Novant requests $785M in tax-free bonds for new Charlotte area facilities, renovations
CHARLOTTE, N.C. (QUEEN CITY NEWS) — Mecklenburg County Commissioners are scheduled to hold a Tax Equity and Fiscal Responsibility (TEFRA) hearing on Tuesday as part of a proposal from Novant Health to borrow up to $785 million in tax-free bonds.
A TEFRA hearing is a federal requirement that allows the public to comment on a non-profit’s plan to take on tax-exempt debt.
Mecklenburg County would not be obligated to pay debt service on the bonds.
County documents show Novant plans to use up to $187 million to refund and refinance previous bonds from 2004 and 2013. But the bulk of the debt, close to $600 million, would be earmarked for construction and expansion projects. “The refunding of the 2004 and 2013 Bonds was included in the public hearing to give Novant Health the flexibility to pursue those refundings if desired,” Novant said.
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Novant built a new healthcare facility along Providence Road West in Ballantyne. That facility has 36 in-patient beds, three operating rooms, an emergency room, and imaging and lab facilities.
The company also says renovations are underway at the Matthews, Kernersville, and Forsyth locations.
Plans show they’ll also implement infrastructure upgrades at Medical Park Hospital in Winston-Salem. The bond would be issued by the National Finance Authority, a company based in New Hampshire.
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