The State Properties Commission is having complete appraisals for the property and buildings at the old Northwest Georgia Regional Hospital property done to determine a fair market value for the property.
Members of the Rome-Floyd County Development Authority learned Tuesday that the SPC has offered the community the same deal for local control of the Northwest Regional property that was given to authorities in Milledgeville and Baldwin County for the old Central State Hospital campus.
There is one significant difference. The state still has approximately $4.2 million in bonded indebtedness that ties up the entire property in West Rome. "Forgiving the debt doesn't seem to be on the table," said authority attorney Andy Davis, a partner at Brinson Askew Berry.
There was no debt on much of the property at Central State in Milledgeville and that is the property that was deeded over to a site-specific development authority for redevelopment of that site.
"Theirs was fair market value. They had some facilities that were zero or less in value," Davis said. "They got some of that property for zero."