By WECT Staff | October 2, 2020 at 6:14 PM EDT – Updated October 3 at 12:45 PM
New Hanover County, N.C. (WECT) – On the agenda for the October 5 meeting of the New Hanover County Board of Commissioners, the commissioners have identified five individuals to serve as the county’s initial appointments to the governing board of the proposed Community Endowment.
If the sale of New Hanover Regional Medical Center is approved at Monday’s meeting, the New Hanover Community Endowment would be established for the remaining net proceeds (approximately $1.25 billion) of the sale of the hospital to Novant Health after fulfilling other previously determined needs.
The five individuals identified by the commissioners to serve on the Community Endowment board:
- Spence Broadhurst (PAG member)
- Dr. Virginia Adams (PAG member)
- Hannah Gage (PAG member)
- Stedman Stevens
- Shannon Winslow
Term limits will be staggered and each appointee will be eligible to serve up to three consecutive terms.
If the agreement is approved, the 17-member new hospital local board (made up of local citizens) will be given the authority to appoint the remaining six members of the Community Endowment before the closing of the transaction. Novant Health will not have any influence over the new foundation board.
“The bylaws shared publicly Friday have been revised with Commissioner and attorney feedback and do reflect the goal to be able to invest the money without being subjected to state statute restrictions – therefore being able to invest millions more each year,” County Spokeswoman Jessica Loeper said.
Also, neither the State Treasurer nor LGC Commission have offered an opinion, other than LGC staff indicating the foundation, as proposed, “would, more likely than not,” be considered a local government.
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