Costs Rise, Bonds Delayed

Kelemen, Jasmina
December 2004
Bond Buyer;12/17/2004, Vol. 350 Issue 32032, p1
Trade Publication
This article reports that slowed over the years by public bickering and legal challenges, the effort to replace San Francisco's aging Laguna Honda hospital has run up against its toughest obstacle yet--skyrocketing construction costs--indefinitely delaying the first issuance of a $299 million bond authorization that voters approved in 1999. Laguna Honda, a long-term care center, is struggling to get its $400 million project off the ground and meet deadlines established by the state to seismically retrofit its facilities and modernize its floor plans to provide its patients greater privacy. The hospital is one example of a proposed bond-financed project that has been delayed due to soaring costs for raw materials.


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