LOWELL | The Town Council has given final approval to the issuance of economic development bonds for a new Franciscan St. Anthony Health clinic.
The maximum $580,000 bond issue would be funneled through Lowell but poses no risk to the town and its taxpayers.
On the recommendation of financial consultant Greg Guerretaz of Financial Solutions Group, the council approved a 5 percent interest rate on the bonds. That rate is lower than the 7 percent requested by John Wilson on behalf of HSR Chicago, the project's developer.
Wilson said interest rates were at 7 percent at the time HSR Chicago began planning the development, which is projected to cost $4.6 million.
The bond issue is needed to cover the extension of utilities to the 20-acre parcel on the town's far east end. The medical center will be developed in increments. The first phase will be constructed with Franciscan St. Anthony Health as its sole tenant, Wilson said.
As approved last month, the council agreed to a 22-year term for the bond issue rather than the more common 20 years to accommodate HSR's needs.
Construction is not expected until spring.
The project is expected to provide 40 construction jobs and up to six permanent jobs once the medical center is in operation.