Austin, Texas-based Seton Healthcare Network has agreed to provide up to $250 million for a new hospital to replace the publicly owned University Medical Center Brackenridge in Austin, which the health system currently operates through a 60-year lease agreement, according to an Austin American-Statesman report.
Under the deal, the hospital's current owner — taxing authority Central Health — would share ownership with Seton, and the two would enter into a 100-year lease. The taxing authority is also expected to provide tax revenues to help expand services at the facility, according to the report.
The new facility would serve as a teaching hospital for a new medical school planned at the University of Texas at Austin.
Seton and Central Health have signed a non-binding letter of intent; a final agreement is expected by the end of the year.
Under the deal, the hospital's current owner — taxing authority Central Health — would share ownership with Seton, and the two would enter into a 100-year lease. The taxing authority is also expected to provide tax revenues to help expand services at the facility, according to the report.
The new facility would serve as a teaching hospital for a new medical school planned at the University of Texas at Austin.
Seton and Central Health have signed a non-binding letter of intent; a final agreement is expected by the end of the year.
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