Local share of financing lands at $50M
The estimated amount for the local share of financing required to build a new hospital in Ontario evolves over the lifespan of the project and becomes more accurate as detailed planning work is completed.
The target is initially set at 30 per cent of the total project budget, as defined by the Government of Ontario. For the new West Lincoln Memorial Hospital (WLMH), this initial target was 30 per cent of an estimated $200M project budget, or $60M. This amount is then refined throughout the planning process as detailed cost estimates are completed.
For example, by Stage 3, the planning team knows with greater certainty the exact size and scope of the project, its estimated completion time and how much of the existing furniture, fixtures and equipment (FF&E) will be transferrable to the new building. Opportunities to transfer FF&E versus buying completely new can make a significant impact to the local share of financing.
Based on the detailed cost estimates recently completed during Stage 3 planning, the estimated local share of financing required for the WLMH rebuild project has been reduced to $50 million. This is approximately 20-25 per cent of the total project cost, which is lower than originally estimated.
The West Lincoln Memorial Hospital Foundation’s Take it to the Finish…Building a Healthy Community campaign is underway to achieve the local share community need. Find out how you can be part of the new WLMH’s future by generously supporting the campaign.