CCF "Buys" Lakewood Hospital, But Pays Nothing For It

[Brian Essi]

There is no question that the New Master Agreement means that CCF is buying Lakewood Hospital.

CCF gets all equipment, bed licenses and everything else from the hospital for FREE, leaving only the shell of the building and the land.
But even that building and land are impaired by a restrictive covenant that nobody can use it for healthcare--in a "deal" that City Council says is a healthcare deal.

What does the Master Agreement provide as compensation to the City for its hospital--Nothing, not one red cent.

Remarkably, LHA will give CCF $2.5 million of our money to help CCF build a parking lot to be built on land that LHA will pay $5 million to clear so that CCF can "buy" it just the land for land cost (estimated at less than $1 million). So CCF gets the land on the west side of Belle cleared and ready for building (not the hospital land) and LHA is paying CCF a net $1.5 million for this gift of land.

Again, CCF is paying nothing for the hospital/

Great Job Bill Gorton, Tom Gable, Ken Haber and the rest of the empty suits on LHA!

Traitors!

[Bill Call]

This whole deal is so outlandish it's difficult to pick the part that stinks the most.

For now I'll pick parking.

Mayor Summers let the parking garage degrade to the point that a $12 million City asset must be abandoned. In any other City that alone would be grounds for a criminal prosecution. Oh well.

The 600 parking spaces will be lost. You would think that any meaningful development would need parking. Even at $5 per day with a 50% occupancy rate the garage would generate $547,000 in annual revenue. The Mayors idea? Tear it down.

The Clinic will need 1.7 acres for its medical office building plus another 1/2 acre for parking. The Clinic also demands that the City provide additional parking south of the current emergency room. The City will have to pay for all demolition, pay for the construction of the parking lot and pay to maintain the parking lot. The Clinic will pay nothing for parking for its customers and employees. How much is that parking lot subsidy worth?

If the West side of Belle is to be used for the new medical office building and the east side is going to be occupied by a the preserved Curtis Building and the preserved Hospital frontage and the 1 acre parking lot how much land is available for development?

[cameron karslake]

How on earth is the city going to provide additional parking south of the existing ER? The existing lot backs right up to houses if I'm not mistaken.

Are we going to have another "eminent domain" nightmare in this town?

[Brian Essi]

Recent Hospital Sales August 2014-Subsidium.JPG

Keep is mind that Subsidium valued the hospital at $71 million and it has $50 million in liquid assets on top of that.

We get 15 cents on the dollar and lives lost.

CCF eliminates a competitor operating the hospital in Lakewood and gets everything it wants free land etc.

Gorton, Gable, Haber, Summers, Bullock, Madigan as a reward continue to control the New Foundation and are released from their sins and protected by a $2.5 million insurance policy.

And Guess who gets the $2.5 million premium for the policy?---CCF.

Mr. Gorton,

Is your insurance "consulting" company getting a fee from CCF?

[Brian Essi]

http://lakewoodobserver.com/forum/viewt ... um#p162421

The thread copied here has the Subsidium slide showing the $71 Million valuation.

[Jim O'Bryan]

http://lakewoodobserver.com/forum/viewtopic.php?f=7&t=22427&p=162421&hilit=subsidium#p162421

The thread copied here has the Subsidium slide showing the $71 Million valuation.

Brian/Bill

Let's put this into real honest perspective.

The Mayor Brewer of East Cleveland...



After a lawsuit with the Cleveland Clinic on behalf of his city received $20 million into the City's coffers, and the state of the art Family Health Care Center twice as large as Lakewood's proposed center.

East Cleveland did not own the hospital or the property, and there was no trade of properties outside of when the Stephanie Tubbs Jones Center was built.

How do we end up getting so much less than East Cleveland?

.

[Lori Allen _]

Rumor has it they will up the ante if Summers models a similar outfit that the Mayor of East Cleveland has on in the photo. It is rumored that the deal in the the negotiations stage. :

[Dan Alaimo]

This whole deal is so outlandish it's difficult to pick the part that stinks the most.

For now I'll pick parking.

Mayor Summers let the parking garage degrade to the point that a $12 million City asset must be abandoned. In any other City that alone would be grounds for a criminal prosecution. Oh well.

The 600 parking spaces will be lost. You would think that any meaningful development would need parking. Even at $5 per day with a 50% occupancy rate the garage would generate $547,000 in annual revenue. The Mayors idea? Tear it down.

The Clinic will need 1.7 acres for its medical office building plus another 1/2 acre for parking. The Clinic also demands that the City provide additional parking south of the current emergency room. The City will have to pay for all demolition, pay for the construction of the parking lot and pay to maintain the parking lot. The Clinic will pay nothing for parking for its customers and employees. How much is that parking lot subsidy worth?

If the West side of Belle is to be used for the new medical office building and the east side is going to be occupied by a the preserved Curtis Building and the preserved Hospital frontage and the 1 acre parking lot how much land is available for development?

Another aspect of the parking garage issue that bothers me: The biggest challenge facing the economic well-being of downtown Lakewood is parking. I understand that putting up parking garages on municipal lots is cost prohibitive, yet here's an existing garage - albeit in need of repairs - and those who would "Build Lakewood" want to tear it down. Granted it is a few blocks from where there is the greatest need for parking, but it is a parking garage. A simple van or Uber-like shuttle service might be cost effective. Perhaps the employees of the downtown businesses can be incented to park there opening more of the prime spots for customers/patrons.

But again, the best and highest use for the property is still a hospital.