The Colorado Springs City Council plans to ask city voters to approve leasing Memorial Health System to University of Colorado Health in a special election Aug. 28.

The council will hold a special meeting on Wednesday immediately following the Utilities Board meeting to set the date of the election.

The terms of the lease are apparently still being negotiated.

In its proposal to the city, UCH offered $74 million upfront and then $5.6 million per year, plus a profit sharing agreement, for a 40-year lease of the city-owned hospital.

After setting the date of the election, the council plans to go into executive session to receive:

 (1) advice and negotiation consultation with the City Attorney regarding Memorial Health System, and (2) advice and consultation with the City Attorney regarding potential litigation matters that are subject to negotiations, developing strategy for negotiations and instructing negotiators.

Colorado Springs City Council Photo by City of Colorado Springs