City, county back loan for Glen Haven Village
With the backing of the Mills County Board of Supervisors and Glenwood City Council, the Glen Haven Village project is one step closer to becoming a reality.
The county board and city council have agreed to provide “assured income guarantees” that will allow the Glen Haven Board of Directors to receive a $4.6 million USDA Rural Development loan to carry out their plans for turning seven cottages on the campus of the Glenwood Resource Center into a state-of-the-art skilled nursing care facility.
The assured income guarantees - $1.6 million from the county and $200,000 from the city – will serve as collateral on the loan, along with the $2.8 million appraised value of the Linnwood Estates assisted living facility, owned and operated by non-profit Glen Haven. The assured income guarantees mean the city and county would only have financial obligations on the 35-year loan in the unlikely event that Glen Haven would default on making payments. Glen Haven, which will be required by the USDA to maintain a reserve account balance of more than $200,000 during the life of the loan, has provided financial statements to the USDA, city and county as proof of its financial stability.
County board members voiced their support for the Glen Haven Village project at a public hearing last week, calling the public commitment “very low risk.” Glen Haven has operated a skilled care facility in Glenwood since 1964, but its existing building is outdated and in need of replacement.
Glen Haven Village would provide care to 75-80 residents in a home-like setting and replace the existing property, which would likely be sold.
“I think the board is in agreement that residents who need this type of nursing care should be able to stay in our community and live out the rest of their lives here,” county supervisor Richard Crouch said. “We think it’s important that we support this project.”
Former Glen Haven board member Phil Warren, who spearheaded a $1 million capital campaign for the project in 2016, said contractor bids could be accepted late this fall with construction commencing in early 2018.