JPS Health Network details $1.5B expansion and renovation plans. Here’s the timeline

JPS Health Network will receive the proceeds of its first $450 million worth of bonds at the end of March, according to an official statement filed with a federal oversight board.

This is the first group of bonds that the county hospital district has sold since voters approved an $800 million bond in 2018. The proceeds will fund the first half of the hospital’s renovation and expansion projects.

The average interest rate on the bonds is 4.4%, JPS spokeswoman Jessica Virnoche said in an emailed statement.

Virnoche declined a request from the Star-Telegram to interview JPS staff or executives about the bond in greater detail.

Proceeds from this first batch of bonds will pay for a standalone medical clinic, known as a medical home, a medical office building and ambulatory surgery center, a parking garage, a central utility plant, and other updates. The proceeds will also fund a psychiatric emergency center, one of the county hospital’s most pressing needs.

JPS is the only hospital in Tarrant County to operate a psychiatric emergency center, specifically designed for patients experiencing psychiatric or substance use disorder crises. In all, the first phase is expected to cost $635 million, according to the district’s rating report from the Kroll Bond Rating Agency, and will be financed by the bonds plus another $185 million in operating cash. These projects will be completed between 2025 and 2027, according to the report.