The South Dakota Health and Educational Facilities Authority (SDHEFA) has issued a $200 million bond package to enable Monument Health to expand and upgrade its facilities in Rapid City.
The authority’s public notice listed a total of $275 million being allocated for projects. However, the total amount of bonding cannot exceed the $200 million limit. The approval of the tax-exempt bonds enables Monument Health to borrow at a lower interest rate without paying additional taxes on the interested earned through the bonds. All funds will be used to reimburse expenses.
From the amount issued in December, up to $100 million has been slated to build, renovate, expand and equip the 920,000-square-foot Monument Health Rapid City Hospital facility. Actions facilitated through the bond will include renovating and expanding the obstetrics and pediatrics space, cardiovascular space, clinical space and installing essential equipment.
Another up-to-$75 million would cover costs associated with similar work at the Monument Health Spearfish Hospital and nearby clinical facility. The project would include new additions for the 140,000 square foot facility, including building additional space for perioperative services, expanding the emergency services and inpatient services space, medical offices to include additional physician clinic space and installing essential equipment.
The authority dedicated up to $30 million to build a new health-centric building in Rapid City. The project will erect a building or buildings covering 64,000 square feet. Plans include constructing an emergency service department, hospital, physician clinic space, related medical office space and installing equipment.
An amount not to exceed $30 million would be used to build, renovate and equip the 114,000-square-foot Monument Health Orthopedic and Specialty Hospital, as well as related medical facilities. The project will build and renovate inpatient and outpatient spaces within the hospital and clinic facilities. Additional work will involve ensuring all facilities are outfitted with the proper equipment.
As the remaining allocated denominations shrink, Monument Health would be provided with up to $10 million to build, expand, renovate and equip the 60,000-square-foot Monument Health Lead-Deadwood Hospital as well as its related clinic facilities. The project would build inpatient and outpatient spaces in the hospital and related facilities and install equipment.
The remaining funding will include allocating up to:
- $8 million to renovate and equip inpatient and outpatient spaces and install equipment at Monument Health Sturgis Hospital and related clinic facilities.
- $5 million to renovate and equip inpatient and outpatient spaces and install equipment at Monument Health Sturgis Hospital and related clinic facilities.
- $5 million to build and renovate medical office space and install equipment at the Monument Health Rapid City Clinic facility.
- $3 million to build additional clinic space and install equipment at the Monument Health Rapid Valley Clinic.
- $2 million to build additional physician clinic space and install equipment at the Monument Health Box Elder Clinic.
- $2 million to build and renovate the existing medical office space and install equipment at the Monument Health Neurology and Rehabilitation facility.
Photo by Pixabay
For more of the latest from the expansive government marketplace, check Government Market News daily for new stories, insights and profiles from public sector professionals. Check out our national contracting newsletter here.
