Hospital officials are waiting for potential revenues for a new hospital before any concrete plans can be made in securing a loan for a new facility, said Ron Danner, a board member with The Memorial Hospital.
Representative Alan Richman, with the hospital's financial consultant, Innovative Capital, from New York City, is charged with determining the amount of debt service the hospital can afford.
Results of that report, otherwise called a pro forma, are the first step in helping hospital officials determine what size of project is feasible.
"It's just one of the steps that we have to do after finding a site," Danner said.
"The next step is the financial part. It makes sense that we wouldn't want to build a building then realize don't have enough money."
TMH has been putting away about $60,000 for about a year to demonstrate its ability to pay off debt service, officials have said. The hospital has saved more than $1 million to put toward the project.
TMH has secured Architectural Nexus, from Salt Lake City, as its architect and will use representatives from Hammes Company, with headquarters in Wisconsin, as project manager.
Bids for construction contracts and other project needs will be sought after hospital plans have been ironed out, Danner said.
Board members decided the future hospital will be on a 15-acre parcel owned by Colorado Northwestern Community College. It is west of Shadow Mountain Village across Moffat County Road 7.