|$16 MILLION WILL HELP RIVERWOOD HEALTHCARE EXPAND|
|, May 11, 2011
Tammye Trevino, the Administrator of USDA Rural Development’s Housing and Community Facilities programs, participated in a groundbreaking ceremony for a $21 million renovation and expansion project for Riverwood Healthcare Center in Aitkin, Minn. on May 11.
The expansion will result in improved healthcare services for the entire region. Perhaps just as importantly, the project will provide an economic boost through job creation and economic development opportunities created by modern healthcare facilities.
“Facilities like this one create jobs and bring economic development to rural areas,” Trevino said. “This will keep your community vibrant well into the future.”
Rural Development is providing a $12 million direct loan and a $4 million loan guarantee to finance the project. The loan guarantee is being provided through AgStar Rural Capital Network, which is part of Farm Credit Services. Other funding is being provided by the Riverwood Auxiliary and a $2.2 million capital campaign.
The 49,770-square-foot project will convert 14 semi-private patient rooms into 25 private rooms. It also will add space to integrate human resources, information technology and medical records staff. Another addition will add space for chemotherapy and other infusion medication therapies. Riverwood employs about 350 people.
Rural Development has invested in several healthcare facilities in Minnesota since 2009. Highlights include a $24 million expansion project for Community Memorial Hospital in Cloquet, a $10 million project for Northern Pines Medical Center in Aurora and a $16.5 million senior care center in Fergus Falls.
To learn more about Riverwood Healthcare, its value to the Aitkin community, and its expansion plans, visit http://www.riverwoodhealthcare.com/bettertogether/.