Franklin BOC Sells County Road to Pay Hospital Bond Debt

Franklin County Commissioners have voted to sell a county road to help pay for the Ty Cobb Regional Medical Center bond debt.

At their work session Tuesday evening, the board voted to sell Clear Creek Parkway around the hospital to the Franklin County Industrial Building Authority for $311,000.

In December, the County took $382,000 from its reserve fund to make the hospital’s bond payment.

A month earlier, Ty Cobb Healthcare CEO Greg Hearn announced the Hospital was unable to make its bond payments and was some $2-million in the red due to indigent and non-pay patients.

Franklin County Commission Chair Thomas Bridges said it was the only way to get the money the county needs.

“The county put in the roads for the new hospital,” Bridges said. “We made a deal with the Industrial Building Authority for them to pay us $311,000 so we could generate revenue for the bonds.”

Bridges said the money will be put back into the General Fund and likely set aside for the June 1 payment.

Hearn announced last year he is actively seeking a major Hospital to either partner with Ty Cobb to keep the doors of the hospital open or to just buy it outright.

Bridges said he plans to get an update on how that is going next week.

“I actually have a conference with Greg next Tuesday to get the complete picture on where we stand with the hospital,” Bridges said. “I understand we’re getting close hopefully for a larger hospital to come in and partner with Ty Cobb, but I don’t have the complete details. Hopefully, it’s getting close so we can get something going to keep the hospital open.”

If a partner is not found soon, Bridges said the Board plans to use the next round of special purpose local option sales tax revenue to make future bond payments, assuming the next SPLOST referendum passes.