Photo: TheCatalyst31 / Wikimedia Commons, CC0
The Clarion City Council approved a resolution on Tuesday, Dec. 7, 2021, authorizing a hospital revenue note for Iowa Specialty Hospital.
The money was for the clinic Iowa Specialty was building in Webster City. Greg Polzin, the hospital’s chief financial officer, explained that the council had earlier approved a $4 million loan for the project. The hospital had drawn only $3 million at the time, and it was now asking for the remaining $1 million to cover additions it was planning.
Revenue notes issued through a city let a nonprofit hospital borrow at tax-exempt rates. The city acts as the conduit, and repayment comes from hospital revenue, not city taxes.
Iowa Specialty Hospital, based in Clarion with a second hospital in Belmond, has been one of the county’s largest employers.
Curt Hanneman writes for Clarion News Online.