The Industrial Development Authority of the City of San Luis on Monday approved an amendment to a 2024 financing resolution to extend the authority to issue debt and increase the maximum authorized amount to $100,000,000 for a Regional Center for Border Health medical campus and San Luis Community Hospital. President Gary Black presided over the vote, which passed on a voice vote.

The amendment extends the prior approval period and raises the cap from about $80 million to $100 million, giving the project more time and flexibility to complete bond financing. “What you have in front of you is an amending resolution to the resolution that you passed a year ago,” said Mr. Gimme, a staff presenter, explaining that the amendment responds to timing limits on the earlier approval.

The change follows Colliers, the investment banker working with the Regional Center for Border Health, estimating the likely bond issue at about $93,000,000. Board members and the presenter said the financing is otherwise in place but that closing is delayed pending a parity agreement from the U.S. Department of Agriculture. Director Joe Harper summarized the status: “If USDA gives its approval to a so called parity agreement they’ll be closing in 8 weeks.”

Board discussion noted the project is largely ready to proceed: presenters said the land has been purchased, permits are ready to be issued, and contractors have submitted bids. Two contractors — described in the record as a national contractor (Oakland) and Pilkington — provided comparable bids. The presenter said final steps are administrative and dependent on USDA action, not additional local approvals.

The board first adopted the original resolution on Oct. 2, 2024; the TEFRA (Tax Equity and Fiscal Responsibility Act) hearing that accompanies IDA financings was noted in the record as effective for one calendar year, which the amendment addresses by extending the timeline. The motion to adopt Resolution No. 2025-01 to increase the financing cap to $100,000,000 was made by Director Joe Harper and seconded from the dais; the board approved the amendment by voice vote.

With the amendment approved, staff and project representatives indicated they would await USDA parity approval before closing. No further formal directions to staff or additional actions were recorded in the meeting minutes.