The announcement came late Thursday after the Tulare Local Healthcare District and Adventist Health agreed to lease terms.
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The hospital has been shuttered for nearly a year after the hospital declared bankruptcy on October 26, 2017.
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Under the agreement, the Adventist Health will pay the Tulare Local Healthcare District $2.335 million each year to lease the hospital building. Adventist has also agreed to give the district a $10 million loan which will be used to pay off debts needed to reopen the hospital.
Adventist has also spent $200,000 over the last few weeks to renovate the hospital.
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The agreement has a maximum length of 30 years, with five-year renewals.