LOUISVILLE (November 18, 2019) – Greater Louisville Inc., the chamber of commerce entity in the state’s largest city, issued a statement today backing a proposed $50 million partially forgiveable loan to the University of Louisville in connection of its acquisition of Jewish Hospital and the major medical provider assets of KentuckyOne Health
UofL acquired the KentuckyOne assets with the promise of a $50 million, 20-year loan from the Kentucky Economic Development Finance Authority. Half of that loan would be forgiven if the university meets certain criteria in terms of employment or service to underserved areas. The Jewish Heritage Fund for Excellence and the Jewish Hospital and St. Mary’s Foundation also are investing in the deal, contributing $10 million and $40 million, respectively.
The purchase includes:
• Jewish Hospital, including the Outpatient Center, Rudd Heart and Lung Center, offices and parking garages;
• Frazier Rehabilitation Institute;
• Sts. Mary and Elizabeth Hospital;
• Our Lady of Peace;
• Jewish Hospital Shelbyville;
• Jewish Medical Centers East, Northeast, South and Southwest;
• Physicians groups affiliated with KentuckyOne.
All of the assets will be rebranded under the UofL Health umbrella.
GLI’s statement released today reads:
“Greater Louisville Inc. fully supports the University of Louisville’s acquisition of the former KentuckyOne Health Louisville-area assets that are so vital to our community and to the commonwealth. We also strongly endorse the proposed $50 million loan with partial forgiveness to be considered in the Kentucky General Assembly in support of UofL Health and its KOH acquisition and turnaround plan. It will help ensure the short-term viability of these assets while the university implements a plan for long-term success.
“Supported by this loan, UofL’s actions will preserve nationally recognized programs and important educational and training opportunities for future health care professionals. It also will secure access to health care for tens of thousands of people, including some of the most vulnerable patients in Louisville and throughout the region. Importantly, this loan also supports the University of Louisville’s state-mandated mission (from the 1997 HB1) to be a “premier metropolitan research university.” UofL’s School of Medicine secured more than $93 million in research funding last year, much of it tied to its partnership with Jewish Hospital. GLI recognizes the importance of a strong, thriving Research I university as a prerequisite for the continued growth of the Louisville economy and business community.
“From an economic development standpoint, this action will save hundreds of jobs, heighten Louisville’s reputation as a center of health care innovation and improve quality of life, which is an important factor in attracting and retaining top companies and talent. Louisville and the commonwealth will be better because, with the financial backing of the state, the University of Louisville has taken this bold step to ensure the health and economic well-being of our community.”
–Sarah Davasher-Wisdom, COO and Chief of Staff of GLI