County’s deal on new St. Vincent’s hospital finalized
The St. Clair County Commission agreed on Tuesday to contribute $14.5 million towards the construction and equipping of the new St. Vincent-St. Clair Hospital.
Of that money, $4 million represents proceeds from the sale of the existing hospital in Pell City and $600,000 is from rents that will be received from the Health Care Authority.
The county will provide $1.75 million to be applied to the direct cost of development of the new hospital and up to $10.83 million through bonds.
In the case that there is a shortfall of money available during construction, the county will provide up to half of the money. But that amount is not to exceed $4 million. Pell City will provide up to $50,000 per year to cover any shortfall in costs. St. Vincent’s will incur all other debts that may come up during construction.
If the Heal Care Authority’s assets become a liability, the resolution approved Tuesday allows for the county to absorb the HCA’s debts to help out the county and the HCA bottom line.
Because architects are still finalizing some of the construction plans, there has not been a final contract with Goodgame and Associates, who will construct the new hospital.
St. Clair County Commission Chairman Stan Batemon said that the bonds that are to be issued to pay the county’s portion should have a rate good enough that the HCA’s lease payments would take care of any interest the county would pay each year.
Batemon said that he feels “very positive about the project” in that it will not only set out to provide a new hospital, but be able to take care of the health care needs county’s indigent residents, a task that the commission is charged with handling.