Cookeville Regional Medical Center can receive up to $9.4 million in matching grant funds for the work on 4/5W project.
Interim CEO Buffy Key presented the news at the hospital’s Board of Trustees finance committee meeting Tuesday night. She said those funds will be expended using the American Rescue Plan and those guidelines. She said it could mean the hospital may need to modify some plans and contracts.
“It’ll be huge, the entire project is an $18 million project so we applied for this grant to help supply up to 50 percent of the funding for this,” Key said.”And again remember that 50 percent of all this project’s construction costs goes back into the community from local vendors and things like that.”
Key said they will do everything they can to make sure they receive that total grant sum. She said that will involve a lot of paperwork and a team of people to make sure all i’s are dotted and t’s crossed.
Key said the next step will be to start submitting documentation for the work that is underway. While the hospital budgeted the entire project cost of $18 million, this grant will serve to offset those costs as much as possible.
“If we do get that money, those are items that we probably budgeted and otherwise would spend money on,” Board Member Danny Rader said. “So we’re going to be able to get that reimbursement.”
In other business, the finance committee also approved the $266,448 renewal of the SABA TalentSpace Aspire software. The three-year subscription includes employee profiles, organizational charts, sharing and requesting feedback, individual goal management.
Rader said he was thankful for management’s ability to knock the price down and get it into budget.
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