PITTsburgh’s Pottstown Children’s Hospital is seeking $1.2bn in funding to upgrade its toxic property in Pittsburgh, US.
The hospital’s board of trustees unanimously approved the deal in a meeting held in Pittsburgh on Monday.
The board voted unanimously to approve the sale of the hospital’s property for $1,823m.
The deal was made by the Pittsburgh Board of Realtors (PBR) and is subject to a final agreement between the hospital and the PBR and the Pittsburgh City Council.
“The board has made the best of an extremely difficult situation,” PBR president Peter Folsom said in a statement.
“It’s not a great day for a community in the heart of Pittsburgh.”
The hospital will sell its property for about $1 billion, according to PBR, which expects to receive the proceeds within months.
The PBR said it expects to pay back the $1billion in cash.
It also plans to spend $100 million on infrastructure, such as upgrading the water supply and a new firefighting facility, it said.
It will also create 3,000 jobs, including at least 1,200 full-time jobs.
“We’ve had some difficult times with the recent financial crisis, and it’s an opportunity to put that behind us,” PBM president Mike Klimas said in the statement.
The Pittsburgh Hospital Board is expected to formally approve the deal at a board meeting on Wednesday.PBR is one of three hospitals in the US that are being investigated for potentially violating the Safe Drinking Water Act (SDWA) and the Toxic Substances Control Act (TSCA).
In March, PBM said it was investigating its facility in Allegheny County, Pennsylvania, for possible violations of the SDWA and TSCA.
The hospitals owners, which include two of the nation’s largest health care corporations, have repeatedly denied the allegations.