New Markets Tax Credit Coalition

Stillwater Medical Center

MetaFund used $16 million of its NMTCs allocation to finance the acquisition of equipment necessary for the expansion of Stillwater Medical Center, a rural hospital in Stillwater, Oklahoma, providing vital medical services within a federally designated Health Professional Shortage Area.

Investment

  • NMTC Amount: $16,000,000
  • Total Project Cost: $16,326,500

IMPACT

  • 33 FTE jobs
  • 208 construction jobs

CDEs

Investor

Project Description

MetaFund used $16 million of its New Markets Tax Credits (NMTC) allocation provided by the CDFI Fund to finance the acquisition of equipment necessary for the expansion of Stillwater Medical Center, a rural hospital in Stillwater, Oklahoma, providing vital medical services within a federally designated Health Professional Shortage Area. This expansion will give the hospital the ability to provide cancer, cardiology, and surgical services that are not available elsewhere in north-central Oklahoma, and allow 175,000 people to receive care locally without having to travel over 100 miles roundtrip to the nearest urban areas. Stillwater Medical Center is a major economic driver for the region, with over 1,200 employees and 100-plus physicians representing more than 30 specialties. It has transitioned from a community hospital to a full regional healthcare system, primarily serving economically distressed rural Health Professional Shortage Areas in north-central Oklahoma. This latest expansion financed by MetaFund’s New Markets Tax Credits allocation is further developing an area with a poverty rate of 39 percent, and will facilitate Stillwater Medical Center’s model of improving access to quality care for rural communities.

MAP

Address: 23 West Sixth Avenue, Stillwater, OK 74074

Census Tract: 40119010700

Other Oklahoma Projects

NMTC financing helped ASCO Aerospace with the purchase, renovation and re-opening of the failed and shuttered MerCruiser facility in Stillwater, OK.
NMTC financing was used to make some much needed improvements to a YMCA facility including to the pool, gym, adding air conditioning to the building.
Stigler, Oklahoma is located in eastern rural Oklahoma with a population of 2,731 and serves as the county seat of Haskell County.

Tulsa Economic Development Corporation (TEDC) has constructed a new 17,000 sq. ft. grocery store in Tulsa, Oklahoma. The project is part of the ongoing redevelopment of Tulsa’s African American Community,