News

Hospital Board Chairwoman Toni Tomarazzo on sale: ‘It’s a reality..”

HOBOKEN MUNICIPAL HOSPITAL AUTHORITY CHAIRWOMAN TONI TOMARAZZO COMMENTS
ON COMPLETION OF THE PROCESS TO SELL HOBOKEN UNIVERSITY MEDICAL CENTER
— HUMC Holdco LLC Takes Over as New Ownership Group; Privatizing
Facility and Preserving 1,200 Jobs —
HOBOKEN, NJ, November 4,
2011
— Hoboken Municipal Hospital Authority (HMHA) chairwoman Toni
Tomarazzo provides the following comment regarding completion of  the transfer of ownership of Hoboken
University Medical Center (HUMC) to HUMC Holdco LLC — ending a two-year
process that preserved the City’s acute-care medical center, saved more than
1,200 jobs and relieved the City of Hoboken from a hospital bond guarantee of
over $52 million. 
“It is a great day for Hoboken, HUMC, its employees and everyone
who has worked so hard to bring us to this moment,” says Toni Tomarazzo,
chairwoman for HMHA.  “Thanks to the
perseverance of Mayor Dawn Zimmer and members of the Authority, it’s a
reality.  HUMC was in financial distress
and losing millions of dollars a year. 
The hospital was dependent on special State subsidies that were not guaranteed.  No source of capital was available to
preserve and improve the physical plant to retain and attract physicians and
create new programs and services. 
Decisive action by our Mayor and the Authority kept the hospital open,
saved jobs and protected the financial commitments of the City of Hoboken.  Now, our hospital has a chance to continue
providing state-of-the-art healthcare to our community.”
The Authority also cites the assistance from Governor
Christie.  The administration’s  quick action to allocate $5 million towards
the facility’s bankruptcy settlement played a significant role in preventing
the state’s oldest hospital from closing its doors.  This effort saved jobs and averted a financial crisis for Hoboken, including
the potential for a massive tax increase in order to pay the bond obligation.
# # # 

Leave a Reply