Baptist, governments wrap up hospital deal
Published: August 19,2011
OXFORD — After two years of negotiations, Baptist Memorial Health Care Corp has completed the purchase of a building it had been leasing from local governments.
The BMH North Mississippi hospital was sold for more than $60 million. The City of Oxford and Lafayette County will jointly share the profits.
The hospital will move forward with building a new $250-million facility in Oxford, according to The Oxford Eagle. Baptist has said it cannot grow or expand on its current site because it is landlocked on 13 acres
In 2009, Memphis, Tenn.-based Baptist announced plans to replace the current hospital with a new medical center. It sought to purchase the existing facility and buy its way out of a lease with the city and county, which owned the hospital. Baptist had leased the hospital since 1989.
The votes by city aldermen and county supervisors approving the sale came earlier this month.
How Oxford would use its share of the money was a point of contention for a time. The Oxford Board of Aldermen voted at one point to invest most of the money but set aside $2 million for immediate community needs.
However, at a recent meeting, the board reversed itself and voted to restore the $2 million into the investment pot after Mayor Pat Patterson threatened to veto the effort to use it for community needs.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Two BancorpSouth mergers delayed by federal inquiries
- Severstal selling plants, including Severstal Columbus
- Wasted away — Margaritaville in Biloxi to close by Sept. 19
- Moon River Foods creating 100 jobs in Mississippi Delta
- WILLOUGHBY: Broadband Voice founder Gary Watts isn’t afraid to take chances
- Police find Attorney General Hood's stolen handgun
- Communities awarded national Main Street accreditation
- Pickwick Pines settles lawsuit; pays $260K
- MSU sets new annual fundraising record of $106M-plus