Summers Claims Lakewood is Paying $66M to Close The Hospital---So Why Is He Doing This?

[Brian Essi]

In yesterday's tabloid, Summers was quoted (twice) as saying the wind down costs will be $78 M and CCF will pay $12M.

That means the City and LHA (the City owns all the assets of LHA) will being paying $66 M of the costs to close the hospital.

POOF! There goes $66M of our money and what do we get:

$6 M NPV to tear down gutted single purpose building that can no longer be used for the purpose it was built.

Summers told me on April 8th that it would take $12M to tear it down.

In other words, we get the empty building Summers, BL, Pae et al claim they were so worried about---and we get in June, 2018--Guaranteed by the Master Agreement.

The New Foundation has a NPV of about $16.5 M, but it will still be controlled by CCF and the empty suit--bobble heads (LHA Trustees) that will vote this in tonight at the hospital--likely in secret.

Keep in mind that all but that $6 M in "wind down costs" goes to the sole and exclusive benefit of CCF--we don't benefit at all from any of it.

So why is Summers doing this?

[Bill Call]

So why is Summers doing this?

Perhaps someone from Build Lakewood can explain it.

The Clinic is taking most of the land West of Belle and the Clinic needs 1 acre on the East side of Belle. The Lakewood Historical Society was promised preservation of the Curtis Building and the Mayor promised the preservation of the old Hospital façade. So what land is available for development and how much parking will that new development need?

[Lori Allen _]

Maybe Brian Powers will get the soccer fields he wanted so badly!