Council approves $17 million purchase, transfer of Riverview Hospital properties tied to bond plan

The Hamilton County Council on Oct. 1 approved an additional appropriation to purchase excess real estate from the Board of Trustees of Riverview Hospital and separately approved a resolution to transfer that property to the Hamilton County Hospital Association. County counsel and outside counsel told the council the actions are part of a previously approved bond financing plan.

Jeremy Allen of Barnes & Thornburg explained that appraisals had been provided to the council and that a $17,000,000 purchase price had been discussed and finalized at the meeting. Allen said the $17,000,000 figure was below the average of the appraisals that had been supplied to the council.

The council took roll-call votes to approve both the additional appropriation and the transfer resolution. Legal counsel said the transfer and appropriation steps follow the financing timeline previously set by the council and are intended to complete the transaction once appraisals and other closing materials are in order.

Ending: The council directed the county attorney and auditor to finalize closing steps and to provide final appraisal and closing documentation to the council as the sale proceeds to closing.