Richland County approves up to $6M tax-exempt lease to finance Vida Health System cancer equipment

The Richland County Board of Commissioners voted unanimously to allow the Richland County Port Authority to issue a tax-exempt lease obligation of up to $6,000,000 to finance medical equipment for Vida Health System’s recently opened cancer center.

Bond counsel Ellie Kimbler told the board the resolution would approve a tax-exempt financing in the form of a master lease and sublease, with proceeds to be used to purchase medical equipment. "The Richland County Port Authority will be the issuer," Kimbler said, and she clarified that, as a conduit issuer, "the amounts due under the financing are not general obligations of Richland County." The board’s approval was sought under Section 147(f) of the Internal Revenue Code.

Eric Grama, identified in the meeting as chief financial officer of Vida Health System, described the equipment the financing will cover: a linear accelerator for radiation therapy and a PET–CT scanner for treatment planning. "Combined those 2 pieces of equipment are roughly $5,000,000," Grama said. He told commissioners the equipment was already in clinical use and that "yesterday, we had 6 patients already going through radiation therapy at our facility." Grama said Vida chose a tax-exempt lease as its preferred financing option.

After the chair asked for a motion, the board approved the resolution. An unnamed commissioner seconded the motion and, when polled, Mister Barrow, Mister Mears and Mister Banks each voted "Yes." The record shows the board approved the authorization not to exceed $6,000,000.

The action permits the Port Authority to proceed with issuance and vesting of the lease and sublease documents; the resolution and any implementing acquisition schedules will govern the final terms of the financing. The Port Authority had previously passed a resolution in September approving the issuance, and the board’s action provided the elected representative approval required under federal tax rules.

The board adjourned the public hearing on the financing after the vote. Additional administrative or closing steps — including execution of lease documents and any necessary filings — were not detailed in the meeting record.