Financing Set for Floyd County Medical Center Phase II Hospital Expansion

Floyd County Medical Center (FCMC) has set Thursday, October 1, at 4 PM for groundbreaking ceremonies to mark the start of Phase II of construction that will include five new operating rooms, a new cafeteria and kitchen, and new materials management department.

During a special meeting Tuesday (Sept. 23) evening, FCMC interim Chief Financial Officer Jeffrey Hundman discussed approval of bids for the project with the Board of Trustees.

The bulk of the expansion cost will be covered by an USDA loan of $27.5 million, awarded to FCMC earlier this year. Hundman also asked trustees to approve financing for about a fifth of the total cost through local lending.

FCMC will contribute $4 million in equity for Phase II, which has an estimated completion that spans the end of 2028 to the beginning of 2029. 

Phase III, which will encompass the Stille Cancer Center, will begin construction next year and will have its own groundbreaking celebration sometime in 2027.

In July, FCMC held a ribbon cutting to show off its $40 million expansion of the Charles City hospital that includes a new three-story rural health clinic.