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January 12, 2013

Horace Nye sale nears completion

ELIZABETHTOWN — Paperwork finalizing the sale of Horace Nye Nursing Home is expected to be signed any day now, county officials say.

The County Board of Supervisors voted last June to sell the 100-bed facility to the Centers for Specialty Care of the Bronx for $4.05 million.

But legal issues have held up the actual signing of the sales agreement, County Attorney Daniel Manning III said.

“The contract, I expect any day. It’s going to be sent to us with an electronic signature, and then we will return it with an electronic signature.”

He said the title work has also been completed.

I’ve looked at some of the title problems that we have, some of the potential environmental problems that we might have. We provided them with copies of all of our contracts. We provided them copies of the abstract of title — their title people have looked at it.”

After the contract is signed, the next step is application to the State Department of Health to transfer the operating license to the Centers for Specialty Care.

“So what will happen now is our Certificate of Need (the license), they are going to go to the (State) Department of Health and obtain that. I’m thinking it’s probably going to take nine months to a year. That’s the thing that is going to take the longest, but while they’re doing that, we will do all of our work.”

The Board of Supervisors voted to extend the contract with its sale adviser, Marcus & Millichap of Chicago, until the end of 2013.

“We want them to continue to work on our behalf, and when the sale occurs, they will have earned their commission, and this extension keeps them working for us. Also, in the event something should happen, then we can use them again to obtain additional bidders.”

County Manager Daniel Palmer said the Centers for Specialty Care has been working with his office, too.

“We’ve given them financial information over the last two weeks, and they’ve indicated that’s what they are using for their Certificate of Need application. They are in the process of moving forward.”

Email Lohr McKinstry: lmckinstry@pressrepublican.com

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