The State University System Board of Governors has approved Florida State University’s $110 million contract with Tallahassee Memorial HealthCare and the city of Tallahassee.
It’s part of the agreement for the city to transfer the hospital and its assets to FSU.
Kyle Clark, FSU’s senior vice president for finance and administration, fielded questions from the governors about the contract.
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“There’s a number of accountability measures and performance measures that are embedded in the lease that between FSU and Tallahassee Memorial Hospital, and the university would have the right to terminate should any of those breaches not be cured,” he said.
Board Chair Alan Levine applauded the university’s move.
“I think you guys have done something here that is demonstrative of how a university would acquire a hospital in terms of making sure you’re not taking on an entity that’s losing money or potentially failing financially,” he said.
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The agreement was approved by the Tallahassee City Commission earlier this month.
The full, final agreement with specific terms has not yet been released.
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