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Former Bell Hospital Sold
ISHPEMING -- Sale of the former Bell Hospital building downtown Ishpeming to a private developer was finalized Tuesday.
The sales agreement was made possible through an arrangement with the not-for-profit Bell, the private sector and the public sector. O’Dovero Development of Negaunee has taken ownership of the former hospital’s main facility and its outbuildings.
Bell opened our new $40-million facility in September. The former hospital structure was original built by Cliffs Natural Resources, opening in 1918, then over the years undergoing several additions and renovations.
Bell assembled an attractive incentives package when seeking a developer to buy the former hospital facility. The sale price was $1, with Bell providing several payments toward renovation of the structure over four years, as specific upgrades and selective demolition take place.
In addition, the city of Ishpeming has agreed to place the property under the Obsolete Property Rehabilitation Act (OPRA), which calls for a 12-year freeze of the building’s assessed value, providing the facility’s owner a significant property tax savings.
“It would cost Bell in excess of $2 million to demolish the former Bell facility,” explained Bell President/CEO Rick Ament. “We have agreed to a 4-year incentive plan that will cost the hospital less than half that amount, and which will create jobs within the more modernized portions of the facility. This agreement is the perfect combination of efforts by the non-profit, public and private sectors.”
Ishpeming Mayor Gary Nelson explained that the former hospital facility was granted OPRA status last fall when Bell moved to its new facility.
Mayor Nelson said, “The huge advantage for the developer is the tax break. Any improvements he makes in any way shape or size won’t be assessed into the tax equation for at least 12 years.”
The mayor added that the city also benefits. “We’re not eliminating the property tax, we’re just delaying taxing the improvements,” he said. “We’re willing to provide the OPRA designation to get the building up and running again, which creates more jobs and economic activity within the city.”
Developer Jim O’Dovero said his company is now looking for parties interested in exploring leasing options at the facility.
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