Details of Memorial Health System’s proposed 40-year lease to University of Colorado Health will be made public June 11 during an informal City Council meeting.
Council made the announcement today, and also said comment about the proposed lease will be heard at that meeting, as well as during Council’s June 12 formal meeting.
Under its initial bid, the system, which includes University of Colorado Hospital in Denver and the Poudre Valley Health System in Fort Collins, agreed to provide $3 million a year for a medical school campus in Colorado Springs.
Also under the bid, Memorial would become an equal member in the venture and the educational hub for southern Colorado.
The proposal promised “continuing payments to the city, a large and ongoing commitment to invest in Memorial’s infrastructure, as well as mechanisms to relieve both Memorial and the city from their current debt and unfunded pension liabilities.”
At the time, UCH said its proposal was worth $1.79 billion.
Negotiations have been under way since January to nail down details of the agreement.
Council also chose Aug. 28 as the ballot date.
Veitch bows out
In other news, Memorial’s new board of directors will meet 7:30 a.m. Wednesday for the first time. However, they’ll be meeting without Fred Veitch, vice president of Nor’wood Development Group.
Veitch resigned from the board over the weekend, citing a “conflict of interest with his employer,” said City Council President Scott Hente. No other details were offered.
Veitch has been replaced by Stephen Gold, an adjunct professor of psychology at Pikes Peak Community College.