A Chattanooga CPA firm is analyzing proposals from three firms that might be interested in helping build a new hospital in Commerce.
Companies express interest in helping build hospital
It could be months before local officials know how serious the inquiries are, officials say.
“We have some suitors, but nobody’s offered a ring yet,” quipped chief financial officer Bill Williams.
After the Jackson County Board of Commissioners balked at issuing bonds to build a new hospital last year, the authority sent requests for proposals to 15-20 major players in the health care business seeking a partner — even a takeover — that would result in a new hospital.
“A new hospital is our number one goal,” Williams declared.
Five companies sent responses. Two dropped out after Decosimo CPAs started asking questions, Williams said.
The process is in the very preliminary stages.
“There is no deal. There may not be a deal,” Williams said. “Honestly, you can’t say there will be at this point. There are complex negotiations with a couple of key objectives from our point.”
The names of the responding entities are not being released due to confidentiality agreements, according to Williams.
CEO Jim Yarborough said all five who initially responded “recognized the need to grow our staff” and liked the growth potential of the area.
“We are looking for a company that has the wherewithal to build a new hospital,” said Williams.
“I would say that all five of those that came back with expressions of interest were good possibilities in terms of continuing a discussion. The three have a continuing interest.”
Decosimo has an expertise in such analysis, according to Williams. Asked about a time frame, he suggested 90 days to analyze myriad details that will be necessary.
Should a match be made, the authority would vote on whether or not to accept the proposal. Should there be a sale of assets as to the third party, the attorney general of Georgia would inspect the proposal to make sure it is appropriate in terms of the fair market value. The boards of commissioners would not vote on the matter.
“The authority is the authority, so to speak, on the disposing of assets,” Williams noted. He added that BJC has informed both the Jackson and Banks boards of commissioners of the process being undertaken.
“There is the possibility of a partnership,” Williams pointed out.
Last year, Chatham Holdings Inc. offered a 25-acre tract between U.S. 441 and old U.S. 441 at the end of Hospital Road for a new hospital. The authority asked the Board of Commissioners to back bonds for the project, but the BOC never voted on the request.
“We have some suitors, but nobody’s offered a ring yet,” quipped chief financial officer Bill Williams.
After the Jackson County Board of Commissioners balked at issuing bonds to build a new hospital last year, the authority sent requests for proposals to 15-20 major players in the health care business seeking a partner — even a takeover — that would result in a new hospital.
“A new hospital is our number one goal,” Williams declared.
Five companies sent responses. Two dropped out after Decosimo CPAs started asking questions, Williams said.
The process is in the very preliminary stages.
“There is no deal. There may not be a deal,” Williams said. “Honestly, you can’t say there will be at this point. There are complex negotiations with a couple of key objectives from our point.”
The names of the responding entities are not being released due to confidentiality agreements, according to Williams.
CEO Jim Yarborough said all five who initially responded “recognized the need to grow our staff” and liked the growth potential of the area.
“We are looking for a company that has the wherewithal to build a new hospital,” said Williams.
“I would say that all five of those that came back with expressions of interest were good possibilities in terms of continuing a discussion. The three have a continuing interest.”
Decosimo has an expertise in such analysis, according to Williams. Asked about a time frame, he suggested 90 days to analyze myriad details that will be necessary.
Should a match be made, the authority would vote on whether or not to accept the proposal. Should there be a sale of assets as to the third party, the attorney general of Georgia would inspect the proposal to make sure it is appropriate in terms of the fair market value. The boards of commissioners would not vote on the matter.
“The authority is the authority, so to speak, on the disposing of assets,” Williams noted. He added that BJC has informed both the Jackson and Banks boards of commissioners of the process being undertaken.
“There is the possibility of a partnership,” Williams pointed out.
Last year, Chatham Holdings Inc. offered a 25-acre tract between U.S. 441 and old U.S. 441 at the end of Hospital Road for a new hospital. The authority asked the Board of Commissioners to back bonds for the project, but the BOC never voted on the request.
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