That is what Dr. Michael Gross, chairman of the hospital’s board of trustees, said recently. He stated that the hospital intends to use the building to expand the hospital’s physical therapy services and also wants to build two physician’s offices and have more storage space.
“We looked at other building and decided on this one,” said Gross.
People from both the hospital and the church were reluctant to discuss the cost of the buying the building, and a deal between the two had not been officially been completed at press time.
However, Liz Snodgrass, chief financial officer (CFO) for the hospital, estimated that the property might have an appraised value of around $500,000.
Gross said the hospital will use part of a $300,000 Delta Regional Authority grant and will probably borrow about $150,000 as well. He also said they expect to see “50 percent” savings versus building a new building for the same purposes.
The Delta Regional Authority is a state-federal government entity, and its federal grant program funds hundreds of grants in areas close to the Mississippi River.
The hospital has already hired architect David Johnson of JJCA, an architectural firm out of Nashville, Tenn., to draw up some plans for how the building is to be used, said Gross.
Once the building is bought it should take about four – six months to remodel the building and make sure it’s compliant with the Americans with Disabilities Act (ADA) and up to building and fire codes, Gross said.
CUMC Pastor Steve Spitzer said the proposal was somewhat mutual, with the church interested in selling the building and the hospital interested in buying it. Gross said that there have been several offers and counter offers but that a deal should be reached soon.
Alisa Coleman, chief executive officer (CEO) of the hospital, said they have been looking at the building for about six months, and that they have done surveys of the building to make sure it will work for their purposes.
Snodgrass said that with the grant, the hospital shouldn’t have to add any debt in order to buy the building, although, like Gross, she added that they would have to borrow money to renovated it.
As of March 31, the hospital had a total debt of $2.2 million – which includes $1.7 million in long-term debt and $516,000 in short-term debt, Snodgrass said.
The building, located on Main Street near the Trigg County School campus, was built many years ago and housed the Cadiz United Methodist Church congregation before a new building, on Lakota Drive near Arrowhead Golf Course, was built and completed last year.