Residents May Soon Be Able To Invest In Children’s Hospital

by Stephanie Valle, ABC-7 News Reporter

El Paso, TX – If you want to invest in the El Paso Children’s Hospital, you’ll soon have the opportunity.

Thomason Hospital CEO Jim Valenti asked the commissioners court to approve the issuance of children’s hospital bonds and the refunding of previous Hospital District bonds. Both totaled nearly $160 million.

Valenti said if the county allowed theissuance of thechildren’s hospital bonds then homeowners could see a savings on their property tax bill when the time comes to pay down the $120 million bond on the children’s hospital.

Valenti had predicted the cost would be about $2.30 a month on homeowner’s property tax per $100,000 valuation. With the refunding, it will drop anywhere to $1.50 to $1.70 a month.

“This is an historic day for El Paso,” Valenti declared. “We are passing the savings to the taxpayers.”

Valenti reminded the court that the children’s hospital would be a nonprofit, and therefore wouldn’t be run on tax dollars.

The four members of the court present at the meeting told Valenti they were very impressed with his work of not only dropping the cost of the new care center, but also bringing Thomason Hospital to the status of a Top 100 Hospital in the nation.

“This is the realization of a dream,” Commissioner Veronica Escobar said. “When Thomason is a success, we see a reduction of costs associated with it.”

The children’s hospital bonds will go on sale from April 15 to noon on April 16th.

Valenti says the groundbreaking on the new hospital is projected for the fall of 2008.