RES 85332 - Laserfiche WebLink

Agreement then VMH shall pay the City the assessments described in Section 3 hereof. (b) If construction has not been commenced on the inpatient acute care hospital facility and emergency facility within five (5) years from the date of this Agreement but construction has been commenced on the medical office building, outpatient diagnostic facility and therapeutic facility within two (2) years of the date of this Agreement, then and in that event, VMH shall pay to City that portion of the assessments described in Section 3 which are a pro rata share of the facilities on which construction has commenced and the facilities on which construction has not commenced. (c) If payment to City of the assessments required to be paid pursuant to subparagraphs (a) and (b) above is, in the judgment of VMH, not economically possible or not economically feasible then ~-!H may elect to pay to City the amount of the installments exempted to date and the balance of the assessments shall be paid in accordance with a payment schedule mutually agreed upon by the City and VMH, said payment schedule to approximate the yearly payments due had the property been included in the assessment district(s). All costs of this procedure shall be paid solely by V~H and neither the assessment district(s) nor City shall be at any cost or expense in connection with such proceeding. (d) In the event VMH does not complete the construction on Project Site called for by Section 2, the sole remedy of City is set forth in Sections 2, 3 and 4 and as secured by Section 6. -4-