Union Hospital of Terre Haute administrators say they’re pleased to have secured the funding necessary for a planned 500,000 square foot addition to the hospital. The project also calls for a renovation of the existing facilities.
CEO David Doer says $176.5 million were raised via bond issue. He says the bonds sold within approximately 36 hours of their offering, at an average interest rate of five and three-quarter percent over repayment periods ranging from 20 to 40 years. He says the remaining funds necessary for the estimated $178 million project will come from private foundations and operational funds.
The bulk of the new facility straddling what is currently Seventh Street in Terre Haute will consist of 362 single-occupant patient rooms. Doerr says the trend in the industry has been toward private rooms for several years.
Doerr says there’s an extensive body of literature indicating that private patient rooms significantly help to mitigate in-hospital infections. Groundbreaking for the new construction is scheduled for September, and Doerr says that will have little impact on current hospital operations.
Construction is expected to take two years to complete.