MMC Spared, Other Buildings Being Considered
While the Modoc Medical Center appears to be free of being saddled as collateral for any long-term bond funding by the county, there are numerous properties to take its place.
It was learned Feb. 12 that MMC, with an insured value of $5 million, would not be used as collateral after county officials met with financial consultants in San Francisco.
This leaves a number of other county-owned buildings that can be used to back up an estimated $12.5 million in loans if the county can find a lender, according to Richard Arrow, chief financial officer.
They include (insured values in parentheses):
Courthouse ($6.4 million)
Justice Center ($1.3 million)
County jail ($3.2 million)
Library ($1.1 million)
Convalescent. Facility ($3.4 million)
Belli Building ($2.9 million)
This comes to $18.3 million, and Arrow points out there “are a number of other buildings that will bring the total to over $30 million.”
There is a specific item on the board of supervisors’ agenda for Tuesday, Feb. 23, in which Chair Dan Macsay is expected to make a detailed report on the San Francisco meeting referenced in this article.