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LMCDC Report: Transforming Louisville Medical Center for Biomedical Advancements

Explore the evolution and strategic vision of LMCDC, with a focus on economic development and real estate coordination. Discover the foundation's growth, achievements, and plans for the future in biomedical commercialization. Learn about partnerships, funding milestones, and the impact on the health science community.

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LMCDC Report: Transforming Louisville Medical Center for Biomedical Advancements

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  1. Report on LMCDC/Haymarket/HSC U of L Foundation Board of Directors March 20, 2007

  2. LMCDC - Background Founded 1997 • Jewish Hospital Healthcare Service, Inc. (now JHSMHC) • Norton Healthcare, Inc. • University of Louisville

  3. LMCDC - Evolution • Coordination • Real Estate • Economic Development 2004

  4. LMCDC - Future Vision • 2004 Strategic Plan • To make the Louisville Medical Center the next significant biomedical commercialization center in the United States • Identified critical success factors

  5. LMCDC Drivers of Success for 2004 LMCDC Strategic Vision • Build Translational Research

  6. U of L Challenge for Excellence Goals for 2008 Increase federal research funding to more than $40 million annually and increase total sponsored funding to $80 million per year • Federal research funding rose from $14.8 million in fiscal 1999 to $74.5 million in 2006 • Total funding rose from $21 million in fiscal 1998 to $178 million in 2006 • Fastest growth among research universities, according to NIH – 270% increase as of 2004 • Increased patents/licenses/startups • Aptamera/IACT/Owensboro

  7. LMCDC Other Drivers of Success for 2004 LMCDC Strategic Vision • Health Science Seed Fund - ULF • Health Science Venture Fund - ULF • Develop Haymarket as Health Science Park

  8. So, Brief HistoryHaymarket • Purchased by LMCDC for $4.9MM, $4.4MM mortgage with Thomas family, $500k grant from Rep. Northup • Selected Wexford as Developer – 2005 • Visit to other Wexford Parks – 2005 • Began discussions on master lease with LMCDC Partners – 2005 • Meeting of Partners – 2006 • U of L Due Diligence - 2006

  9. U of L Due Diligence • Discussion of possible tenants • Discussions with state • Discussions with Wexford • Review of options for U of L role (4) • Decision: U of L lead role

  10. Given this Decision More Due Diligence • Develop Pro Formas • Need for efficiencies • Continued discussions • State/City • Lead Tenant • JG Brown Foundation • Partners – Lead role of U of L

  11. Next Steps • Reorganization agreement partners • Finalize negotiations • State • Lead Tenant • Wexford • U of L Foundation approval – March 20 • Groundbreaking – April • Opening – Fall 2008

  12. Implications • U of L responsible • Operations • Assets/Liabilities • Development of property • Maintain Board/Officers of Board – Mayor as Chair • Implement NUCLEUS – Bill Street • Branding effort • Reignite effort to attract new stakeholders – Ed Glasscock

  13. Basic Financials

  14. LMCDC (In Thousands)

  15. Real Estate Projections ( In Thousands) Cash Basis

  16. Real Estate Projections ( In Thousands) Long-Term Financing Note: Has effect on LMCDC operations for 20 years.

  17. Real Estate Projections ( In Thousands) ULF Loan Financing Note: Has effect on LMCDC operations for 20 years.

  18. Financial Operating Projections

  19. Operating Projections ( In Thousands) Cash Basis

  20. Operating Projections ( In Thousands) Long-Term Financing

  21. Operating Projections ( In Thousands) ULF Loan Financing

  22. Impact ofTenant Decision Ten Year Horizon FY07-FY16 (In Thousands)

  23. HSC Master Plan

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