April 15, 2006 in Business

Holy Family project to begin

From Staff Reports The Spokesman-Review
 

Holy Family Hospital will break ground next week on a construction project that will add 72,000 square feet of space to the North Side hospital.

Part renovation, part new construction, the $19.5 million project will create a three-story building with outpatient services on the main floor and physician offices on upper floors. There’s an option to add a fourth floor at some time in the future, said hospital spokeswoman Anne McKeon.

The new space will allow Holy Family to reconfigure its outpatient surgery center, putting similar services closer together and allowing for larger operating rooms. Providence Cancer Center also will be located in the new space.

Rathdrum, Idaho

Low-income complex expands

A Boise developer recently finished the second phase of a low-income apartment complex in Rathdrum.

Park Wood Place Apartments added 36 units, bringing the total to 72. Sixty-three of the units are set aside for low- to moderate-income renters.

The project, built by Hope Investments LLC, qualified for federal low-income housing tax credits. Congress created the program in 1986 to encourage developers to build apartments for the working poor.

Park Wood Place’s second phase will receive $218,198 in tax credits annually over the next 10 years. The credits attract investors looking for future tax breaks on their federal income tax bills. When investors buy into projects such as Park Wood Place, they bring equity into the project.

The cash infusion lowers the amounts that developers have to borrow to construct apartment buildings, and results in lower rents.

Pullman

Business plan winners named

Five student teams at Washington State University came away with $15,000 in cash awards in the school’s recent Business Plan Competition, held in Pullman.

First-place honors went to Colin Merimann and Alisha Runolfson for their plan to use explosive bonding as a better way to weld materials.

Other winners were teams that developed a seat-elevating wheelchair, a Thai food restaurant concept, a recreation equipment firm and a company developing educational tools through bioengineering.

Twenty-seven teams took part in the third-annual WSU student business plan competition. Regional business representatives judged the competition.

New york

Stock market was closed

The stock market was closed for Good Friday yesterday, so there is no stock-market roundup story in today’sBusiness section.

You’ll find the currency box at the top of page A7.

Weekly stock-market listings contained in the Investments section reflect trading through the end of Thursday’s session.

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