Published on February 06, 2012

Mercer County Nursing Home/Hospital Acquisition Fact* Sheet

Taxpayer Impacts

• Reduction in property taxes of approximately $1 million each year (IMRF pension tax levy decrease).
• Long-term continuation of healthcare in the community that delivers $37 million in economic impact each year. 
• Economic growth with investment of more than $12.5 million in capital improvements between both facilities.

County of Mercer Impact

• Cash from Genesis of $1,750,000 for the purchase of the nursing home.
• IMRF pension underfunding offset of $1.4 million as employees move to Genesis retirement plan. 
• Health insurance reserve fund of $850,000 retained as employees move to Genesis health insurance plan. 
• County can focus limited resources (budget and time) on core governmental services.

Mercer County Nursing Home Impacts

• Nursing Home has had a negative operating income over the last six years (loss in FY '11 $312,320). 
• Genesis to commit at least $1 million in projected capital improvements (e.g. resident room renovations) 
• Genesis to invest the capital needed for the federally mandated computer systems required by Medicare by 2014. 
• Employees will be brought into Genesis with their established seniority (benefit/salary credit for years of service). 
• Ability for the County to re-acquire if Genesis would decide to sell.

Mercer County Hospital Impacts

• Genesis will exercise it's option to assume ownership and fund the $11.5 million renovation that has been mandated by the Illinois Department of Public Health. 
• Employees will be brought into Genesis with their established seniority (benefit/salary credit for years of service). 
• Ability for the County to re-acquire if Genesis would decide to sell.

SALE IS CONTINGENT UPON A SUCCESSFUL REFERENDUM VOTE AND THE SUBSEQUENT APPROVAL OF THE COUNTY BOARD BY 2/3 MAJORITY VOTE

* Facts as agreed upon by the parties involved.