Foundation Was Indebted $800,000 to Hospital
By Josh Mitchell
Corinth Today News Editor
It remains unclear if there are plans to develop a six-acre piece of property across from Magnolia Regional Health Center in Corinth.
The property was acquired last year by the nonprofit Magnolia Regional Health Center Foundation Inc. and then conveyed to a trustee to secure $800,000 in debt that the foundation owed the hospital.
Under the debt agreement, the foundation was indebted $800,000 “bearing interest” to the hospital. 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.
Corinth Today this month asked Magnolia Foundation Executive Director Tracy Moore whether the foundation has plans for the property.
In an emailed statement, Moore said, “The Magnolia Foundation’s main purpose is to support our hospital. We have for many years owned real estate for the hospital as MRHC expands its presence and services. As far as the Foundation’s plans for this property, our position is to own the real estate for MRHC. Any future construction or improvement on this property will be under the direction of MRHC.”
Corinth Today asked a hospital spokesman about the property in June and inquired again Tuesday morning.
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.
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 said.
Bulldozers have recently been seen on the property.
The foundation acquired the property from Rick Quinn and Buddy Ayers, who listed an address of Medical Plaza Pharmacy on Alcorn Drive.
The property cannot be used as a pharmacy for 99 years, the warranty deed on file in Alcorn County Chancery Court stated.
County records valued the property at $157,000, but it is unclear what the foundation provided for the property.
The public hospital is jointly owned by the city of Corinth and Alcorn County.