As expected, the Grady Memorial Hospital board gave final approval Saturday to a lease agreement linked to a sweeping leadership change and hundreds of millions in funds for the cash-strapped hospital.

The board's approval, coming with only one dissent, moves Grady's management transfer to a new, nonprofit corporation one step closer to reality.

"This has been a long journey, but it's not over," board member Michael Hollis said.

In the hastily convened meeting, the Grady board did not —- as some had expected —- announce the board members of the new nonprofit.

Grady board Chairwoman Pam Stephenson said she expects the name to be made public within a few weeks.

Pete Correll, an Atlanta businessman expected to serve on the nonprofit's board, said the lease approval was "another positive step. There's still one more step to go —- the naming of the board."

After a decade of financial struggles at Grady, the Atlanta business community and state leaders have pressed for shifting power from the present Grady board to a nonprofit, saying the change could resurrect the hospital and restore community faith in Grady.

The business community backed that proposal with the promise of $200 million and a vow to try to raise an additional $100 million. State leaders have also indicated millions more could be coming to the hospital.

Saturday's vote actually was the Grady board's second approval of the lease agreement. The latest vote was needed to sign off on some minor changes in the lease made at the request of the Fulton and DeKalb county commissions and a labor union representing some of the hospital's workers.

Stephenson, who is also serving as temporary chief executive officer at Grady, said she wants to see written commitments for the additional money from both the business community and the state before she signs the lease and hands over the responsibility for policy and budget decisions to the nonprofit corporation.

It remains unclear when the nonprofit could assume the helm. There is disagreement over whether the new corporation must first obtain federal nonprofit status, which could take months.

Some health activists criticized the Grady board for calling Saturday's meeting on only a few days' notice, but board members said they had only until Saturday to abide by the Fulton County Commission's deadline for final approval.

State Sen. Vincent Fort (D-Atlanta), a leader of the Grady Coalition advocacy group, said his organization's role becomes even more important once the management shift occurs. Some activists fear the new nonprofit will boost Grady's finances by slashing services to the poor.

"The Grady Coalition has the new responsibility of overseeing and watchdogging going forward," Fort said. "We'll be there."