ORLANDO, FL – January 8, 2019 – GrayRobinson, P.A. announces that William A. Boyles, John R. Kancilia, Heather M. Ramos and Paul S. Quinn, Jr. successfully assisted the Indian River County Hospital District trustees in negotiating a potential 75-year amended and restated ground lease agreement concerning the Indian River Medical Center (IRMC) and related agreements as part of a larger transaction which resulted in IRMC becoming affiliated with The Cleveland Clinic Foundation, the number two ranked healthcare system in the United States. Before the closing, IRMC and its healthcare system were operated by a nonprofit charitable healthcare organization, Indian River Memorial Hospital, Inc. and its affiliates.
The various agreements related to the transaction were unanimously approved by the board of directors of Indian River Memorial Hospital Inc. and its affiliate boards and the trustees of the Indian River County Hospital District in early October, with the chairperson of each board expressing how important the transaction is to the community. The transaction closed effective January 1, 2019, resulting in the Florida affiliate of The Cleveland Clinic Foundation becoming the sole member of Indian River Memorial Hospital, Inc.
The series of agreements will result in IRMC and its related healthcare system joining the Cleveland Clinic health system, and includes a 30-year amended and restated lease with three 15-year renewal options. As part of the transaction, the Cleveland Clinic Health system has committed to invest at least $250 million into IRMC during the next 10 years, among other commitments to the District and IRMC. The transaction is expected to have far-reaching impacts to the Vero Beach and Indian River County communities for many years to come.