There's one expense University of Colorado Health will owe the city that wasn't enumerated in the lease for city-owned Memorial Health System.
Colorado Springs City Attorney Chris Melcher tells us today that UCH has agreed to pay the following "not-to-exceed figures."
— $1,050,000 for legal fees associated with negotiation of the lease agreement, and related matters such as retiring Memorial's debt. The city hired Fulbright & Jaworski, a national lawfirm, at $395 per hour to handle the city's interests in the negotiations.
— $500,000 to fund the Aug. 28 special election.
— $150,000 to pay the bill of consultant Mike Anthony of Chicago, hired by the Memorial Task Force last fall to help put together a request for proposals.
— $100,000 for financial analysis of the deal for the city's benefit.
"If it's associated with the transaction," Melcher says, "we would request help with that from UCH as well."
Melcher says that the city has logged less than $600,000 in legal fees so far, but the work isn't over. The lease hasn't been signed by City Council (it's expected to approve the lease June 26) and the ballot measure hasn't yet been drafted.
Legal fees associated with creating a public foundation to handle the proceeds from the nearly $2 billion deal with UCH won't be billed to UCH, however, Melcher says. Those costs could come from the proceeds or from the city.
UCH will pay the city $74 million up front, $5.6 million a year for 30 years and another annual payment based on Memorial's performance. UCH also will pay $3 million annually for 40 years to set up a branch of the University of Colorado medical school, and it's required to invest an average of $28 million a year in capital in Memorial. The city also gets $185 million from Memorial to pay PERA, and another pot of cash to retire Memorial's roughly $320 million in debt.
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