86-40 ADDING TERRITORY TO ENTERPRISE ZONE

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PART D. ELIGIBILITY CRITEBZON Cl. Describe aad doeument the specific development commitment(s) that will occur Wi.thin the two year period following the proposed boundary change. Such information must include: pro3ect scope; estimated cost of the project; timeline for co�apleting project milestones; project start and completion dates; construction plaas or schematics; construction permit data; and, evidence of financial commitment from financial. ins.titutions and/or local. state or federal government. Indicate the nams of the �business, the product or service provided and current employment.. Project do�umentation is to be provided or certified by the business(es) involved. American Medical Buildings , an architectural, design development company from Milwaukee , Wisconsin , has been retained by St . Mary' s Hospital to develop a new 61, 000 square foot medical bffice buildi�g to be located on the campus of St . Mary' s Hospital at 1800 East Lake Shore Drive in an area not presently within the City' s existing Enterprise Zone . The hospital property is contiguous to the present zone boundary located immediately to the eas� of the hospital building. The new medical office building to be lacated south and west of .th� hospital ' s main entrance , will serve three primary needs : 1. It will provide additional hospital based orfice space for physicians who are being sought as part of a recruitment campaign by St . Mary' s Hospital . � 2 . It will provide modern , efficie�t cffice space for physicians who already practice in the Decatur area who are seeking new office space . A survey was conducted which revealed that a high degree of interest was shown for a new medieal office facility. . 3 . The building will house an 8 , 641 square foot ambulatory surgery centere The center has already received Certificate of Need approval from the State of Illinois . It will provide an option for outpatient surgery which is not currently available in the community.' The owner of the proposed office facility will be a for- profit company known as LaSante , Inc . At this time , it is expected that the doctors occupying office space in the building will become limited partners in the overall ownership, as the rent they pay will be purchasing shares in the partnership . The financing for the $5 . 7 million construction cost will be totally financed internally through an expected $4 . 5 million loan from the Hospital Sisters Health Systems of Springfield, Illinois , and another $1 . 2 million from doctor ' s owner ' s equity in the project . � . B1-3