Board approves new Grady lease

Source: Urvaksh Karkaria, Atlanta Business Chronicle (GA), Monday, January 28, 2008 – 8:55 PM EST

The Fulton-DeKalb Hospital Authority on Monday OK’d a lease agreement that hands over daily operational control of Grady Memorial and opens the door to a public and private sector bailout.

The handover will be to a yet-to-be formed non-profit management corporation. The names of the 16 members on the non-profit board are expected to be released within a week, Grady board vice chairman Christopher Edwards said. In return for handing over operational control, Grady is expected to receive at least $200 million from the private sector for capital improvements. An additional $100 million in private money could also be raised and the state is expected to inject millions of dollars more.