PPH Must Finance An Additional $74M
Palomar Pomerado must arrange financing for an additional $74 million (for a total of $1,057 million) in order to complete its new hospital. Major factor: the physical plant lease plan was not viable. Other factors: changes and proposed changes totaling about $30 million.
After raiding the funds originally allocated for a new patient tower at Pomerado Hospital, and raiding the funds for renovation of the downtown PMC hospital, PPH is still way short of funds. This is not a surprise to Informed Citizens. PPH had hidden this financing shortfall in plain sight using a purported plan to sell the physical plant for the new hospital and then leasing back its services. No takers were found for this ill-fated plan.
The following report is from 2009: "Yet pressures are also mounting at PPH. After learning the construction costs of its ambitious $773 million 'hospital of the future' in western Escondido had soared far above projections, the district's board was forced in recent months to slash nearly $30 million from the budget, with more cuts possible. Board members must decide whether to outsource a proposed $60 million energy plant to a private firm, . . ." NCTimes, May 28, 2009
In 2008, PPH claimed the lease plan was supposted to save $41 million. (see March 12, 2008)
esco1.blogspot.com/2008_03_01_archive.html
After raiding the funds originally allocated for a new patient tower at Pomerado Hospital, and raiding the funds for renovation of the downtown PMC hospital, PPH is still way short of funds. This is not a surprise to Informed Citizens. PPH had hidden this financing shortfall in plain sight using a purported plan to sell the physical plant for the new hospital and then leasing back its services. No takers were found for this ill-fated plan.
The following report is from 2009: "Yet pressures are also mounting at PPH. After learning the construction costs of its ambitious $773 million 'hospital of the future' in western Escondido had soared far above projections, the district's board was forced in recent months to slash nearly $30 million from the budget, with more cuts possible. Board members must decide whether to outsource a proposed $60 million energy plant to a private firm, . . ." NCTimes, May 28, 2009
In 2008, PPH claimed the lease plan was supposted to save $41 million. (see March 12, 2008)
esco1.blogspot.com/2008_03_01_archive.html
posted by Robroy at 3:20 PM
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