Weld County has been involved in or owned hospital operations since 1904, but that will change under a deal intended to provide new ways to support health care and education for residents. The Weld County Board of Commissioners plans to officially divest itself of the land and assets associated with North Colorado Medical Center Foundation (NCMC) to Banner Health, which has operated the hospital since 1995. The Colorado attorney general must sign off, but Weld County and hospital officials are optimistic about receiving approval, because the transaction provides new avenues for charitable support countywide.
The sale to Banner Health will allow the parties to retire existing real estate leases and will allow NCMC to fully retire the outstanding bank and bond debt against the assets. Net proceeds from the transaction will fund an endowment for ongoing support of both health and education in Weld County. NCMC will receive a portion of the sale proceeds, because it owns outright some of the land and assets Banner is buying. Those proceeds will expand funds available to NCMC to bolster its philanthropic efforts to benefit Weld County’s most vulnerable. Weld County Government will also receive a portion of the sale proceeds to invest in the Bright Futures program to help Weld County students go to college or take vocational training to ensure a workforce for the county.
Banner Health will pay $328.4 million for land, assets and equipment, a large portion of which will be used to pay off $209.5 million in existing hospital debt. The purchase includes not only North Colorado Medical Center land and buildings but also urgent care, emergency room, and clinic buildings throughout Weld County. The remaining sale proceeds will go to NCMC and Weld County.
Weld County covers an area of 3,999 square miles in north central Colorado. It is bordered on the north by Wyoming and Nebraska and on the south by the Denver metropolitan area. The third largest county in Colorado, Weld County has an area greater than that of Rhode Island, Delaware, and the District of Columbia combined.
Headquartered in Arizona, Banner Health is one of the largest non-profit health care systems in the country. The system owns and operates 28 acute-care hospitals, Banner Health Network, Banner – University Medicine, academic and employed physician groups, long-term care centers, outpatient surgery centers and an array of other services; including Banner Urgent Care, family clinics, home care and hospice services, pharmacies and a nursing registry. Banner Health is in six states: Arizona, California, Colorado, Nebraska, Nevada and Wyoming.
North Colorado Medical Center Foundation was incorporated in 1975 to support the health care services of the North Colorado Medical Center by funding educational opportunities, acquiring equipment, goods and property, and supporting advances in health care. The foundation also serves as the North Colorado Medical Center’s partner by managing and raising funds for needed community health programs which assist in the general public welfare.
This was reported by Weld County Colorado on August 1, 2019.
Contact information: Sara Quale, Regional Marketing and Public Relations Director, Banner Health, 2901 North Central Avenue, Phoenix, Arizona 85012; 970-810-6133; Email: email@example.com; Website: www.bannerhealth.com
Contact information:Thomas Grant, Esq., Attorney & Managing Partner, North Colorado Medical Center Foundation, 1801 16th Street, Greeley, Colorado 80631; 970-356-5666; Email: firstname.lastname@example.org; Website: http://ncmcfoundation.org