County pursues transfer reserve for Summit Park sale

BY MICHAEL RICONDA

New City – Progress seems to be smooth for the sale of the Summit Park Hospital and Nursing Care Facility as the legislature’s Budget & Finance Committee gave the green light to form a transfer reserve fund for sale revenue. The fund is meant to keep the money while it is allocated to legacy expenses, debts and other obligations the hospital must fulfill before the remainder can be tapped for county use.

“It’s just a statement of purpose,” Legislator Michael Grant explained. “We want to make sure it’s clear that’s our purpose, not to free up any money for other projects or programs.”

The transfer reserve funds can only be accessed through a legislative resolution. Even then, it can only be used for deficit reduction and hospital-and nursing home related obligations. Grant added the county is still attempting to secure bids for the facility, but appears to be on track for a 2014 sale.

“Even the state’s time frame for facilitating this process is seeming to accelerate, so we’re very hopeful that we’ll get it done this year,” Grant said.

Since the formation of the LDC, four bidders had bee identified for the nursing home and at least two bidders were being evaluated as potential buyers of the greater complex. The LDC was approved last year in order to seek out and secure a buyer for the Summit Park Nursing Home, which has struggled to remain fiscally stable as the county contributed millions toward its continued operation.