The board of trustees that operates Grady Memorial Hospital in Atlanta on Monday approved a lease agreement that would convert the financially troubled public facility to a nonprofit with a new governing board.

The move, which still must be approved by Fulton and DeKalb counties, is intended to attract $300 million in immediate and long-term funding. The Fulton-DeKalb County Hospital Authority has issued about $240 million of debt for Grady Memorial.

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