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P. 02/03' ' <br /> ' <br /> 1111 11 :39 SAGE 1OMP11i' hnX NJ, 6125919041 1, 11101 <br /> W.Michael Monson <br /> February 9, 1996 <br /> Page No.Two <br /> 3. The proceeds of the Letter of Credit(or the Cash Deposit, as the case may be)will <br /> be payable to the City (or in the case of the Cash Deposit, will be retained by the <br /> City) in the event that the Partnership, or an affiliate thereof, fails to complete the <br /> = _ proposed expansion to the St. Anthony Health Center ("Expansion') within a <br /> reasonable period of time. Upon completion of that Expansion,the Letter of Credit <br /> (or,if the Partnership has elected to make the Cash Deposit,then the Cash Deposit) <br /> will be returned to the Partnership. <br /> 4. That portion of the proceeds of the TIF Loan which is not paid to the City will be <br /> returned to the Partnership as reimbursement to the Partnership of TIF related <br /> expenses incurred in connection with the original Project or the Expansion. We • <br /> understand that all unpaid interest will be forgiven. The City will fully cooperate in <br /> the Partnership's efforts to document the reimbursement of appropriate IIF expenses <br /> to the Partnership. <br /> 5. While we have discussed the issue of Title II real estate tax treatment,the City and <br /> the Partnership agree that the Partnership's right to file for Title 11 tax treatment will <br /> be a decision made wholly by the Partnership free of any restrictions imposed by the <br /> City. <br /> We appreciate your continued cooperation throughout this project and look forward to completing <br /> a successful refunding transaction. Please confirm the City's formal approval of these terms so that <br /> we may move forward. <br /> VPosepph <br /> truly yours, <br /> Gcr� <br /> L.Guertin <br /> General Manager <br /> Health Care Facilities <br /> av4cARE=RREspou rERs11D9OV40MRNSON.WPD <br />