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Neillsville City Council Hears Update on $1.5 Million Loan for Memorial Medical Center

Thursday, June 12th, 2014 -- 11:28 AM

-The Neillsville City Council heard several important pieces of information during their meeting on Tuesday.

The main one was that the city?s attorney has begun the work to acquire the $1.5 million loan for Memorial Medical Center. The city?s attorney has received the real estate paperwork and began the work on the title. However she did note that there were a couple pieces of real estate that the hospital had listed as collateral that can?t be used.

One piece of land MMC had included in the collateral isn?t actually owned by them. Also, MMC requested to not have the gift shop or doctor?s house included in the collateral. Originally, it was. The equals out to a $2 million drop from what MMC originally stated they had for collateral. Regardless, MMC still has $7.5 million worth of collateral to pay for the loan should the worst happen.

It was also mentioned as to how that loan would be distributed. The city plans on acquiring the loan, designating it to their Economic Development line of the budget and then loaning it to Memorial Medical Center with their own rate.

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