Alhambra : City Agrees to Sell Hospital
The city has agreed to sell Alhambra Community Hospital to ACH Acquisition Corp. of Los Angeles, a Taiwanese-owned investment firm, for $10 million.
Assistant City Manager P. Michael Paules said the transfer should be completed by Sept. 6. Paules said $5 million from the sale will pay off bonds used to finance the hospital, and $4 million will go into the Alhambra Redevelopment Agency account. Where the remaining $1 million will go has not been decided, City Atty. Leland C. Dolley said.
Dolley said the sale price will cover most city and Redevelopment Agency losses resulting from the hospital operating company’s inability to pay its rent.
City spokeswoman Mary Kelley said the facility will continue to operate as a community hospital. ACH may change the name and will invest $5 million to develop obstetrical, pediatric and other services, she said.
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