Building a new Cook County hospital will cost less than renovating the existing 81-year-old institution, according to a study commissioned by the county.

The proposed 525-bed hospital would cost $625 million and would require the issuance of $566 million of bonds, according to Woods Bowman, the county's chief financial officer. Improving the existing 930-bed institution located about a mile west of downtown Chicago would require $693 million of bonds, Bowman said.

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