The board overseeing development of a new public hospital in New Orleans has approved a business plan calling for a 424-bed $1.1 billion facility.

The plan, presented Thursday to the University Medical Center governing board, still needs approval from a legislative committee that meets next week.

The plan from a health care consultant firm is lower in cost than earlier estimates but still higher in price than one favored by U.S. Sen. David Vitter, state House Speaker Jim Tucker and Treasurer John Kennedy.

In a joint statement after the vote, the three opponents said they are glad the new plan comes in at a lower cost, eliminating $400 million in state borrowing. But, they said, the new plan fails to provide a new, better health care model.