Funded Project Profiles

Company:	Morris Hospital
Location:	Morris, Illinois
Amount of Bond:	$7,500,000
Interest Rate:	4.80% variable
Jobs:	474 jobs
Type of Project:	Not-for-Profit Health Services
Bond Issued:	June 2001
Project Overview
In June of 2001, the Authority Issued a $7,500,000 tax-exempt not for profit bond on behalf of the Morris Hospital. The Morris Hospital undertook a building and modernization project that will provide new 20,000 sq. ft. family birthing suites, an enhanced Intensive Care Unit, modernized medical surgical patient rooms and upgrade the existing structures. The Morris Hospital was founded in 1906 by four physicians in Morris. In 1910 the Hospital was moved to it’s current location. The facility is an 82 bed acute care facility and the only hospital in Grundy County. The hospital manages seven family health centers and employs 474 FTE jobs. The Hospital is located on an eight acres site with 135,079 sq ft of space. Additions and modernizations were added in 1969, 1978, 1980, 1985, 1986 and 1994. Affiliated companies include the Morris Hospital Foundation, an Illinois Not-for-profit company with ongoing fundraising programs. In March of 1999, the Morris Hospital entered into a Joint Operating Agreement with the Provena St. Joseph Hospital that allows the two hospitals to work collaboratively, but maintain each organizations unique identity.

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