In a statement released this morning, Dr. Robert DellAngelo, Chair of the Bell Hospital board, said due diligence conducted since March confirmed a tremendous benefit this acquisition can offer Bell’s employees, physicians, patients and community.
Under the terms of the agreement, LifePoint has committed to providing $5 million in capital investment at Bell over the next decade. Additionally, proceeds from the acquisition transaction will be used to eliminate Bell’s debt. All remaining proceeds – approximately $1 million – will be used to fund a locally-governed charitable foundation to support needs in the community.
As part of LifePoint, the hospital would become a taxpaying organization, providing a source of new tax revenue to support the Ishpeming economy. The agreement is subject to review by the Attorney General of Michigan.
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