Banner Health secures $550 million bond issue for new Phoenix, Tucson teaching hospitals

Banner-University Medical Center is building a new, $400 million, nine-story tower that will replace the 40-year-old hospital now in use at the center’s Tucson campus./ Shepley Bulfinch photo

The Arizona Republic

Banner Health is building a state-of-the-art teaching hospital at the former Good Samaritan Medical Center with the help of a $550 million revenue-bond issue approved this week by Maricopa County.

The county Board of Supervisors on Wednesday authorized the new bond issue with little discussion. Under terms of the agreement, Banner Health is obligated to repay the bonds.

The revenue bonds will be used to finance $325 million of the cost of the new 16-story patient tower now under construction at Banner University Medical Center Phoenix, located at 11th Street and McDowell Road in Phoenix. The tower should be completed by October 2018.

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