University of Virginia Library

APPROVAL TO ENTER INTO A JOINT VENTURE FOR A LONG TERM ACUTE CARE HOSPITAL

WHEREAS, the Medical Center of the University of Virginia believes a number of its patients who are receiving inpatient care could benefit by moving to a long term care facility; and

WHEREAS, Section 23-77.3 of the Code of Virginia grants authority to the Medical Center to enter into joint ventures;

RESOLVED that the University, on behalf of the Medical Center, may enter into a joint venture with HealthSouth Corporation to create a long term acute care hospital to be located in Albemarle County, with the Medical Center's interest in the long term acute care hospital venture to be fifty percent;

RESOLVED FURTHER that on the recommendation of the Vice President and Chief Executive Officer of the Medical Center, and with the concurrence of the Chair of the Medical Center Operating Board and the Chair of the Finance Committee, the Executive Vice President and Chief Operating Officer of the University is authorized to negotiate and execute contracts and other legal documents pertaining to the creation and formation of the long term acute care hospital venture.