FRANKFORT, Ky. – A House committee approved a $35 million loan to the University of Louisville for the purchase of healthcare facilities from KentuckyOne Health.
The loan, branded in House Bill 99 as the “Direct Health Care Services and Research Facilities Operations Loan Program”, would help U of L operate the facilities, including Jewish Hospital in Louisville. University president Neeli Bendapudi said the hospitals would have closed without the purchase, putting millions of dollars in funding at risk due to the services and research the University of Louisville provided at the hospital.
Bendapudi said 1,900 jobs would have also been lost from just Jewish Hospital alone.
The university initially requested $50 million but Bendapudi said after the sale closed in November, the details on how much the university needed became clearer.
The bill includes a provision that allows for 50% of the loan to be forgiven if the university meets certain conditions.
The House Revenue and Appropriations Committee also approved $2.5 million for design costs associated with the Bowling Green Veterans Center. House Bill 24 appropriates the money from the general fund for use on design and pre-construction costs. The overall cost of the project is expected to be $30 million dollars.
The U.S. Department of Veterans Affairs has already promised $19.5 million and the state legislature approved $10.5 million for it in 2017.
Supporters say HB 24 is the final piece of the puzzle.