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Old Woodward • 248-646-RUGS (7847) Novi; 43223 Twelve Mile Road • 248-449-RUGS (7847) Also visit our Oak Park WEEKEND Outlet 1-800-HAGOPIAN (424-6742) • originalhagopian.com 14 March 25 • 2010 iN he Detroit Medical Center (DMC) Board of Trustees and Vanguard Health Systems Inc. have signed a letter of intent for DMC to become part of the Vanguard system and for Vanguard to invest $850 million in capital improvements to DMC's eight-hospital system. "Vanguard's com- mitment to DMC and to the city of Detroit will be the single largest pri- vate investment in the city's history:' said DMC Board Steve D'Arcy Chair Steve D'Arcy. "It represents great confidence in the future of the city of Detroit?' Charles N. Martin, chairman and chief executive officer of Tennessee- based Vanguard Health Systems, said the company looks forward to putting its commitment to providing health care in urban communities to work in Detroit. "We are very excited about enter- ing the Detroit market and look forward to working with the DMC management team, who has an out- standing record of delivering care and managing financial challenges;' Martin said. Setting The Stage The letter of intent's (LOI) major provisions: • Vanguard will acquire all of the DMC system's assets (other than donor-restricted assets) for a pur- chase price that includes approxi- mately $417 million to retire all outstanding DMC bonds and other long-term indebtedness and also requires Vanguard to assume all DMC liabilities. • DMC will be owned and operated by a Vanguard subsidiary known as VHS Michigan, which will establish a regional advisory board to oversee the conduct of the DMC hospitals. Four members will be appointed by Vanguard and three by the DMC. The hospitals will continue to oper- ate under the DMC brand and their historic names. • Vanguard has made an extensive commitment to support the safety net mission of DMC, including a 10-year commitment to keep all hos- pitals open and to maintain DMC's charity care policy. • Vanguard has agreed to spend $850 million in capital investment in DMC over the next five years, more than $800 million in the city of Detroit; $500 million will go for a specific project list agreed to by the DMC board, including a new Children's Hospital tower, new patient units at Detroit Receiving, doubling of the Sinai Grace emer- gency room, a major renovation of operating room space at Harper, and new physician office buildings at Harper and Sinai Grace. The other $350 million will be for ongoing repairs and capital and equipment needs at DMC. Looking Ahead The existing DMC board will remain in place and administer the exist- ing $140 million in charitable funds given to DMC over the years and will make sure all donor funds are spent as originally intended. The DMC board will also have the legal right to enforce Vanguard's commitments under the purchase agreement. The agreement is conditioned on the approval of a Wayne County- sponsored Renaissance Zone for DMC's Central Campus, which will require state, city and county approvals. The letter of intent is non-bind- ing and extends through June 1, at which time the parties are required to have completed a mutually acceptable binding definitive agree- ment, or if not completed, the LOI terminates unless extended mutually by Vanguard and DMC. "DMC is operating in the black for the seventh straight year, but each year it has been a struggle," said Mike Duggan, DMC CEO. "We've had to sit by and watch while West Bloomfield and Novi and Ann Arbor make huge investments in new, modern hospitals and we've been