Milford Hospital To Benefit From MassDev. Money
Milford Regional Medical Center will buy a variety of medical equipment – including a surgical robot system – after securing a tax-exempt lease of more than $5 million from MassDevelopment.
MassDevelopment, the state’s finance and development agency, said the hospital will use the money - $5,036,000 – to also buy operating room and information technology equipment and nuclear cameras, as well as to upgrade a picture archiving and communications system.
“This financing will help Milford Regional Medical Center improve both its patient care and training of the next generation of physicians,” said MassDevelopment President and CEO Marty Jones. “Doctors, students, and patients will all benefit from these technological upgrades, and we’re pleased to partner with the Center as it streamlines and advances its services.”
MassDevelopment’s tax-exempt leases act essentially as installment loans. An investor – in this case, Bank of America Public Capital Corp. - lends money to the borrower to purchase equipment and complete related renovations, and the borrower agrees to make periodic fixed-rate payments. Generally, the borrower leases the equipment, then, at the end of the lease term, pays a nominal amount and assumes ownership of the equipment.
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