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Cookeville council approves 50-50 joint venture, authorizes up to $25M in CRMC debt for new inpatient rehab hospital
Summary
The City of Cookeville approved a 50-50 joint venture between the Cookeville Regional Medical Center Authority and Encompass Health to build a 50-bed inpatient rehabilitation hospital estimated at $60 million; the council authorized CRMC to issue indebtedness not to exceed $25 million for CRMC's share.
The Cookeville City Council on Dec. 18 approved a 50-50 joint venture between the Cookeville Regional Medical Center Authority (CRMC) and Encompass Health Corporation to construct and operate a new 50-bed inpatient rehabilitation hospital. The council also authorized CRMC to issue up to $25,000,000 in indebtedness to finance CRMC's 50% share of the project.
CRMC representatives told the council the current inpatient rehab unit houses 20 beds, was built in the 1970s and that expanding to 50 beds would free acute-care capacity and modernize services. The facility's construction cost was estimated at…
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