North Shore Hospital discusses potential financing for future renovation

AgStar Financial Services employees Bob Madsen and Aaron Knewtson met with the Cook County North Shore Hospital Board on Thursday, January 23 to discuss ways to possibly finance renovation of the hospital and care center.

Over the last year the hospital board has been contemplating upgrading the care center and organizing the space in the hospital to more useful and hopefully more profitable purposes.

Hospital Administrator Kimber Wralstaad said, “Everything is in very preliminary stages right now. There are no schematic designs or set plans. We are looking at spending about $20 million, but we have many questions that need to be answered first before the board can make any decision.”

The hospital board has met with two architectural firms and will talk to them again at their next meeting to select one to make preliminary drawings of possible changes.

Before any further action can take place Wraalstad will have to complete a U.S. Department of Agriculture pre-application and submit it to the USDA. Madsen told the board that AgStar can assist with the USDA application process at no charge.

Wraalstad said another preliminary step—if the board continues to proceed—is to hire a CPA firm to conduct what is called an Examined Forecast at a cost of $35,000 to $40,000. This document, said Wraalstad, will give them an idea if it is feasible or prudent to go forward.

After the AgStar representatives left, there was discussion about whether or not to continue working with them on funding for a possible hospital renovation. After that discussion, the board gave its approval for Wraaalstad to move forward with the process.