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Landmark Weld County hospital deal approved

Posted on 10/02/2019
Landmark Weld County hospital deal approved

Colorado Attorney General Phil Weiser has approved the sale of North Colorado Medical Center as a part of a transaction intended to provide new ways to support health care and education for Weld County residents.

Community leaders praised Weiser for signing off on the deal between Banner Health, NCMC Inc. and the Weld County Board of Commissioners.

“The attorney general listened to those who supported the sale because of what it would mean for Weld County residents, but he also did his due diligence in making sure Banner Health would continue to provide top-notch health care here in Colorado,” Commission Chairwoman Barbara Kirkmeyer said. “The approval of this deal is truly a victory for Weld County residents who will directly benefit in so many ways from the new programs and resources that will be
created and provided to them through the
sale proceeds.”

Weiser hosted a public town hall in Greeley on Sept. 27, where he heard from a variety of community leaders. The mayor of Greeley, chairman of a program that helps Weld County students pay for college or vo-tech training, and CEO of a community health-center system all praised the deal.

Weld County has been involved in or owned hospital operations since 1904, but it will officially divest itself of the land and assets associated with North Colorado Medical Center to Banner Health, which has operated the hospital since 1995.

The sale of the hospital and related assets by the county to Banner Health will allow the parties to retire existing real estate leases and NCMC Inc. to fully retire the bond debt against the assets.

NCMC Inc. 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 Inc. to bolster its philanthropic efforts to benefit Weld County’s most vulnerable. The new endeavor, to be called The Weld Trust, will fund an endowment for ongoing support of both health care and education in Weld County.

“NCMC Inc, which is transitioning its name to The Weld Trust, thanks the Attorney General for the diligent work of his office in evaluating this sale. We are excited to move forward with the transaction,” said Tom Grant, President and Chair of NCMC Inc.

Weld County government will also receive a portion of the sale proceeds. The commissioners will use the proceeds to invest in the Bright Futures program to help Weld County students attend college or take vocational training to ensure a workforce for the county.

After the sale, Banner will continue its commitment to support those who are uninsured or underinsured. In 2018, Banner provided $34.3 million in uncompensated care to people who were unable to pay. NCMC Inc. will also continue to provide support for Banner’s charity care endeavors.

Margo Karsten, CEO of Banner Health in Northern Colorado and president of Banner’s Western Region, agreed the approval is a great opportunity for Weld County.

“We appreciate the attorney general taking the time to visit Greeley and hear all the support for this transaction,” Karsten said. “This process has highlighted the strength of our relationships in Weld County and how closely we work together to improve the health of the community.”


For questions, please contact:
• Weld County: Jennifer Finch, jfinch@weldgov.com, 970-400-4232
• Banner Health: Sara Quale, sara.quale@bannerhealth.com, 970-810-6133
• NCMC Inc.: Tom Grant, tgrant@grantandhoffmanlaw.com, 970-356-5666