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Corinth Hospital Enters $800,000 Debt Agreement With MRHC Foundation

A bulldozer was seen Monday on property acquired by the Magnolia Regional Health Center Foundation. (Photo by Josh Mitcheell/Corinth Today)

By Josh Mitchell

Corinth Today News Editor

Bulldozers were on a vacant piece of property across from Magnolia Regional Health Center on Monday morning.

The property, located at the northeast corner of Alcorn and Corder Drive, was acquired by Magnolia Regional Health Center Foundation Inc. about eight months ago.

The foundation acquired the property from Rick Quinn and Buddy Ayers, who listed an address of Medical Plaza Pharmacy on Alcorn Drive.

The hospital foundation is a nonprofit organization and shares an address with Magnolia Regional Health Center.

The property, which is about six acres, cannot be used as a pharmacy for 99 years, the warranty deed on file in Alcorn County Chancery Court says.

County records valued the property at $157,000.

Hospital Enters $800,000 Agreement With Foundation

The hospital and the MRHC Foundation entered an agreement with each other regarding the property in October.

Under the agreement, the foundation owed the hospital $800,000 and any interest. The foundation is supposed to pay the hospital $89,287 on or before Oct. 1 of each year with the final payment due by 2026.

The public hospital is jointly owned by the city of Corinth and Alcorn County.

To secure the payment of the debt, the foundation conveyed the property to trustee Brad Dillard, an attorney who represents MRHC. The property will be conveyed back to the foundation once the debt is paid.

Moore

MRHC Foundation Executive Director Tracy Moore was unavailable for comment Tuesday. Corinth hospital spokesman Ben Tucker said MRHC could not share any information about the property without Moore’s input. She is also the executive assistant to MRHC CEO Ronny Humes.

If proposed construction is the primary reason for the debt, then the hospital would have the right to “take charge of” the construction at the expense of the foundation if work does not occur in a timely or satisfactory manner, the agreement adds.

The foundation is required to keep the property in “good repair,” the agreement says.

A segment of the deed of trust between Magnolia Regional Health Center and the hospital foundation. The full document is on file in Alcorn County Chancery Court.

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