April 22, 2009 in Business

INHS wants to buy office space

Approval sought for $9 million in bonds to purchase part of Wells Fargo Building
By The Spokesman-Review
 

Inland Northwest Health Services has asked the Washington Health Care Facilities Authority to approve $9 million in tax-free bonds that would allow the Spokane company to buy space it now leases in the Wells Fargo Building.

If approved by the authority’s board of directors Thursday, INHS could shave as much as 2 percent off its financing costs, said authority Executive Director Donna Fincke.

INHS spokeswoman Nicole Stewart said buying the 60,000 square feet of space occupied by 325 employees will lower monthly payments and long-term costs.

“Employees have told us they enjoy being in the downtown,” she said.

Stewart said INHS will buy basement eating and meeting space, ground floor reception space, and all of floors two, four, five, six and 12 of the 17-story building. The seller is Prium Companies of Tacoma.

INHS moved in three years ago from the nearby Holley-Mason Building, she said. The company, which is jointly owned by Community Health Systems and Providence Health Systems, operates St. Luke’s Rehabilitation Center, the Northwest Medstar air transport service and a regional telemedicine network.

Fincke said that once the bank participating in the transaction is identified, authority attorneys would assure the purchase’s financial viability and hold public hearings before taking final action on the application. The process can take from two to six months, if not longer, she said.


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