RES 88262 - Laserfiche WebLink

5. The first sentence of Section 3 of the Agreement is amended by replacing the phrase "traffic circulation, water supply/distribution, and fire services improvements" with the phrase "traffic circulation and water supply distribution". 6. Subsection (a) of Section 3 of the Agreement is deleted in its entirety. 7. Subsection (d) of Section 3 of the Agreement is amended to read: (d) In the event a part of the Expanded Site is sold under circumstances which require a repayment of assessments, the amount due shall be a pro rata amount based on the ratio of the acreage sold to 19.2 acres. % 8. Subsection (e) of Section 3 of the Agreement is amended to read: (e) Provided, however, that in the event VMH sells and/or transfers all or part of the Expanded Site to another nonprofit health care entity having a 501(c)(3) exemption, or to a partnership of nonprofit health care entities each having a 501(c)(3) exemption, or leases building space within the Expanded Site to entitles or persons subject to use restrictions consistent with the purposes described in Section 2 hereof, the assessment levied against such property shall not be repaid. Notwithstanding the above, in no event shall the inpatient acute care hospital be leased other than to an entity having a 501(c)(3) exemption. 9. Section (f) is added to Section 3 of the Agreement to read: (f) Except as provided in Section 2 of the Agreement, as amended, for the a ground lease of up to 8.4 acres in specified circumstances, a ground lease longer than fifteen years shall constitute a sale for purposes of this Agreement. In that event, the assessments levied against the property being ground leased shall not be paid if the development meets the requirements of subsection (e) (e.g. ground lease to a nonprofit entity with uses restricted to medical).