D.A. Davidson & Co., a nationwide investment services firm, has sold $42.8 million of limited tax general obligation bonds for a medical campus Public Infrastructure District (PID) in Provo. The bonding paves the way for public infrastructure to be built related to the development of the proposed Noorda College of Osteopathic Medicine and the affiliated campus of Rocky Mountain University of Health Professions to be built on an approximately 30-acre site in south Provo.
“Today is a big day for the state of Utah,” said Brennen Brown, senior vice president at D.A. Davidson. “This financing paves the way for a new medical school that will serve Utah Valley, the state of Utah and the entire region, and will be an economic catalyst and asset to the community for many years to come. I am extremely honored to be part of this historic financing.”
Upon completion, the development is planned to contain 400,000 square feet of medical education and research space for the two schools, a student union and surgical/research space, along with 685,000 square feet of multi-family housing consisting of 685 units and 234,000 square feet of parking structures consisting of 780 stalls.
“We couldn’t be happier with the team at D.A. Davidson for guiding us to a successful bond transaction,” said John Nemelka, a board member of PID. “This financing lays the groundwork for an incredible project to take shape that will transform the medical field in the state of Utah and we appreciate the problem-solving, creative thinking and dedication of the D.A. Davidson team.”
“This is the first financing of its kind in the state of Utah and we expect many additional financings will follow,” added Sam Sharp, managing director at D.A. Davidson. “We are excited to continue to help clients all across the state efficiently access the capital markets for their public infrastructure needs.”