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Bristol Hospital Sale Could Yield New Tax Revenue

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CBS Connecticut (con't)

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BRISTOL, Conn. (AP) _ A proposed sale of Bristol Hospital to a for-profit company could yield about $2 million in extra revenue for the city if the deal goes through as planned next year.

The Bristol Press reports that city assessor Tom DeNoto says the hospital’s land, buildings and equipment are valued at $103.5 million that would be subject to property taxes of $2.5 million a year.

Bristol would lose $520,000 in state aid to offset a non-taxable entity. The net gain would be about $2 million.

The city’s overall budget is $181 million, with the new revenue adding a little more than 1 percent of total spending.

The Texas-based Tenet Healthcare Corp. and Yale-New Haven Health Services Corp. are seeking to buy Bristol Hospital for $50 million as soon as next spring.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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