Under the terms of the deal, UMMC will lease the 141-bed Grenada Lake by assuming $35 million in long-term debt and investing in capital improvements and other general maintenance, according to the report. UMMC will officially begin managing the hospital Sept. 1, and the main lease will begin in January. Both organizations have the option of extending the lease to 50 years.
UMMC and Grenada Lake have been in lease discussions for several months and nearly struck a deal in June.
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