The new Sundre seniors' lodge project has cleared another big hurdle with Mountain View County (MVC) council passing final reading of a bylaw authorizing temporary financing.
The motion on the bylaw took place at the council's regularly scheduled meeting on Aug. 13.
“This helps us through the process,” said MVC reeve Bruce Beattie, who is also the chairman of Mountain View Seniors' Housing (MVSH).
The bylaw, which received first reading in June followed by a petition period, authorizes a loan up to $1.9 million to MVSH to provide funding during the construction phase of the lodge.
There were no public comments received on the bylaw, Greg Wiens, director of corporate services, told council.
The supportive living, housing and care facility will be built in southwest Sundre. It will be a 103-unit lodge based on the campus of care model, which organizers say “provides seniors a range of care levels and service, enabling them to age in place.”
The new facility will replace the existing Foothills Lodge owned by the province of Alberta with 45 supportive living level 1 & 2 lodge units, said MVSH CAO Sam Smalldon.
It will also provide 40 new supportive living level 4 and 4D units and 18 independent living-style “life lease” units, he said.
The bylaw passed Aug. 13 reads: “The intent of the loan is to provide bridge funding during the period between when funds are needed for construction and when grant funds are received. The minimum rate of interest on the loan to MSVH shall be equivalent to the rate of interest the county will be forgoing on its short-term investments.
“The loan shall be issued in such a manner that the principal and interest will be repaid when MVSH receives the affordable assisted living initiative grant funds related to the Sundre lodge. If there is an issue with the receipt of grant funding they will be repaid from the requisitions of MVSH.”
Mountain View Seniors' Housing has received a $3.8-million affordable supportive living initiative capital grant for the Sundre facility from the province of Alberta.
MVSH expects to pay the balance of the estimated $22.8-million construction costs from lease sales and financing, said Smalldon.
On July 17 the project took another big step with MVSH voting unanimously to approve the $26.6-million facility.
“We hope by early summer 2016 we should open for business,” said Smalldon.
The MVSH board is made up of representatives of all municipalities in Mountain View county.
