"I'm going to use a term that President Obama uses. ... We're shovel-ready," he said.In recent appearances before Dixie County and Gilchrist County commissioners, Schupp emphasized that the hospital's opening date is dependent on obtaining the necessary funding to begin construction.
The cost of construction is expected to reach $54 million, with $30 million being financed with a mix of tax-free and taxable bonds.
Dixie, Levy and Gilchrist counties would have to approve the bonding program.
Schupp emphasized that he still must secure about $14 million in equity, basically funding through private investors.
"I don't yet have everything finalized," Schupp said. "Best-case scenario will be that the financing will be in place by August. I don't have a crystal ball, but I would hope we could take our first patient in spring of 2011."
Schupp made a presentation outlining the project's finances to members of Enterprise Florida in May. The hospital was one of three projects under consideration by the organization devoted to statewide economic development.
The two-story Tri-County Hospital will be located immediately behind the Wal-Mart Supercenter on U.S. 19. When completed, it is expected to employ about 350 people and have an annual payroll of about $11.5 million.
Tri-County Hospital
Article 05-06-2009
By Jenna McKenna, Chiefland Citizen
Tri-County Hospital CEO Frank Schupp addressed
Chiefland Rotary last week with an update on the
status of the hospital. He cut to the chase with his
opening statement:
“With the economy the way it is, it’s a tough time
to try to raise $54 million.”
Schupp then emphasized that the project is “still
the priority for Enterprise Florida,” the
public-private partnership for economic development
that helping the project search for funding.
Schupp said that two weeks ago he was called to
Orlando to make a presentation on the project’s
finances to members of the enterprise group.
“I think it went well,” he said.
“I was supposed to be there an hour; I was there
three hours, their Washington D.C. attorney was on
the phone.”
Schupp said the group was still trying to discover
how economic stimulus funds would be distributed,
and noted that the hospital was one of three major
projects being considered in the state, along with
one in West Palm Beach and one in Pensacola.
“This is the only rural project, though, and it is
the one that will generate the most jobs,” he said.
Schupp said he had been working on fundraising
himself, with the help of some locals. Rotarian
Stoney Smith, he said, had been particularly helpful
in sharing his contacts. Schupp said with the
economy bringing time pressures, he also reached out
to legislators to try to buy time for the project.
“Before the legislative session, I talked with Sen.
Charlie Dean and told him we needed help,” he said.
“I told him we have about $1.7 million into the
project already, and we already have the land.”
Schupp said he asked Dean to introduce a bill that
would give the hospital project a 12-month extension
to meet its funding goals; he said Dean told him he
would work to get a 36-month extension. A bill
introduced in the House passed without opposition,
Schupp said, but was held up in the Senate by
“hostiles from outside the area who said they feared
other hospitals would piggyback on the bill.”
Schupp said a revised version passed through the
Senate the week before and was expected to pass the
House that day, and would then go to Gov. Charlie
Crist for his signature.
