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Letter To: Lee Countya)mmissioners <br />Sheet No: 2 <br />Date: December 11, 1978 <br />S rAM1 <br />Accordingly, MI submits the following proposal <br />for your approval: <br />1. AMI will lease the existing hospital facility <br />from Lee County as soon as a lease agreement mutually <br />acceptable to both parties can be prepared and legally <br />approved by the County. AMI will operate the existing <br />Lee County Hospital until such time as the new replace- <br />ment hospital is built and properly licensed, at which <br />time the lease will be terminted. Employees at the <br />existing facility will, upon the commencement of the <br />lease, become employees of AMI, and will enjoy all <br />normal AM benefits, with full credit for their length <br />of service with the Lee County Hospital. <br />2. The lease will commence following receipt of <br />all necessary regulatory approvals, including licensing <br />and C.O.N. approval. Upon commencement of the lease, <br />AMI will purchase from either the Trustees or the <br />County, as appropriate, the current assets of the <br />existing Lee County Hospital for approximately $1.2 <br />million. Since we have used as a basis for our analysis <br />the September 30, 1977, audited financial statements, <br />there will be a final audit of the current assets as <br />of the date of the commencement of the lease, and the <br />purchase price of the current assets will be adjusted <br />by an amount equal to the change in the amount of <br />current assets from September 30, 1977, to the date of <br />