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updated: 7/26/2013 7:34 AM

U of I hospital in Chicago to get $85M upgrade

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Associated Press

The University of Illinois Medical Center in Chicago is getting an $85 million upgrade.

Trustees approved financing for the project Thursday during a meeting in Chicago. The board authorized up to $77 million in bonds. The plan is to upgrade electrical, mechanical and other infrastructure at the 33-year-old medical center.

A two-story addition also will be built to create a new lobby. The work is expected to be completed in 2017.

The board originally planned to approve a bond sale in January, but held off because of uncertainties about state bond ratings and an unexpected drop in Medicaid reimbursements from the state. Since then, the university has negotiated a new reimbursement rate that restores Medicaid revenue and bolsters the hospital's ability to finance the debt.

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