Monroeville Finance Authority Approves Tax-Exempt Bonds For UPMC
MONROEVILLE (KDKA) -- A public hearing was held Thursday night on controversial tax breaks for UPMC.
The Monroeville Finance Authority heard from a number of people opposed to the proposal; but in the end, members approved $420 million in tax-exempt bonds for UPMC.
"We see UPMC as taking advantage once again, getting one more tax break but functioning as a corporation - functioning as a profit making corporation - rather than as the charitable nonprofit that they have the status as," said Merrit Bussiere, who opposes the bond issue.
The health care giant reportedly plans to use that money to refinance debt, and fund projects at existing financial trading school facilities in Pittsburgh and Monroeville.
"It brings revenue into our town; and obviously, like all towns, we're having somewhat of a deficit issue and so this will certainly help reduce that for us," Monroeville Mayor Greg Erosenko said.
UPMC opened its new $250 million hospital in Monroeville earlier this month.
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