The Deal of St. Mary's
The Rogero administration has agreed to buy the North Knoxville hospital site for $1 while offering up to $16 million in tax breaks to Tennova for Middlebrook Pike developments.
by scott barker • January 9, 2019
The City of Knoxville has reached a preliminary agreement with Tennova Healthcare to buy the recently closed campus of Physicians Regional Medical Center in North Knoxville.
Arrangement would keep the venerable hospital from standing empty.
Under terms of the deal, outlined in a non-binding letter of intent, the city would pay Tennova $1 for the 16-acre former St. Mary’s Hospital campus off Woodland Avenue near Fulton High School. The hospital property is appraised at about $58 million for tax purposes.
The city also would provide payment-in-lieu-of-tax (PILOT) agreements worth up to $16 million for the he...
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