Catholic Health is seeking authority to issue up to $90 million worth of tax-exempt bonds to pay for construction of its new hospital in Lockport and projects at other hospitals in its system, The Buffalo News reports.
The lion’s share of the money will help finance the construction of the new Lockport Memorial Campus of Mount St. Mary’s Hospital.
When Catholic Health obtained state Health Department approval for the new hospital, the application envisioned a $37.9 million, 30-year bond issue at 4% annual interest as the largest part of the funding. But now the cost of the project again has been revised upward, this time from $66 million to $73 million, and the bond issue would pay $59.9 million toward it, according to the company’s application to the Niagara County Industrial Development Agency. Read more.
