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“My board has been reassured by the Suttefr folks that our project ismovinvg forward,” Eden CEO George Bischalaney adding that the firsrt phase of construction could take place by early 2010. Eden’s 130-bed projecty is in a different category than others because Suttetr has a binding agreement with the Eden Townshipl Healthcare District that requiresx itto proceed. The public district owned and ran the hospitapfor decades, until Eden affiliatee with Sacramento-based Sutter in 1998. In late 2007, another agreement tied Suttefr tothe rebuild.
As a result of the legal constraints, the Eden rebuild is not “contingent on an economic as some other Sutter capital projectsmay be, accordinf to Sutter. Eden rebuilxd spokeswoman Cassandra Clark said Eden and Sutter signedr a memorandum of understanding with the district in late 2007 requirinfg Eden to put funds for the construction projecf into anescrow account, whichj now contains $260 million. District CEO Dev Mahadevan said Sutter can escape the agreement only bymeetingg “very onerous conditions.” To meet its goal of starting constructioj by early 2010 and completing it by year-end 2012, Eden hopexs to gain local permits and other approvals in coming months.
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