The sale of Tallahassee (Fla.) Memorial HealthCare from the city to Florida State University was approved by the university’s board of trustees, with the Florida Board of Governors following suit shortly after, the Tallahassee Democrat reported March 26.
Four things to know:
1. The March 26 approvals pave the way to convert the city-owned hospital into an integrated academic medical center. Under the agreement, the university, which is also in Tallahassee, will assume ownership of hospital property, while Tallahassee Memorial will maintain responsibility for operations and employees under a long-term lease.
2. The health system and university are working to reach consensus as they finalize the agreements to guide the long-term partnership, Tallahassee Memorial HealthCare CEO Mark O’Bryant said in a March 26 statement shared with Becker’s.
3. Tallahassee City Commissioners approved the transfer of the city’s Tallahassee Memorial assets to the university March 11. The commissioners accepted a proposed memorandum of understanding between the two entities in January.
4. Under agreement, the university will pay $109 million to the city over 30 years for the assets transfer, in annual installments of $3.63 million, and administrators will invest $1.7 billion locally over the next 30 years, the Democrat reported.
“Florida State University is pleased to move forward with Tallahassee Memorial HealthCare to establish an Academic Medical Center in Tallahassee for the benefit of the community,” the university said in a March 26 statement shared with Becker’s. “We appreciate the support of the Florida State University Board of Trustees and the Florida Board of Governors.”
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