$42.8 million in funding to support continued development of Medical Education Research Campus
PROVO, Utah–(BUSINESS WIRE)–#CampusDevelopment—Noorda College of Osteopathic Medicine (proposed) (Noorda-COM) and Rocky Mountain University of Health Professions (RMUoHP) announced today the issuance of $42.8 million in Public Infrastructure District (PID) bonds for the development of a Medical Education Research Campus in Provo, Utah.
The PID bond issuance is the first in Utah since S.B. 228 was passed by the Utah Legislature in May of 2019. S.B. 228 allows the formation of a PID to finance public infrastructure for both new development and redevelopment projects across the State.
“The development of this Medical Education Research Campus will have a profound and positive economic impact on Utah County and the entire state and region,” said Dr. Richard P. Nielsen, founding president/CEO of both the proposed Noorda-COM and RMUoHP. “We are honored to be the first recipients of this funding in the State of Utah and believe it is a testament to our past success and our future promise to all Utahns.”
Upon completion, the development is planned to contain 400,000 square feet of medical education and research space including the proposed Noorda-COM and the affiliated campus of RMUoHP, a combined Noorda-COM and RMUoHP student union, and surgical/research space; 685,000 square feet of multi-family housing consisting of 685 units; and 234,000 square feet of parking structures consisting of 780 stalls.
Noorda-COM (proposed) has been approved to now accept medical student applications for its inaugural class to begin in August 2021. “This bond issuance and our ability to create infrastructure on the campus is important to recruiting students and building awareness with the communities of Utah,” said Dr. John Dougherty, founding dean of Noorda-COM (proposed). “The medical school’s goal is to attract the highest caliber students, including those local students who want to stay in Utah for their medical education.”
The bond issuance represents the first financing of its kind in the State of Utah and serves as a catalyst for the new medical school which will serve Utah Valley and the entire state and region. “We couldn’t be happier with the success of this bond transaction,” said John Nemelka, a board member of the proposed Noorda College of Osteopathic Medicine and economic specialist for the Medical Education and Research Campus project. “This financing lays the groundwork for an incredible project to take shape that will transform the medical field in the State of Utah.”
Noorda-COM and RMUoHP worked with D.A. Davidson & Co’s Special District Group to secure the bond funding.
About the proposed Noorda College of Osteopathic Medicine
The proposed Noorda College of Osteopathic Medicine is an independent and freestanding institution overseen by a governing Board of Trustees located in Provo, Utah. Its Doctor of Osteopathic Medicine program is designed to train outstanding future physicians. Its mission is to empower students with essential personal and professional skills to be competent, confident, and compassionate osteopathic physicians. The college has achieved Candidate with Rights to Recruit Status by the Commission on Osteopathic College Accreditation.
About Rocky Mountain University of Health Professions
Founded in 1998 and located in Provo, Utah, Rocky Mountain University of Health Professions (RMUoHP) is accredited by the Northwest Commission on Colleges and Universities, an institutional accrediting commission recognized by the Secretary of the U.S. Department of Education. RMUoHP offers high-quality, evidence-based, and outcomes-oriented healthcare programs. www.rm.edu
A. Cory Maloy