Groundbreaking on $23.5M project expected in spring
Matthew Bieniek Cumberland Times-News
OAKLAND — If bills introduced by Garrett County legislators become law, financing for expansion of Garrett County Memorial Hospital will be available at a lower interest rate than that obtainable by the hospital going it alone.
The legislation, sponsored by Sen. George Edwards and Delegate Wendell Beitzel, will allow county commissioners to borrow up to $15 million on behalf of the hospital by issuing bonds.
The county won’t be paying on the bonds though, said County Administrator Monty Pagenhardt.
The bank will pay bondholders directly.
“The hospital will pay back the entire amount,” Pagenhardt said.
The county will act as a conduit for the funding, allowing the loan to be “bank qualified” and backed by the full faith and credit of Garrett County, resulting in a lower interest rate.
“The county would be arranging for the financing of those bonds and, through the county, they could get the bonds at a much cheaper rate,” said Beitzel.
The hospital project includes a new four-story addition to the existing hospital with a focus on improvements to in-patient units and an additional 42,000 square feet of major renovations.
The total cost of the project is $23.5 million and includes a $15 million request from the county and $8.5 million in cash contributions and fundraising, hospital officials have said.
Groundbreaking is expected in the spring.
Garrett County requires the approval of the General Assembly to borrow large sums.
The money being borrowed for the hospital does not affect a separate bond authorization available to the county, said Pagenhardt.
Hearings on the bills are scheduled before the Senate Budget and Taxation Committee on Feb. 13 at 1 p.m. and before the House Appropriations committee on Feb. 12 at 1 p.m.
The hospital also continues to pay off two other bonds, one from 2004 in the amount of $1.4 million and one from 2007 in the amount of $3 million, Pagenhardt said. Those bonds also funded hospital improvements.
Contact Matthew Bieniek at mbieniek@times-news.com. Staff Writer Elaine Blaisdell also contributed to this story.
Comments
comments
Published by
Jay Ferguson
Who I Am
My name is Jay Ferguson, and I am a lifelong resident of the Deep Creek Lake area. I am also co-owner of the real estate side of Taylor Made. I have been in the real estate business for 21+ years now and I LOVE what I do! I have to say, my career really took off when I co-founded the real estate side of Taylor Made in 2014. Its been an amazing experience, building a real estate company from the ground up and achieving so much so quickly! In August 2016, we purchased Long & Foster Real Estate Deep Creek, where I had started my career in 2000. In 2018, we on-boarded virtually every agent from Coldwell Banker Deep Creek Realty as they closed up shop and the real estate family grew even more! We now have over 40 sales agents and have expanded to West Virginia and Pennsylvania, as well. Taylor Made is the #1 vacation rental company at Deep Creek with over 475 vacation rental homes, and over one hundred thousand yearly visitors. Its amazing what we have accomplished using the principles of honesty, teamwork and customer service!
Personally, my wife Jessica and I enjoy traveling and especially spending time in the outdoors, hiking and exploring the many diverse areas that Garrett County is naturally blessed with. We have raised two wonderful children here, Kayleah (22) and Noah (13). In the summer, we love spending time on the water with friends & family and enjoying the lake life! We are both active in our church, our community & local school activities, and we fill our schedule with plenty of volunteer efforts. I currently serve on the board of directors for Habitat for Humanity. I am proud to say that I was named Deep Creek Time’s Favorite ‘Community Champion’ in 2019. I was also named Garrett County Realtor of the Year in 2018-19, as well.
I really enjoy promoting my hometown. I am very proud of the resort area that has developed over my lifetime and look forward to growing the area even more! Deep Creek Lake has been described as ‘The Lake Tahoe of the east', and I think that speaks volumes about the potential to own property here! Deep Creek Lake isn't really a town or city by itself; it's comprised of three towns: Oakland, Swanton & McHenry, Maryland. I am very passionate about my hometown and am impressed with how many people know about it as we travel around the country. Deep Creek Lake is an amazing place to visit and even better place to live! During the pandemic in 2020, our market exploded and more and more people left their primary residence in the city to live here permanently. With distance learning in schools and tele-commuting becoming the ‘norm’, many more people were drawn to the area to ‘live where they love to play’.
Why You Want Me Working for You: In addition to being an owner, I am consistently one of the top-producing agents in the entire area and the Associate Broker of record for Taylor-Made Deep Creek Vacations & Sales. I have 21+ years of experience and I am a problem solver. There aren’t many situations that I have not encountered and I have a strategy for almost every scenario that you may encounter. I
have extensively trained in all areas of real estate & emerging technologies, and also have trained as an appraiser, as well as served as a full-time Broker. I have a strong knowledge of the industry, as well as many trusted local contacts & affiliations that allow me to perform at a very high level and deliver results. I have a great deal of respect for my peers in this industry and have strong working relationships that I would love to put to work for you.
Call me to discuss your situation - I know I can be of great service to you & others you care about!
Honesty. Integrity. Results.
View all posts by Jay Ferguson
