A new hospital was a necessity and we had to seize the moment. While our hospital was profitable, InnoVative Capital advised our Board that due to the cost of our project TMH required additional revenue sources to afford our loan and meet HUD’s underwriting standards. In coordination with our bankers at InnoVative Capital, a tax initiative to supplement the financial operations of TMH was undertaken. With their help, our voters approved a dedicated hospital mil tax for a term of 40 years, which forecasts additional revenue of $1.5 million per annum for TMH. The financial security provided by this tax was the key in obtaining HUD’s approval of our FHA 242 mortgage insurance application.
