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City to pursue rural health loan for Memorial Hospital renovation; staff warns application requires full cost disclosure
Summary
Staff said it will apply for a North Carolina Department of Commerce rural health loan for the Memorial Hospital renovation; the city would be the borrower and would sub-loan funds to OIC, with loan forgiveness possible if job and payroll targets are met.
City staff told the Committee of the Whole on March 30 that they plan to apply for a North Carolina Department of Commerce rural health loan to support the proposed Memorial Hospital renovation and reuse project.
Peter Vaughn and staff said consultant David Hartigan advised the city that the rural health program could offer more favorable terms than a building-reuse loan. Under the program described by staff, the state would make a…
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