JPS Health Network sold its first group of bonds on Tuesday, February 28, at a 4.4 percent average interest rate. The proceeds from the $450 million worth of bonds were received on March 28 and will fund Phase I of the $1.5 Billion JPS Bond Program’s project plan for the expansion and renovation to modernize the JPS Main Campus.
Phase I of the project is projected to cost $635 million. This will be funded with the $450 million of bonds and $185 million in operating cash. This phase will include the new psychiatric emergency center, medical home, medical office building and ambulatory surgery center, parking garage, central utility plant, and transitional parking. Phase I projects will be completed between 2025 and 2027.
The expansion plan is already moving at full speed. Groundbreaking ceremonies were held for two of the projects that will impact how JPS provides care for its patients. The first groundbreaking was for the $80 million, bond-funded Psychiatric Emergency Center (PEC), the only PEC serving the Tarrant County community. This facility will allow patients experiencing psychiatric or substance abuse issues increased access to mental health resources. The second groundbreaking was held in December 2022 for Medical Home Southwest Tarrant. The $37 million bond-funded project will allow the Southwest Tarrant County patient population to access care in their community.
The second phase of the JPS Bond Program is projected to cost $876 million. This phase will include the remaining project of the program which is the new inpatient towers.
JPS will sell the second group of bonds, $350 million, in late 2026 or early 2027. The remaining balance will be paid for with $526 million in cash.
The project is expected to provide a more accessible Main Campus and better meet the needs of patients and families in our Tarrant County community, who are at the forefront of our care.
The JPS Bond Program is moving forward quickly. Be sure to stay up-to-date on all the latest news at Yes to JPS.