In a public-private partnership, hospital giant HCA and the city of Nashville announced a land swap deal that will ultimately give Nashville a new $28.5 million public health center. HCA will get land next to its Centennial Medical Center.
Under the agreement, HCA will foot the bill and develop a new 104,000 sq. ft. public health center that will replace an outdated facility, the Nashville Post reports.
Upon completion, HCA will give the new building and its 3.5 acre plot of land to the city in exchange for the old public health center property, which is located next to HCA's Centennial Medical Center.
Nashville will then repay HCA for the cost of construction plus interest and a $50,000 development fee, the Nashville Business Journal reports. HCA will get a tax abatement on all of the property taxes for the Lentz site for the first five years and a 50 percent abatement for the next five years.
"In our current economic environment, utilizing creative public-private partnerships helps us achieve big goals in a financially feasible way," Mayor Karl Dean said at a press conference, the Business Journal reports.