The Press Newspaper

Toledo, Ohio & Lake Erie

The Press Newspaper

The Press Newspaper


Oregon City Council on Monday approved the issuance of up to $7 million in mortgage revenue bonds for the development of an assisted living facility for seniors on a 13-acre site at the southeast corner of Seaman Road and South Coy Road in Oregon.

AlcoreSenior LLC, the developer of the project, located in Columbus, proposes to develop, own and operate, through an affiliate, a campus for seniors that will include 10-20 independent living units located either in ranch style bungalows or a multi-family building, and a 77 unit licensed assisted living/memory care center of approximately 45,000 square feet.

The final unit mix and facility set-up will be determined upon completion of a market study. The assisted living/memory care building will be a combination of studio and one bedroom units along with dining rooms, living rooms, activities areas, in-house beauty shop and other common amenities for resident and community use.

Last year, council passed a resolution of intent to issue the bonds.

Glen Pratt, of Peck Shaffer & Williams, bond counsel, said there’s no liability on the part of the city in issuing the bonds.

City Administrator Mike Beazley also said the debt does not “put any of the full faith and credit of the city at risk.”

“This is debt that Ohio law allows cities to participate in that effectively lowers the interest rate to allow projects of this nature to move forward,” said Beazley at a recent committee of the whole meeting. “We do not spend money associated with this. We do not have to pay the debt back, no matter what happens with the project or development. Ohio law allows access to this mechanism only if the local government says it’s OK. I’ve been involved in a number of these for major hospital systems and senior assisted living facilities in the county and City of Toledo. Oregon’s previous experience with this is with Lutheran Homes.”

The city will be merely a conduit issuer that will loan the proceeds to the borrower, who will use it to construct and operate the project.

“Those who are purchasing the bonds provide the funds,” said Beazley.

Proceeds from the bonds will be made available to AlcoreOregon LLC, which will own and operate the senior living facility, according to Diana Silveira, of Peck Schaffer & Williams.

Councilman Josh Hughes asked Silveira if the borrower defaults, what impact would there be on the city?

“The rare possibility is someone would name the city in a lawsuit,” said Silveira. “These investors typically invest in transactions like these so they know what they’re getting themselves into and it’s clearly disclosed in all the public disclosure documents they use to sell the bonds. If they were to name the city in a lawsuit, the city is indemnified by the borrower against any costs that might arise.”

Local labor
Hughes said council and the administration “spent a great deal of time and energy to make sure this development…benefits our citizens both during construction and thereafter.”

“To that end, I’ve had considerable discussions with Alcore and I received their assurances that this project will be built entirely with local labor,” said Hughes.

There have been five public hearings on the project, beginning with the zoning process, said Beazley. “We’ve had many neighbors in attendance, with back and forth, give and take. Our neighbors felt listened to. We have a project that works. We feel good about how we got here.”

The facility will provide assistance with activities of daily living - from meals, bathing, dressing, ambulating, housekeeping, toileting, and transportation.

The facility will target seniors who are approximately 81 years old and over, and the average length of stay will be three years.

The project will employ about 30 full-time staff with an annual payroll in the range of $750,000. AlcoreSenior LLC was founded in 2011 by Benjamin J. Byers.

Council also passed a sanitary sewer agreement with Alcore Oregon LLC for the construction of sanitary sewer improvements along Coy and Seaman roads.

The agreement includes conditions for the sewer improvement to be constructed as a “Cash-to-Tap” sewer in which parcels of real property adjacent to the proposed senior facility will benefit from the sewer improvements.

Giving money to people along road

Do you feel compelled to give money to people holding signs along the road asking for money?
1737730959 [{"id":"10","title":"No, I'm not sure they're legitimate.","votes":"29","pct":64.44,"type":"x","order":"1","resources":[]},{"id":"11","title":"No, I'm afraid they will use it for drugs.","votes":"10","pct":22.22,"type":"x","order":"2","resources":[]},{"id":"12","title":"Yes, I feel good about helping someone down on their luck.","votes":"5","pct":11.11,"type":"x","order":"3","resources":[]},{"id":"13","title":"Yes, we could all end up like that.","votes":"1","pct":2.22,"type":"x","order":"4","resources":[]}] ["#194e84","#3b6b9c","#1f242a","#37414a","#60bb22","#f2babb"] sbar 160 160 /communitypolls/vote/1-root.html?id=5 No answer selected. Please try again. Thank you for your vote. Answers Votes ...