TMH loan closes; 2009 opening anticipated
December 19, 2008
Craig — Administrators from The Memorial Hospital returned Wednesday night to Craig with a holiday gift from the federal government.
That is a finalized, closed financing package worth $40.3 million from the U.S. Department of Housing and Urban Development for a new facility.
The new hospital comes with a $42.6 million price tag. TMH already has paid the difference on the building.
“It’s a credit to our community, the (hospital) board and all invested in this project that we were able to do this with the government at a time you can’t get financing anywhere,” said George Rohrich, TMH chief executive officer.
Rohrich and Barry Bergman, TMH chief financial officer, spent two days in Denver wrangling out final details of the agreement with HUD. The deal officially closed at 5 p.m. Wednesday.
It was no surprise the deal went through for TMH officials, who have worked since August 2007 on planning for the new facility. HUD notified TMH in October that it would guarantee the loan.
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Moffat County voters approved funds for the new hospital in November 2007, and HUD essentially is acting as loan co-signer.
“Shockingly anti-climatic,” Bergman said about the deal coming to a finish Wednesday.
“We were always confident that this would happen,” Rohrich said.
As for the new hospital itself, TMH officials said work is progressing.
A year of site work took place before work began on the building in October.
Workers from the construction company, Robins & Morton, are expected to work through the winter on the project.
TMH anticipates moving into and opening the new facility, located on a 15-acre site west of town on Colorado Highway 13, about this time next year.
“Literally, a year from this month,” Rohrich said.
The new hospital will include 25 in-patient rooms, an expanded surgical and diagnostic suite, and centrally located pharmacy and laboratory services, among other features.
All told, it will entail about 80,000 square feet.