I am writing in response to a barb from "A Concerned Green County Citizen" that appeared in the Saturday, Nov. 28, edition of The Monroe Times. The writer expressed concerns about Monroe Clinic requesting, and the City of Monroe granting, "blight designation" for Clinic properties. The writer also implied that Monroe Clinic does not pay city property taxes. We would like to set the record straight on these matters.
First, it is important to note that these comments relate to the recent approval of tax-exempt bond financing for Monroe Clinic's Northwest Addition project. This financing provides the Clinic with a lower interest rate on borrowings of $65 million. This lower rate will help us control our costs over the next 30 years.
Second, legal counsel for the bondholders, Monroe Clinic and the City reviewed the definition of blight and determined the conditions had been met. Due to factors such as age, deterioration and obsolescence, Monroe Clinic's buildings constructed in the 1930s and 1950s must be replaced by a modern facility more suitable for patient care.
Third, we would like to correct "Concerned Citizen's" statement that an organization like the hospital that pays no city property tax should not benefit from this program. While Monroe Clinic is a nonprofit, Catholic health ministry, for 2008 we paid $495,685.34 in real estate taxes and $44,839.76 in personal property taxes, for a total of $540,525.10. This includes $403,378.33 in real estate taxes and $40,858.20 in property taxes, for a total of $444,236.53, to the City of Monroe.
Finally, we would like to add that according to Wisconsin Hospital Association calculations, Monroe Clinic's operations result in an economic benefit to the communities it serves of more than $200 million each year in employment income and revenues to businesses, many of which are local.
We are pleased that financing for Monroe Clinic's Northwest Addition project has moved forward and that construction is under way. We are confident your readers will see the benefits, both in terms of economic strength and community health and wellness, which Monroe Clinic's continued stability brings. We thank the community for its support.
First, it is important to note that these comments relate to the recent approval of tax-exempt bond financing for Monroe Clinic's Northwest Addition project. This financing provides the Clinic with a lower interest rate on borrowings of $65 million. This lower rate will help us control our costs over the next 30 years.
Second, legal counsel for the bondholders, Monroe Clinic and the City reviewed the definition of blight and determined the conditions had been met. Due to factors such as age, deterioration and obsolescence, Monroe Clinic's buildings constructed in the 1930s and 1950s must be replaced by a modern facility more suitable for patient care.
Third, we would like to correct "Concerned Citizen's" statement that an organization like the hospital that pays no city property tax should not benefit from this program. While Monroe Clinic is a nonprofit, Catholic health ministry, for 2008 we paid $495,685.34 in real estate taxes and $44,839.76 in personal property taxes, for a total of $540,525.10. This includes $403,378.33 in real estate taxes and $40,858.20 in property taxes, for a total of $444,236.53, to the City of Monroe.
Finally, we would like to add that according to Wisconsin Hospital Association calculations, Monroe Clinic's operations result in an economic benefit to the communities it serves of more than $200 million each year in employment income and revenues to businesses, many of which are local.
We are pleased that financing for Monroe Clinic's Northwest Addition project has moved forward and that construction is under way. We are confident your readers will see the benefits, both in terms of economic strength and community health and wellness, which Monroe Clinic's continued stability brings. We thank the community for its support.
