A cost sharing agreement has been reached between the province and the Cariboo Chilcotin Regional Hospital District.
Out of a forecasted total cost of $366.5 million for the redevelopment of the Cariboo Memorial Hospital, the hospital district will cover 30% resulting in a maximum payment of $109.96 million.
Originally planned to cover 40%, the district is now seeing savings in as much as $36.65 million, and has predicted that a debt will not be required.
Although the use of $52.3 million in capital reserves will be used to fund a majority of the cost, the remaining funding will be generated through property tax to avoid a debt.
Property taxes have increased to a total of $75 per $100,000 in assessed value and is expected to generate $82.96 million over the next 6 years.
Redevelopment of the Cariboo Memorial Hospital will see the addition of 3 storeys, a basement, and 25 in patient beds.
Phase 1 work is expected to start in spring of this year to construct the additional building and finish by fall 2026, while phase 2 will focus on redeveloping the building and start in fall of 2026.
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