RES 88262 - Laserfiche WebLink

In order to facilitate good planning and retain flexibility for appropriate development of the medical campus, these amendments restructure the Agreement to permit VMH to ground lease. up to a maximum of 8.4 acres located anywhere within the 27.6 acre Expanded Site to profit making entities while adding the requirement that all lands on the entire 27.6 acre Expanded Site be restricted to medically related uses. This preserves the original intent of the Agreement by assuring that at least 19.2 acres within the Expanded Site must be developed by nonprofit entities in medically related uses. Consistent with the Agreement the projects described in Recital C may be situated anywhere on the Expanded Site; E. VMH contemplates that some of the projects described in Recital C will be financed with bonds funded through certificates of participation. If certificates of participation are ~sed for financing, VMH plans to offer the City the opportunity to be the issuing agency; F. VMH is in the process of completing a medical office building on the Project Site. VMH intends to sell the medical office building (and ground lease the portion of the Project Site on which it is situated) to a partnership of physicians whose use of the medical office building will be restricted to purposes consistent with the intent of this Agreement (i.e. primarily provision of medical services to patients and uses ancillary to that purpose). VMH desires to amend the Agreement to clarify that such an arrangement is permitted on up to a maximum of 8.4 acres of the Expanded Site and that the arrangement will not trigger an obligation to repay exempted NPID assessments. G. The master plan for the entire site shows an additional medical office building located partially on the original 19.2 acre Project Site and partially on the later acquired 8.4 acre site. VMH contemplates developing the second medical office building in the same manner as described for the first medical office building in Recital F. VMH desires to amend the Agreement to clarify that such an arrangement is permitted on up to 8.4 acres of the Expanded Site and will not trigger an obligation to repay exempted NPID assessments. H. VMH wishes to reaffirm its commitment to build a nonprofit inpatient acute care hospital facility and emergency facility if economically feasible. I. The parties acknowledge that the date by which construction must commence on the inpatient acute care hospital facility and emergency facility pursuant to Section 2(b) of the Agreement is July 2, 1990. (Five years from the date of the original Agreement is the controlling date because, subsequent to the effective date of the Agreement, California's Certificate of Need program was eliminated.)