Property committee advances nonbinding LOI framework with Ascension for Williamson Health

Legal counsel for the county presented the terms of a proposed nonbinding letter of intent (LOI) with Ascension Saint Thomas, describing a $700,000,000 purchase price and $195,000,000 in front‑loaded strategic capital intended to be deployed early in the transaction timeline. Counsel said the LOI also contemplates $40,000,000 in routine capital and a $20,000,000 county commitment, and includes employee protections, local board representation and post‑close oversight reporting.

Counsel told the committee that the LOI would enable an extensive "reverse diligence" exchange so the county can review Ascension's finances, risk management, root‑cause analyses and corrective actions. "The total purchase price for the purchase assets is $700,000,000," counsel said in presenting the document. Commissioners pressed about the LOI's exclusivity provisions and whether entering an LOI would foreclose other bidders; counsel said the LOI is nonbinding but typically contains an exclusivity period to allow information sharing and to preserve the value generated by the hospital's RFP process. The Property Committee voted to add a special‑called commission session to consider the LOI, with the full commission scheduled to meet on Sept. 9 to review the proposal and next steps.