HomeMy WebLinkAboutC.054.93008_00864073
"The current planning efforts, that we are in the midst of,
started in 1976. We initiated county -wide comprehensive health
care planning that resulted in the Iredell County Area Health
Planning Group, with representatives from the City of Statesville,
City of Mooresville, Troutman, and Harmony, the Chambers of
Commerce of Mooresville and Statesville, officials from the
three hospitals located in the county, the mental health and public
health board, and the county commissioners.
"This Iredell Area Health Planning Group produced a two -volume
study known as the Hamilton Report. That study plus three
financial feasibility studies by Ernst and Whinney, and year-long
planning with architects and building consultants prepare us to
approach you at this time. We need $14,050,000 authorized through
a general obligation bond referendum. We need to borrow this
amount, and general obligation bonds provide the least expensive
method of borrowing this money for this purpose. We pledge to
pay the money back --the principal and the interest. We will
contract with the county to pay the money back out of future patient
revenues in order to avoid any increase in taxes, unless through
unforeseen circumstances the hospitals are unable to keep this
commitment. This would allow us to finance this project in the same
manner as any private enterprise except by using the county's
credit, we would have much less interest to pay.
"With this $14,050,000 plus the $5,000,000 that we plan to
contribute, and approximately $1 million grant we expect from a
foundation, and the interest earned on the proceeds of these bonds
^� during construction, we will be able to add a new building of approxi-
mately 110,000 square feet.