The Sinai Health System won approval for $31 million in tax increment financing on Wednesday to help fund a massive renovation project at its hospitals on the south and west sides of the city.
The $100 million Sinai project includes an expansion and renovation of its outpatient care facilities, construction of a new 24-bed behavioral health unit and updates to patient rooms at Mount Sinai Hospital, making all of the rooms private.
The hospital system will renovate lab and radiology departments and dialysis facilities, and make power system upgrades.
At least a quarter of construction costs must be allocated to businesses owned by minorities, and 5 percent must go to women-owned businesses. The TIF money will come in annual installments over the next nine years, based on specific construction milestones.
“Sinai Health System is an anchor in our community, and I am pleased to see it get the support it needs to continue to thrive,” Ald. Jason Ervin, 28th, said in a statement. “Sinai offers access to top-notch health care close to home while also providing thousands of jobs for local residents.”
More Top Picks Best Vinyl Cutting Machines For Crafters
Twitter: @ellenjeanhirst