UnitedHealth Group Invests $14.5 Million in Children's Institute to Help the Nonprofit Expand Health and Social Services to Vulnerable Children in Los Angeles Area
LOS ANGELES (Feb. 3, 2010) - Children's Institute, Inc., which provides comprehensive health and social services to Los Angeles-area children who have been traumatized by violence, received $14.3 million in capital to help finance the nonprofit's construction and renovation of a new center.
UnitedHealth Group (NYSE: UNH) purchased Children's Institute's tax-exempt revenue bonds through the California Health Care Investment Program, which gives California health care entities access to capital at rates that are highly competitive with those of conventional financing.
UnitedHealth Group's California Health Care Investment Program is a 20-year, $200 million commitment to health care organizations that provide services to underserved, low-income and underinsured communities and populations throughout the Golden State.
Children's Institute - established in 1906 and currently serving more than 17,000 children and families annually - will use the proceeds from the bonds to help finance the organization's new Otis Booth Campus. As the agency's new headquarters and third comprehensive facility, the new campus will be named after Franklin Otis Booth, Jr., the region's well-known philanthropist and the great-grandson of General Harrison Gray Otis, who founded the Los Angeles Times. The Otis Booth Foundation is making a $6 million lead gift toward completion of the project.
The new three-building campus, located just west of downtown Los Angeles, is designed to serve an additional 5,000 children and families a year in one of the region's most challenged communities. The 45,500-square-foot campus will include a health center, therapy rooms, a café and nutrition center, basketball court, classrooms, two libraries, computer rooms, family resource center, teen center and space for performing and visual arts.
"We thank UnitedHealth Group for helping us finance one of the most ambitious projects in CII's history," said Mary Emmons, president and CEO of Children's Institute. "Their support ensures that we will have a lasting impact in the lives of children who need our services the most."
"UnitedHealth Group is committed to investing in California's health care infrastructure to help ensure that all Californians have access to quality care. We are pleased to be able to help Children's Institute meet its community's health care and social services needs, and we believe it is essential that underserved residents in Los Angeles have such an important health care and social services resource in their community," said Steve Nelson, CEO, UnitedHealthcare west region.
UnitedHealth Group offers health benefits, including commercial and Medicare health plans, to more than 2.8 million Californians, and partners with about 50,000 physicians across the state.
About UnitedHealth Group
UnitedHealth Group is a diversified health and well-being company dedicated to making health care work better. Headquartered in Minneapolis, Minn., UnitedHealth Group offers a broad spectrum of products and services through six operating businesses: UnitedHealthcare, Ovations, AmeriChoice, OptumHealth, Ingenix, and Prescription Solutions. Through its family of businesses, UnitedHealth Group serves more than 70 million individuals nationwide.