Group interested in old FFH facility
A business group known for assisted living development has expressed an interest in buying the former Franklin Foundation Hospital facility.
Members of Hospital Service District 1 passed a resolution Thursday authoring FFH Chief Executive Officer Parker Templeton to enter a contract with the group with a sale price of $100,000.
Templeton said the group is represented by Hammond attorney John Feduccia and managed by Mike Peralta.
Peralta “is with a group that has done about a dozen of these assisted living facilities that they intend to convert the old hospital into,” he said.
The group would invest between $20 million to $30 million in the renovation project that would be completed in 18 to 24 months, Templeton added.
Attorney Russel Cremaldi said there would be a 60-day due diligence period with possible closing in early 2013.
“We’re just happy to get the ball rolling,” said board chairman Allan Von Werder.
The facility on Hospital Avenue has been vacant since the new facility opened on Northwest Boulevard almost five years ago.
In other business the board:
—Heard from Templeton that the hospital scored in the 99th percentile on an employee satisfaction survey completed by 88 percent of the facility’s 200 employees.
—Heard from Templeton that despite the state’s plan to replace Medicaid disproportionate share funding that is being eliminated with physician upper payment limit supplements, there’s still a threat to rural hospitals. “I don’t envision UPL being there long-term,” he said.
—Heard from Chief Financial Officer Ron Bailey that the hospital realized a $492,960 profit in the month of June due to receipt of UPL funds from the last two quarters of 2011 totaling almost $584,000. The year-to-date bottom line is $926,052.