Utica, N.Y.-based Mohawk Valley Health System secured the last piece of funding to finance its $480 million expansion project, according to the Utica Observer-Dispatch.
The expansion calls for the construction of a 672,000-square-foot hospital, which will be built on a 25-acre campus in downtown Utica. The hospital has been proposed as a replacement for Mohawk Valley's two Utica-based campuses, St. Elizabeth and St. Luke's.
Most of the project will be funded by a $300 million state grant. The remainder will be financed by the $180 million loan, which hospital administrators say will be finalized in the next few weeks.
"We cannot take out a $180 million loan to build a $480 million hospital without a plan to make sure we can pay for it," Robert Scholefield, the health system's executive vice president said about repaying the loan, according to the Observer-Dispatch. "That's our commitment to the community. That's our commitment to our 487 employees. So yes, there is a plan."
The project is in the design phase, which will be wrapped up by October. Hospital administrators expect to break ground late next year.