GOODING, Idaho (News Release) — USDA Rural Development State Director Wally Hedrick is excited to announce the ribbon cutting ceremony for North Canyon Medical Center Medical Plaza on Monday, Dec. 19. The ceremony celebrates the completion of a 33,000-square-foot expansion to NCMC, funded by USDA Rural Development direct loans totaling $21,720,000.
USDA Rural Development provided low interest direct loans totaling $21,720,000 to Partners in Healthcare, Inc. to construct a 33,000-square-foot medical office building to provide staff and patients the full suite of medical services, including MRI, at one convenient location. The project also included, along with an owner cash injection of $2,425,000 and the issuance of Tax Exempt Bonds through the Idaho Health Facilities Authority of $15,000,000, the refinancing of the existing high interest NCMC indebtedness with HUD. “In essence the hospital is able to expand services and become more efficient in delivering programs to their service area and still increase cash flow from lower debt service payments – with yearly savings on the debt service including interest payments approaching $200,000,” stated Liz Geiger, Community Facilities Specialist.
Rural Development’s Community Facilities Programs offer Grants and Loans designed to develop or improve essential public services and facilities in communities across rural America. These programs help increase the competitiveness of rural communities in attracting and retaining businesses that provide employment and services for their residents. This event will highlight one of the many community projects Rural Development is proud to support in the state of Idaho.
For more information about Rural Development programs, visit www.rd.usda.gov/id.