By Ken Alltucker for The Arizona Republic
Banner Health is building a state-of-the-art teaching hospital at the former Good Samaritan Medical Center with the help of a $550M revenue-bond issue approved by Maricopa County.
The county Board of Supervisors on Wednesday authorized the new bond issue with little discussion. Under terms of the agreement, Banner Health is obligated to repay the bonds.
The revenue bonds will be used to finance $325M of the cost of the new 16-story patient tower now under construction at Banner University Medical Center Phoenix. The tower should be completed by October 2018.
The Phoenix project, when built out, will include 256 patient beds, a new emergency department and trauma center, operating rooms and lab space, according to bond documents.
Another $225M in bonds will pay to build, furnish and equip a nine-story tower at Banner University Medical Center in Tucson.
The two projects are part of Banner’s nearly $1B investment in clinics and new teaching-hospital towers in Tucson and Phoenix, and offices for managers and department leaders at the Tucson hospital tower.
Brenda Schaefer, Banner’s vice president and treasurer, said the Maricopa County-approved revenue bonds will allow the Phoenix-based health-care system to finance the projects with lower borrowing costs compared with other debt.
Read more at The Arizona Republic.
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