Florida State University and the City of Tallahassee jointly announced Friday that the two parties have \u201ccompleted the legal transfer of city-owned hospital assets.\u201d<\/p>\n
The university called it a \u201chistoric milestone\u201d for its health system, which is also building a hospital in Panama City Beach<\/a>.<\/p>\n The two entities\u2019 governing boards separately approved the transfer last month, but, as WCTV reported April 2<\/a>, an April 1 deadline to sign a lease passed.<\/p>\n \u201cThis milestone reflects years of partnership and a shared vision for the future of health care in our region,\u201d FSU President Richard McCullough said in a news release. \u201cThis is a major step forward for FSU Health and for expanding clinical care, research and medical education in North Florida.\u201d<\/p>\n SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX<\/a><\/p>\n The contract calls for $109 million to be paid over 30 years. That comes out to about $3.63 million per year and there is no interest charged.<\/p>\n Through the end of 2034, FSU will contribute $100 million to upgrade the property and another $150 million to clinical faculty, resources, and academic operations as stipulated in the\u00a0contract<\/a>.<\/p>\n FSU voters showed widespread support, while the city commission voted 3-2 in favor of the transfer.<\/p>\n The facility is and will continue to be leased and operated by Tallahassee Memorial Healthcare Inc.<\/p>\n Although the deal was approved Thursday, the connection between the city and FSU Health can be traced in part to 2021, when the Legislature and governor approved funding for an academic health center at TMH. FSU broke ground on that project in 2023 and it is set to be completed by the end of the year.<\/p>\n \u201cTallahassee is known across the nation for its high quality of life and, with the future of FSU Health now solidified, our community is poised to play a leading role in advancing medicine while elevating the care available to our residents and the broader region,\u201d Tallahassee Mayor John Dailey said in the news release. \u201cWe have successfully strengthened the heartbeat of our city by uniting research, education and patient care.\u201d<\/p>\n