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PAMF Update

PAMF Update

San Carlos Community Update From the Palo Alto Medical Foundation
From: Cumming, Donna <cummind@pamf.org>
Date: Tue, Jan 19, 2010 at 2:39 PM
Subject: San Carlos Community Update

As we begin the New Year, we wanted to provide you with a brief update on the PAMF San Carlos Center. As you may know, in early 2009, the state of the economy necessitated that Sutter Health, with which the Palo Alto Medical Foundation (PAMF) is affiliated, freeze virtually all new capital spending within the organization.

Included in this freeze is the funding needed to begin construction of the PAMF San Carlos Center. While we will continue to monitor the economy, we expect this capital freeze to continue until the end of 2010.

Rest assured, PAMF remains fully committed to this project. To give you some indication of PAMF’s commitment to the San Carlos Center, PAMF has invested more than $14 million in 2009 alone in the project and tens of millions of dollars since this process began more than six years ago. PAMF also contributed $1 million to replenish the endowment established for the city to keep it whole after investment losses during this difficult economic time.

PAMF has been using this time to complete the environmental cleanup of the site, which is in its final stages. In the first few months of 2010, the company that was formed to own and clean the property, 301 LLC, will be excavating soil at the site and replacing it with clean soil. Details and timelines for this phase will be shared with the community when they become available.

The PAMF San Carlos Center remains a very important project for PAMF and Sutter Health’s plans to help meet the future health care needs of southern San Mateo County residents. While there is not a specific timeline for when construction will begin, PAMF expects to be able to finance the project through a combination of capital from Sutter Health once the freeze is lifted and money raised from philanthropic donors.

We appreciate your support for the project through the years and wish you a very happy and healthy 2010. For the updates on the project, please visit pamf.org/sancarlos <http://pamf.org/sancarlos> .

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