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“The big question is why the financing was $100 million higher than the projected cost, and where did that money go,” asked one of several observers who have scrutinized the ill-fated deal.
Emails show that the exit payment offer was at one point as high as $142 million, before the health system and its landlord settled on $73.1 million.
“The developer exploited our desire to partner with the city...to push a grossly one-sided project that offers limited value to VCU Health but saddles us with all of the project’s costs and risks,” then-VCU Health CEO Art Kellermann said days before signing off on the deal.
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The university's administration told 20% percent of the Department of Focused Inquiry their contracts won't be renewed.