ITEM TITLE:
Approval of Physician Retention Agreement with Dr. John Cullen
SUBMITTED BY: Nathan Duval, City Manager
FISCAL NOTES:
Expenditure Required: $60,000 annually
Unencumbered Balance: $220,551
Funding Source: 350-0200-55000
RECOMMENDATION:
Approve physician retention agreement with Dr. John Cullen
SUMMARY STATEMENT:
The city council established the Physician Recruitment and Retention Program by passage of Resolution 18-20 and extended the program with adoption of Resolution 24-36.
Providence Valdez Medical Center administration refers physicians for this program. This application is being forwarded to council for consideration by request of hospital administration.
The city will pay up to 20 quarterly retention payments in the amount of $15,000 at the beginning of every three months until 60 months (5 years) of full-time employment from the date of execution of the agreement has passed. If the physician fails to work as a full-time employee practicing medicine in the City of Valdez for the entire quarter after receiving a quarterly payment the quarterly payment shall be repaid on a prorated basis at a daily rate equal to quarterly compensation divided by the number of days in the quarter.
This agreement shall become effective on the date it is executed and shall remain in effect for a period of five years, for a total amount of $300,000.