CHICAGO (WBBM NEWSRADIO) -- Just ahead of Monday’s deadline, the City of Chicago helped pave the way for new owners to take control of Mercy Hospital.
The city ended its tax-increment financing (TIF) and redevelopment agreements with Mercy, so that Insight Chicago, a biomedical technology firm, could take possession.
According to Crain's Chicago, the city received an agreement from the Michigan-based company that would keep the Bronzeville hospital open through 2029.
The city confirmed to Crain's that it “helped negotiate terms with Insight Chicago,” including the requirement that Insight invest $50 million in hospital services over the next two years; that it puts community members on its board; and that it gives quarterly public reports on its operations.
Trinity Health had planned to close most services at the safety net hospital by May 31, citing $100 million in needed improvements.
State regulators signed off on the purchase application in March, but it's not yet clear if the Chicago City Council will have any oversight of the hospital.
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