The city of Colorado Springs, Colo., has negotiated an agreement with the Public Employees Retirement Association to eliminate a potential barrier to the Memorial Hospital in Colorado Springs partnership with University of Colorado Health, according to a KKTV news report.
The partnership between Memorial and UCH was recently approved by Colorado Springs citizens in a special vote. UCH is a newly created organization that includes Loveland, Colo.-based Medical Center of the Rockies, Poudre Valley Hospital in Fort Collins, Colo.; and University of Colorado Hospital in Aurora.
According to a statement released by the city, PERA withdrew its request for injunctive relief regarding the Memorial lease, which could have halted the two organizations from moving forward with the merger. The dispute regards Memorial employees' transfer to new employment with UCH, according to the report.
Under the agreement between PERA and the city of Colorado Springs, PERA will dismiss UCH from its current lawsuit and will not seek to undo or invalidate the city's partnership with UCH to operate Memorial Hospital. Additionally, UCH will place the initial proceeds from the transaction — $259 million — into escrow to be supervised by the court pending a final resolution of the dispute between PERA and the City of Colorado Springs.
The city and UCH remain confident that the transaction will be final and complete by Oct. 1, according to the report.
Memorial Hospital, University of Colorado Health Deal Up For City Vote
University of Colorado Health, Memorial Health Lease Agreement Receives AG Approval
The partnership between Memorial and UCH was recently approved by Colorado Springs citizens in a special vote. UCH is a newly created organization that includes Loveland, Colo.-based Medical Center of the Rockies, Poudre Valley Hospital in Fort Collins, Colo.; and University of Colorado Hospital in Aurora.
According to a statement released by the city, PERA withdrew its request for injunctive relief regarding the Memorial lease, which could have halted the two organizations from moving forward with the merger. The dispute regards Memorial employees' transfer to new employment with UCH, according to the report.
Under the agreement between PERA and the city of Colorado Springs, PERA will dismiss UCH from its current lawsuit and will not seek to undo or invalidate the city's partnership with UCH to operate Memorial Hospital. Additionally, UCH will place the initial proceeds from the transaction — $259 million — into escrow to be supervised by the court pending a final resolution of the dispute between PERA and the City of Colorado Springs.
The city and UCH remain confident that the transaction will be final and complete by Oct. 1, according to the report.
More Articles on Memorial Health and University of Colorado Health:
Memorial Health System to Join University of Colorado HealthMemorial Hospital, University of Colorado Health Deal Up For City Vote
University of Colorado Health, Memorial Health Lease Agreement Receives AG Approval