MetroHealth Board of Trustees Unanimously Approves Sale of Bonds for Campus Transformation
The MetroHealth System Board of Trustees unanimously approved the issuance and sale of Hospital Revenue Bonds, Series 2017, to fund the System’s campus transformation. The vote occurred during a regular meeting of the Board on Wednesday, March 22.
MetroHealth will serve as self-issuer of up to a maximum of $1.3 billion of bonds, with an anticipated 40-year final maturity to fund all associated costs of the campus transformation.
Bank of America Merrill Lynch and J.P. Morgan Securities are co-lead underwriters for the sale of the bonds. Kaufman, Hall & Associates has acted as financial advisors for the campus transformation since 2015.
MetroHealth’s campus transformation includes significant construction projects on its 52-acre main campus, including the building of a new 12-story hospital building, 1200 -1500 car parking garage and central utility plant. Buildings will be demolished to make way for green space and internal roads, with additional plans to revitalize the West 25th Street corridor. The first phase of the project started in 2015 with the demolition of the Northcoast Behavioral Health Care Facility and the construction of the $82 million, two-story addition to the existing Critical Care Pavilion, which opened in July 2016.
The MetroHealth System is redefining health care by going beyond medical treatment to improve the foundations of community health and well-being: affordable housing, a cleaner environment, economic opportunity and access to fresh food, convenient transportation, legal help and other services. The system strives to become as good at preventing disease as it is at treating it.
The system’s more than 600 doctors, 1,700 nurses and 7,800 employees go to work each day with a mission of service, to their patients and to the community. As Cuyahoga County’s safety-net health system, MetroHealth plays an essential role in the region, caring for anyone and everyone, regardless of an ability to pay.
Founded in 1837, MetroHealth operates four hospitals, four emergency departments and more than 20 health centers and 40 additional sites throughout Cuyahoga County. The system serves more than 300,000 patients, two-thirds of whom are uninsured or covered by Medicare or Medicaid.
MetroHealth is home to Cuyahoga County’s most experienced Level I Adult Trauma Center, verified since 1992, and Ohio’s only adult and pediatric trauma and burn center.
As an academic medical center, MetroHealth is committed to research and to teaching and training tomorrow’s caregivers. Each active staff physician holds a faculty appointment at Case Western Reserve University School of Medicine. Its main campus hospital houses the Cleveland Metropolitan School District’s Lincoln-West School of Science & Health, the only high school in America located inside a hospital.
Knowing that good health is about much more than good medical care, MetroHealth has launched the Institute for H.O.P.E.™ (Health, Opportunity, Partnership, Empowerment), which uses a coordinated, collaborative and strategic approach to help patients with non-medical needs such as healthy food, stable housing and job training.
The MetroHealth Glick Center, a new 11-floor hospital, is under construction on the system’s main campus in Cleveland and is scheduled to welcome its first patients in October 2022. The billion-dollar project is the cornerstone of a wider neighborhood revitalization effort led by the system and its partners in the community.
For more information, visit metrohealth.org.