Franklin, Tenn.-based Community Health Systems finalized a deal March 8 to acquire the 80 percent stake in the hospital.
The community paid for a third of the cost of the hospital in 1972 when it was built. As a result, $106 million in proceeds from the recent sale have been transferred to the new Healthcare Foundation of LaPorte, according to the report. Five percent of the foundation’s assets will be distributed each year in grants for community health projects.
“These are exciting times for the community,” said Maria Fruth, COO of the Healthcare Foundation of LaPorte, according to the report. “We hope the new foundation will be able to make incredible strides in improving the health of the community. The healthcare foundation will be the local voice for health and wellness.”
A board of 11 community members will manage the foundation. Six board members will be appointed by the hospital and five by the LaPorte Hospital Foundation.
The foundation has an endowment of $8.5 million. The first grants will be awarded sometime during mid-2017, according to the report.
LaPorte ranked as the 75th healthiest out of Indiana’s 92 counties, according to Robert Woods Johnson Foundation data cited in the report. With the new foundation, the county hopes to become one of the top 10 healthiest communities by 2030.
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