Voters in the City of Sturgis will decide the fate of a Sturgis Hospital transfer proposal when they go to the polls on November 3rd.
The ballot proposal poses this question:
Shall the City of Sturgis transfer to Sturgis Hospital, Inc., a newly formed, locally controlled not-for-profit Michigan corporation, all of the assets, real estate and facilities of the entity now being operated under the name “Sturgis Hospital” except those assets financed by bonds issued by the City of Sturgis Building Authority (“Leased Assets”) which would be leased to Sturgis Hospital, Inc. until such time as the bonds are paid in full?
The consideration for the transfer will be the assumption of all Sturgis Hospital liabilities by Sturgis Hospital, Inc.
The City of Sturgis will retain a collateral interest in all assets to secure payment of the liabilities until the bonds are paid in full at which time the Leased Assets would be transferred to Sturgis Hospital, Inc. and the security interests would be discharged.
For additional information on this topic, click on the following link to access a story by Jef Rietsma in the Kalamazoo Gazette: Sturgis Hospital ownership on ballot