|(JULY 13, 2013) STRONG PUBLIC AND PRIVATE PARTNERSHIPS MAKE UPCOMING EXPANSION OF FLOYD VALLEY HOSPITAL POSSIBLE|
|Nearly $16 Million Loan from USDA Being Combined with Local Funding to Assist Hospital in Le Mars|
|Le Mars, Iowa, Jul 13, 2013
@@Senator Tom Harkin was in Le Mars today to announce that a $15.75 million USDA Rural Development direct loan has been awarded to the City of Le Mars to assist Floyd Valley Hospital with the upcoming construction of a two-story addition, as well as extensive remodeling to the existing 25-bed facility.
The nearly $25 million project is an excellent example of the federal government working in collaboration with the local community and the private sector lending partners to help improve critical health care services and the quality of life in rural America.
Public and private funding for the project will include the $15.75 million USDA Rural Development Community Facilities direct loan to the City of Le Mars, $5.25 million from capital credit markets, $1.5 million in a local capital campaign, $990,000 in hospital equity contributions and $1.0 million from local option sales tax.
The critical-access facility was constructed in 1976 with additions and remodeling done in 1994, 2004 and 2007. This project will put surgical operating rooms and administrative offices on the upper level and move the family practice clinic into the lower level of the facility. It will include extensive remodeling of the current facility and the construction of a 44,560 square-foot addition.
The hospital serves communities in both Iowa and South Dakota and is affiliated with the Avera System of Sioux Falls, South Dakota. As the second largest employer in the City of Le Mars, Floyd Valley Hospital also plays a vital role in the local economy.
USDA Rural Development has 11 offices across the state to serve the 1.7 million Iowans living in rural communities and areas. Office locations include a State Office in Des Moines, along with Area Offices in Albia, Atlantic, Humboldt, Indianola, Iowa Falls, Le Mars, Mount Pleasant, Storm Lake, Tipton and Waverly.
Further information on programs available through USDA Rural Development is available by calling the Le Mars office at (712) 546-5149 Ext. 4 or by visiting the agency’s web site at www.rurdev.usda.gov/ia. This office serves communities, businesses and residents in Cherokee, Crawford, Ida, Lyon, Monona, O’Brien, Osceola, Plymouth, Sioux and Woodbury Counties.
USDA Rural Development is an equal opportunity lender with a variety of grant and direct and guaranteed loan programs for single and multi-family housing, community facilities, water and sewer development and business and industry programs.
This past year USDA Rural Development’s investment in Iowa helped create or retain more than 1,600 jobs, aided 2,400 families in buying their own homes and assisted more than 60 communities as they made improvements to their facilities, services and infrastructure.
President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities. USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Vilsack are committed to a smarter use of Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
USDA, through its Rural Development mission area, has a portfolio of programs designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.
USDA has made a concerted effort to deliver results for the American people, even as USDA implements sequestration – the across-the-board budget reductions mandated under terms of the Budget Control Act. USDA has already undertaken historic efforts since 2009 to save more than $828 million in taxpayer funds through targeted, common-sense budget reductions. These reductions have put USDA in a better position to carry out its mission, while implementing sequester budget reductions in a fair manner that causes as little disruption as possible.
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