Fairhope, Alabama
TAX FREE MUNICIPAL BONDS TO BE ISSUED
According to the agenda, a public hearing will be held during Monday's council meeting to "approve the issuance and use of bonds for Noland Health Services, Inc to finance and purchase the Fairhope Health and Rehab facility on 108 Church Street."
(Chapter 62 Title 11 of the law Code of Alabama authorizes the issuance of municipal bonds for certain uses considered for public good.)
A complex legal notice published in a local newspaper on November 29th offers some clarity of the purpose of the public hearing, "concerning the proposed use by 'The Special Care Facilities Financing Authority of Pell City, Alabama' of up to $6 million of the Authority's (existing) revenue bonds ... and the proposed issuance and use of up to $2.5 million (more) ... to finance the costs of acquiring the 131-bed skilled nursing facility ... ."
After acquisition by the Pell City Authority, all or part of the facility is to be leased to Noland Health Services, Llc. and then sub-leased to Noland Fairhope Llc., doing business as Fairhope Health and Rehab.
Once the Beasley Nursing Home, the facility has changed hands many times since; it is the only nursing home in town offering long-term, medicaid-financed care.
TAX FREE MUNICIPAL BONDS TO BE ISSUED
According to the agenda, a public hearing will be held during Monday's council meeting to "approve the issuance and use of bonds for Noland Health Services, Inc to finance and purchase the Fairhope Health and Rehab facility on 108 Church Street."
(Chapter 62 Title 11 of the law Code of Alabama authorizes the issuance of municipal bonds for certain uses considered for public good.)
A complex legal notice published in a local newspaper on November 29th offers some clarity of the purpose of the public hearing, "concerning the proposed use by 'The Special Care Facilities Financing Authority of Pell City, Alabama' of up to $6 million of the Authority's (existing) revenue bonds ... and the proposed issuance and use of up to $2.5 million (more) ... to finance the costs of acquiring the 131-bed skilled nursing facility ... ."
After acquisition by the Pell City Authority, all or part of the facility is to be leased to Noland Health Services, Llc. and then sub-leased to Noland Fairhope Llc., doing business as Fairhope Health and Rehab.
Once the Beasley Nursing Home, the facility has changed hands many times since; it is the only nursing home in town offering long-term, medicaid-financed care.
Comments
I have never quite understood why this property has never upgraded or done anything to make itself attractive? I did not know that it was Medicaid funded; in that case, wouldn't they get a bigger bang for the buck if they were not located in downtown?
Just confused.
The nursing home business has high overhead and is not highly profitable, hence facilities suffer, especially those serving the less affluent; as we mentioned there was a plan for a new building at one time but that owner went bankrupt.