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Report on LMCDC/Haymarket/HSC

Report on LMCDC/Haymarket/HSC. U of L Foundation Board of Directors March 20, 2007. LMCDC - Background. Founded 1997 Jewish Hospital Healthcare Service, Inc. (now JHSMHC) Norton Healthcare, Inc. University of Louisville. LMCDC - Evolution. Coordination Real Estate

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Report on LMCDC/Haymarket/HSC

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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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