By Tara Mathews
HOWARD LAKE, MN Howard Lake City Council spent most of Tuesday’s meeting hashing out final details and considerations for the new assisted living facility, now set to break ground the second week in October.
“When discussions began on this concept several years ago, the need for senior housing was identified and determined to be great. When project partners, such as the Good Samaritan Society, agreed to partner in the development of an assisted living facility, the matter of funding the project remained a question,” stated City Administrator Nick Haggenmiller. Developers plan to close financing Tuesday, Oct. 1.
The facility is expected to be complete “late April or early May 2014,” according to Dave Pokorney of Community Asset Development Group. The facility will contain 18 units to start, and have the ability to expand to 24 units if the need arises.
So far, Community Asset Foundation (the developer of the facility) has 26 people on the waiting list for the facility, Pokorney said.
The developer obtained $1,750,000 in tax-exempt conduit bonds through Community Bank Corp., and $650,000 in tax increment bonds through G.A. Davis Company.
The new assisted living facility will be operated by Good Samaritan Society, which currently operates the nursing home in Howard Lake.
Good Samaritan Society is a not-for-profit organization, which enables the developer to secure financing through tax increment bonds.
Plans for Lodge of Howard Lake, as the facility will be called, include options for expansion. Originally, the plans included a nursing home, town homes, and a daycare facility on site, along with the assisted living facility.
Deciding all of the buildings were not feasible at this time, the developer and the city council resolved to begin with the assisted living facility, with the option to expand later.
The contract states if Good Samaritan Society decides to buy the facility in the future, it will only be responsible to pay the cost of the current debt. According to Pokorney, similar facilities, have generally been purchased by Good Samaritan Society in approximately three-to-six years.
“We are excited and proud of to be a part of this project. Good Samaritan Society has proven to be a valuable asset to our community, and we believe this will be a wonderful way of providing for our aging residents and to keep them close to family and friends and involved in the greater community,” said Mayor Pete Zimmerman.
Odds and ends
In other business, the council:
• approved a joint power agreement with the State of Minnesota regarding sharing documents digitally to save paper.
• heard from liquor store manager Myra Laway. The municipal liquor store showed a net profit of approximately $5,239 for August.