A total of $12 million in equipment and renovations during the next 12 months is planned by Meadville Medical Center (MMC) at its Meadville and Titusville hospitals.
Members of the Crawford County Hospital Authority voted unanimously this week to approve MMC’s plan to borrow up to $6 million toward the project, according to John Swick, the authority’s attorney.
Commissioners need to approve the project as being within the public interest of the residents of the county in order for the hospital to have tax-exempt status for the borrowing, Swick told commissioners.
While approval is needed by both the authority and county government, neither would be held liable in the event of a default, Swick added.
Meadville Medical Center’s total capital expenditures are expected to be $12 million between now and June 30, 2024, the end of this fiscal year, René Suntay, MMC’s chief financial officer, told The Meadville Tribune. MMC has about $6 million in capital expenditure funds on hand and will borrow the other $6 million, The Meadville Tribune reports. Read more.
