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CITY OF SAN LEANDRO <br />INTEROFFICE MEMO <br />TO Glenn DATE 5/22/72 <br />FROM <br />SUBJECT .den Hospital Modernization Financing <br />1 T hay.- re4earrhPd 11SCA briefly. <br />2 An rn FNA financing dearribed in the attached memo from Ira J. Porrison h Associates: <br />3 1. Loans can he made up to $50.000.000 per hospital. <br />4 2 The loan can be up to 907of the replacement cost of the property or <br />5 the project when completed- <br />6 3 The term of the loan ran h.- precerihed by the Secretary of HUD. <br />7 4; 'tee La.nk can charge 6% plus ingnranCe and service char— <br />es-8 5: MIA gets a 1% ramilam. <br />9 Trio Sec retary- of HUD can rbange the interest rate to meet the market until <br />10 T..__ ']A 1n9l1 <br />11 7 r "P non --profit" " and 1°nrn rietary" hospitals. <br />seeps earl be made ta�l^ivzte lac>l�-=� t---� P - <br />12 FA__ obviously a_ �+ �� 't. knew what a <br />-,-���o��ll o��rivate pen=pre€ii: hospital 1 dott <br />13 t4propriatary"hospital ls, because I cannot find a definiticm in rho National <br />14 <br />15 <br />16 "proprietary" <br />17 operated fur profit. 1 sittigpect Eden is not proprietary. <br />18 Frank King gal ed Morrison and asked if Eden wouldqualify- err, says <br />19 h- thi„Lr. RQ Ra glso r.aidtl1at ialxen application is mad.- fnr a loan. HEW makes an <br />20 lUderendent inve9tigation of treed for the project <br />21 <br />eical Facilities Amendments 42 6629ij at seg <br />22 and 9291o)to thepubl r- health Service Art, there are three possibilities: <br />23 ' A 49-year loan at at interest rAte of 17 above the going market for U.S. <br />24 t <br />25 2- —A--lOa1—fnr 90% of the cost of the project for a term which can be <br />FORM 063 <br />