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Valley hospital close to finalizing deal for new facility

July 14, 2009

By Michael Rowe

 

By Michael Bayless Rowe
The Snoqualmie Valley Hospital District is getting closer to its goal of building a new hospital for the Valley. 
The hospital hopes to close on the purchase of eight acres for its new building on July 22. The hospital site is located in Snoqualmie near the Snoqualmie Parkway I-90 exit. The hospital district is purchasing the land for approximately $5 million. 
The funds for the land purchase come from $21 million in limited tax general obligation bonds that were sold June 14, and approved by the hospital board at a special meeting late last month. The bonds will be paid with the existing property tax revenue stream that supports the hospital district. The hospital district collects 35 cents per every $1,000 of assessed property. The district can collect up to 75 cents, but would have to get voter approval before raising taxes.
Hospital district CEO Rodger McCollum said that $15 million from the bond sale would be used to restructure the district’s short and long-term debts. The remaining funds from the bond sale will be used for the hospital design, permits and other costs.
After the land purchase, the hospital will continue with the design process for the new building. Construction is expected to start in spring 2010. The King County Department of Health will review the design and construction plans for the new facility.  
To finance the construction of the new hospital, the district has an agreement with the Snoqualmie Tribe to purchase the existing hospital on Ernie Wade Road adjacent to the tribe’s casino. The tribe has agreed to buy the old building and the 50-acre tract it sits on for $30 million. The tribe plans to convert the old hospital into a tribal health center. 
The new building is planned to be 65,000-70,000 square feet, which is more than twice the size of the existing hospital.

 

The Snoqualmie Valley Hospital District is getting closer to its goal of building a new hospital for the Valley. 

The hospital hopes to close on the purchase of eight acres for its new building on July 22. The hospital site is located in Snoqualmie near the Snoqualmie Parkway I-90 exit. The hospital district is purchasing the land for approximately $5 million. 

The funds for the land purchase come from $21 million in limited tax general obligation bonds that were sold June 14, and approved by the hospital board at a special meeting late last month. The bonds will be paid with the existing property tax revenue stream that supports the hospital district. The hospital district collects 35 cents per every $1,000 of assessed property. The district can collect up to 75 cents, but would have to get voter approval before raising taxes.

Hospital district CEO Rodger McCollum said that $15 million from the bond sale would be used to restructure the district’s short and long-term debts. The remaining funds from the bond sale will be used for the hospital design, permits and other costs.

After the land purchase, the hospital will continue with the design process for the new building. Construction is expected to start in spring 2010. The King County Department of Health will review the design and construction plans for the new facility.  

To finance the construction of the new hospital, the district has an agreement with the Snoqualmie Tribe to purchase the existing hospital on Ernie Wade Road adjacent to the tribe’s casino. The tribe has agreed to buy the old building and the 50-acre tract it sits on for $30 million. The tribe plans to convert the old hospital into a tribal health center. 

The new building is planned to be 65,000-70,000 square feet, which is more than twice the size of the existing hospital.

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Written by Michael Rowe · Filed Under Local News 

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