The Maricopa County Special Health Care District Board approved the bond sale in September. The bond’s subsequent pricing and high investment grade ratings was received well by investors on October 11. The transaction closes October 30, 2018.
Maricopa County Special Health Care District board member Mark Dewane said MIHS’s “strong bond ratings translate to savings for taxpayers” for this voter approved project. Fitch has assigned the bonds an AAA rating and Moody’s gave them an Aa3 rating.
The bond sale will fund projects approved by voters in 2014 under Proposition 480, which authorized a $935 million bond to replace Maricopa Medical center, create a new behavioral health hospital and renovate outpatient health facilities and clinics. Susan Gerard, chairman of the Maricopa County Special Health Care District Board of Directors, said its money well spent,
Since Maricopa County voters overwhelmingly approved Proposition 480 in 2014, our focus has been providing state of art facilities and technology for our patients, physicians, employees and volunteers.
The recent bond sale will fund:
- Initial phases of construction of a new hospital at 24th Street and Roosevelt, with capacity for 236 patient rooms and shelled space for future growth. The new tower will replace Maricopa Medical Center, which opened in 1971.
- Equipping and renovating the Maryvale Hospital to provide for 198 behavioral health inpatient beds and a 30-bay emergency department.
- Renovation of the Behavioral Health Annex at MIHS’s Roosevelt campus.
- Construction of seven new ambulatory facilities and renovation of three outpatient facilities located throughout Maricopa County to improve access to MIHS’s services.
Kitchell Corporation was chosen as the construction manager at risk for the main hospital and the central utility plant. The first phase of the transformation project began in January 2018 with the groundbreaking for the West Valley Primary and Specialty Care Center in Peoria. Construction has begun on this major outpatient facility, and construction is expected to be completed in 2020.
Read more from the MIHS press release