The Public Finance Authority is assisting in financing a $700 million project with Moses H. Cone Memorial Hospital. According to the applicant, a portion of the proceeds will go toward buying a new medical office building at 709 Green Valley Road in Greensboro, N.C. and help pay for construction costs, renovation fees, and other necessary supplies and equipment for the benefit of the hospital and other healthcare facilities.
Moses H. Cone Memorial Hospital is a non-profit corporation based in North Carolina and is part of the Cone Health network. The Hospital notes on its website that it owns four acute care centers and two specialty hospitals in Guilford, Forsyth, Rockingham, Alamance, Randolph, Caswell and other surrounding areas in North Carolina. According to application material, the Cone Health network has “more than 100 locations, including five hospitals, six ambulatory care centers, three outpatient surgery centers, six urgent care centers, two retirement communities and more than 120 physician practices. ”
The hospital believes in the benefits it provides to its community and notes on its website that “since our inception, we’ve continued to stay true to our promise to serve our community by delivering exceptional, compassionate healthcare – a mission we continue to honor today.” In the application material, the hospital also states that “approval of the bonds won’t commit the taxpayers of Guilford County to repayment – instead, the bonds will be the obligation of the Cone Health system.”
PFA partners with local governments to assist in the financing of public benefit projects that create temporary and permanent jobs, affordable housing, community infrastructure and improve the overall quality of life in local communities. In 2021, the Public Finance Authority celebrated more than 10 years assisting in financing public benefit projects that provide local economic development, create jobs, produce state and local tax base, and meet needs of eligible borrowers which state or local issuing authorities may not be able to serve.
PFA was established by Local Government. For Local Government.™, in order to provide local governments and eligible private entities nationwide with access to low-cost, tax-exempt and other financing for projects that are important to the community and contain no risk to the taxpayer. PFA is jointly sponsored by the National Association of Counties, National League of Cities, Wisconsin Counties Association and League of Wisconsin Municipalities.