New Albany City Council on Sept. 4 is expected to consider issuing $9 million in bonds to build a 48,000-square-foot building – most of it a medical facility – at the southwest corner of Village Hall and Johnstown roads.
The Ohio State University likely would lease 35,000 square feet of the building for “clinical outpatient services, physicians and rehabilitation services in an effort to improve the health and lives of the community the project will serve,” according to university officials.
The Ohio State board of trustees is scheduled to vote Aug. 31 on a 20-year lease for the facility, with a provision for three lease extensions of five years.
According to the lease agreement, the lease payments and operating costs would be the responsibility of the Wexner Medical Center and be paid for by the operating revenue generated at the facility.
Lease payments and final terms have yet to be negotiated, according to the agreement.
New Albany spokesman Scott McAfee said the city would issue bonds to build the facility and the city would retain ownership of the building. It is anticipated that the lease payments could be used to repay the debt.
For more on this story, visit ThisWeekNews.com for updates or read the Sept. 6 edition of ThisWeek New Albany News.