County Sets Public Hearing For Glen Haven Village Loan Guarantee
Tue, 06/26/2018 - 5:43pm
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Proponents of the Glen Haven Village project are hopeful that a public hearing next month will be one of the final hurdles to clear before construction can commence on a new nursing care and rehabilitative center.
On Tuesday, the Mills County Board of Supervisors set a July 13 public hearing date at 9 a.m. for discussion of a $2.2 million economic development loan guarantee the county has been asked to provide for the project. The guarantee would serve as collateral on a USDA Rural Development loan being pursued by the Glen Haven Board of Directors to turn a village of cottages on the campus of the Glenwood Resource Center into a state-of-the-art skilled care nursing and rehabilitative complex. The new facility would replace the deteriorating 54-year-old Glen Haven nursing home.
When proposed more than two years ago, the price tag of the Glen Haven Village project was estimated at $3.1 million, but bids opened in March reflected an increase of about $650,000 in construction costs.
In addition to the loan guarantee being pursued from the county, the Glen Haven Board of Directors has secured a similar guarantee for $200,000 from the City of Glenwood. The guarantees, along with the $2.8 million appraised value of the Linnwood Estates assisted living facility, owned and operated by Glen Haven, would all serve as collateral on the loan.
Glen Haven officials, who have provided financial statements and documents to the USDA, city and county as proof of the non-profit’s financial stability, will be required to have a reserve account balance of more than $200,000 during the life of the 35-year loan.