Cleveland-based MetroHealth System said in a news release it will use hospital revenue bonds to fund its campus transformation project following approval from board members.
As part of its transformation project, MetroHealth said it plans to construct a new 12-story hospital building, a parking garage with room for 1,200 to 1,500 cars and a 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 system added.
MetroHealth said it will serve as self-issuer of "up to a maximum of $1.3 billion of bonds" for the project.