Nine people have been chosen to form the first board of directors for the Colorado Springs Health Foundation.

The board is charged with creating the rules and procedures for the new foundation, which will use money and lease payments from the University of Colorado Health lease of Memorial Hospital. The mayor selected the board members and City Council approved them Tuesday.

board-of-directorsThe new board won’t have much money to work with for a while. Most of the millions associated with the lease agreement are tied up. The $259 million provided in the final lease with UCH to settle Memorial’s accounts with the Public Employees’ Retirement Association is being held in a court-supervised escrow account, pending settlement of a lawsuit by the city against PERA, set to be heard in October.

Other money is being held for a five-year period to settle any liability or other issues that might come up related to hospital operations at Memorial before UCH took over.

If the city wins the PERA suit, the local foundation could start giving out grants as early as January 2014. But it could take longer.

Under the rules set up by City Council, the foundation cannot give grants until its endowment reaches $100 million. Without a major windfall such as the money set aside for PERA, that could take up to five years. Currently, there’s about $24.7 million available for the foundation.

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The new board members are:

Kathy Boe, founder and CEO of Boecore;

Debbie Chandler, executive vice president and CEO of Colorado Springs Health Partners;

Lynette Crow-Iverson, founder, president and CEO of Conspire;

Phil Lane, a member of the Memorial Hospital Task Force and chairman of the Regional Leadership Forum;

David Lore, executive director of the Innovations in Aging Collaboration;

Zachary McComsey, founder and executive director of the Atlas Preparatory School;

Jon Medved, former president and CEO of Chef’s Catalog and current board member for the company;

B.J, Scott, founding board member and executive director of Peak Vista Community Health Centers;

Thayer Tutt, president and chief investment officer and trustee of the El Pomar Foundation.