Eric Murray: HUD Loan likely for construction of Granby Medical Campus
July 13, 2008
Representatives of Kremmling Memorial Hospital and The Grand County Rural Health Network turned to HUD [U.S. Department of Housing and Urban Development] for funding to help build the Granby Medical Campus.
Representatives of each local organization presented the Granby Medical Campus project including potential services, relative market studies and financial feasibility analysis to the HUD Hospital Division loan committee in Washington, D.C. earlier in June.
Shortly after their return to Grand County, a letter from HUD was received, encouraging the further pursuit and final application submission for a $19.5 million loan.
“HUD’s green-lighting us for the final application processes is a strong indicator that we will be approved for the guaranteed loan by the end of this year,” Bill Widener, CEO of Kremmling Memorial Hospital said. He explained that the presentation was a necessary step that assured HUD of Grand County’s need for greater healthcare access. The presentation also detailed financial feasibility projections that indicate sustainability of services and significant growth potential well into the future.
“HUD sees this project as an opportunity to provide dollars for rural medicine which is necessary for increased access to healthcare services as well as a financial boon to the community ” creating jobs, increasing patronage of local businesses and retaining health care dollars,” Widener said.
The HUD Loan guarantee will help to fund nearly $19.5 million of the total estimated $22 million cost. The remaining funds are expected to be from donations though a capital campaign and grants.
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The high likelihood of receiving this funding will help to keep the project on schedule. Land preparations are said to begin in late 2008/early 2009; building construction through 2009; and doors to open for service in 2010.
The Grand County Rural Health Network will be the owner of the Granby Medical Campus and Kremmling Memorial Hospital will be the majority tenant. Other tenants will supply services as well.
The plan for the Granby Medical Campus will be to have 24-hour emergency services, heli-pad and ambulance bay as well as overnight observation beds. It will also include expanded primary care and specialty clinics, outpatient surgery and imaging center with CT, ultrasound, mammography, bone density screening and potential MRI services. Mental health services, public health and home health services will also be provided.
“This HUD loan is a significant step in the development of Grand County healthcare as a whole,” said Widener, emphasizing that the Granby Medical Campus, once in operation and profitable, will provide the means to fulfill another goal for countywide health care ” the replacement hospital in Kremmling.
More information regarding the Granby Medical Campus can be found by visiting http://www.gcruralhealth.com