Mr. Butler reported that PR 7 is the annual review of the contract with Kentucky Medical Services Foundation, which is the group that bills and collects professional fees for physicians at the Medical Center. He noted that a summary of the revisions was in the background information and stated that there were no major changes in the agreement. These are annual adjustments to the contract.
Mr. Hardymon called for a motion of approval, and Ms. Tobin moved approval. Mr. Williams seconded her motion, and it carried without dissent. (See PR 7 at the end of the Minutes.)
J. Feasibility Study for Retirement Community at Coldstream (PR 8)
President Todd said that PR 8 is a recommendation regarding the feasibility study for the retirement community at Coldstream. He recognized Dr. Jack Blanton, who had been helping with this effort, and asked Ms. Sparks, Trustee representative on the Task Force, to make a report.
Ms. Sparks thanked Mr. Hardymon and President Todd for allowing time for the report. She said that it is a very important issue and began her report.
In the last three or four years the concept of a retirement community attached to a university has become very popular. There are now at least 50 university-related developments around the country.
In the Southeastern Conference alone, the University of Florida has opened a facility in Gainesville this past year, and Alabama has a retirement community under construction on its campus at Tuscaloosa. Louisiana State University and Vanderbilt University are also studying the possibilities.
Why are universities developing retirement communities? There are several reasons.
The flurry of activity in college towns offers the chance for a stimulating retirement and lifelong learning opportunities not easily found in traditional retirement settings.
Attracting affluent alumni and friends of the university back to campus offers opportunity for cementing relations with these important groups and providing an enhanced means of fundraising.
For land grant institutions, the development of a retirement community provides an additional way to meet the university's service obligations to the general public.