Memorial Hospital of Union County is in the process of purchasing a 90-acre tract of land along U.S. Route 33. The land is owned by Scotts Company LLC.

Memorial Hospital of Union County is in the process of purchasing a 90-acre tract of land along U.S. Route 33. The land is owned by Scotts Company LLC.

The transaction is expected to be completed within the next month; the hospital gained approval of Union County commissioners on Sept. 28.

Chip Hubbs, the hospital president and chief executive officer, met with commissioners on Sept. 28.

The hospital will finance $4-million toward the acquisition through the issuance of Build America Bonds, according to Melanie Ziegler, director of marketing, communications and development at the hospital.

Build America Bonds, she said, are taxable revenue bonds recently made available from the federal government's economic stimulus efforts. Thirty-five percent of the interest costs for the bonds will be refunded to the hospital on a biannual basis.

Hospital officials turned to the county commissioners because the hospital board cannot hold a mortgage and has to work through the county.

The reason the hospital is issuing revenue bonds, Ziegler said, is because they are tied to hospital revenue. While the hospital handles the financing, she said, the county holds the title to the land.

A title to the land the hospital currently sits on is also in the hands of the county.

"We are pleased to move forward toward securing an attractive tract of real estate that will serve Memorial Hospital well as we plan to meet the future healthcare needs of our growing community," said Hubbs.

The property is located at the northeast corner of U.S. Route 33 and Scottslawn Road.

Ziegler said the hospital does not have immediate plans for the land's use. For several years, she said, hospital administrators and board members have believed the property was suited to support the hospital's long-term strategy and actively began pursuing it earlier this year.

"As Marysville and the corridor between our city and Dublin continue to grow, our services will also likely expand," said Hubbs. "With any service placed on this property, the location along Route 33 on an interchange will only add to the convenience of using Memorial Hospital for our patients and families."

For that reason, Ziegler said, Memorial acted quickly when the opportunity arose.

The agreement allows Scotts to continue to use the land until the hospital develops it.

Land included in the sale is currently leased out for farming. It will continue to be farmed until additional development occurs.

Phase one, an environmental study of the land, has already been conducted, with results being satisfactory to Memorial.

"Scotts Miracle-Gro is committed to Marysville, a community that has been our home for more than 140 years, said Jim Hagedorn, chairman and chief executive officer of Scotts Miracle-Gro. "Our support of Memorial Hospital will give back to the residents of Marysville for future generations."