A South Dakota board has approved issuing up to $200 million in tax‑exempt bonds for Monument Health as the system pursues major expansions while competitor Sanford Health builds a new Rapid City hospital. This according to reporting from SD Searchlight.
The South Dakota Health and Educational Facilities Authority, which helps nonprofits access lower‑cost financing, authorized the package in December. The bonds do not use public tax dollars, and the state carries no responsibility for repayment.
Monument plans to use the funds for multiple Black Hills projects, including:
- Up to $100 million for renovations and expansions at Rapid City Hospital, including obstetrics, pediatrics, cardiovascular, and clinical areas.
- Up to $75 million for additions and upgrades at Monument Health Spearfish Hospital and clinic.
- Up to $30 million for a new emergency hospital on E. Mall Drive in Rapid City.
- Up to $30 million for improvements at the Orthopedic & Specialty Hospital in Rapid City.
Although the project list totals $275 million, borrowing is capped at $200 million to allow flexibility while limiting debt.
The approval follows the authority’s $1 billion bond package for Sanford Health projects earlier in the year and Sanford’s announcement of a $300 million gift to build a new 168‑bed Rapid City medical center.
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