Muskingum County Commissioners pass a resolution to issue bonds for Genesis Healthcare.
By going through the commissioners Genesis will be able to sell tax exempt bonds to fund building of their new medical facility on the current Bethesda Campus.
Genesis CEO Matt Perry said they anticipate issuing around $300 million in bonds. They’ll be paid back by Genesis not the county.
"This is an absolute must have investment for Genesis and our medical community to be sustainable under the long term," explained Perry. "It enables us to have a 30 year facility. We’ll have a state of the art facility that is as good as you can find anywhere."
Perry said the difference in interest rates between taxable and non taxable bonds will also save the healthcare system money. It will also lower the amount of money the hospital will need to borrow to build their new facility.
"We have a lot of duplication now," said Perry. We have two emergency departments, two cafeterias. It’s going to make for a much better patient experience as well as a lot more efficient to operate too."
Perry expects to start issuing bonds in the next four weeks. Genesis Healthcare expects to spend $40 million for equipment and $35 in upgrades and construction. They’ll also build a free standing cancer center.