Funding for New UCI Hospital Is OKd
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The University of California Board of Regents on Thursday approved a financing plan for a new hospital at UC Irvine, clearing the way for fund-raising and construction of the $365-million project to begin.
The move was expected after two regents committees approved the plan a day earlier.
Funding sources for the project include $235 million in state bonds and $17 million from medical center reserves. UCI has raised $10 million of its $50-million share.
The 221-bed hospital is expected to be completed in January 2008. The seven-story building will be constructed next to the five-story medical center in Orange. The old building will then be demolished.
The project became a necessity for UCI after the state mandated that hospitals meet tougher seismic safety standards by 2008. UCI officials decided it would be cheaper to build a new hospital than to retrofit the old one.
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