As anticipated late last year
, the MetroHealth System board of trustees has approved the issuance of up to $1.3 billion in revenue bonds to finance a massive hospital campus transformation.
The board voted unanimously at its regularly scheduled Wednesday meeting. Though other financial arrangements had been considered, MetroHealth CEO Akram Boutros told Scene
in November that seeking financing on the hospital system's own credit — as opposed to the county's, say — would lead to the "most efficient transformation."
In current plans, a brand-new medical campus on the MetroHealth footprint along W. 25th Street will open in 2022. According to a press release, the transformation will include a new 12-story hospital building, a 1200 -1500 car parking garage and a central utility plant.
"Buildings will be demolished to make way for green space and internal roads," the release read, "with additional plans to revitalize the West 25th Street corridor."
The bonds will take 40 years to pay off. They'll be underwritten by our dear friends at Bank of America, Merrill Lynch and J.P. Morgan Securities.
Contact Senior Writer Sam Allard: sallard at clevescene dot com / @SceneSallard / (216) 802-7282.