standards. The funds are expected to be drawn from USDA as needed, with the hospital paying only interest through the construction period. Total cost of the project is $34.3 million.
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