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The Victoria GAZETTE |
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City Scoop Continued |
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AUGUSTANA BUYS EMERALD CREST INCLUDES THE FACILITY LOCATED IN VICTORIA Jylan Johnson, Victoria City Finance Director, reported on October 26th that the city was approached by Augustana Care Corporation to issue on their behalf revenue bonds to finance the acquisition of four assisted living/memory care facilities, including the Emerald Crest facility located in Victoria. Tim Tucker, president and CEO of Augustana Care Corporation, spoke to city councilmembers that evening, reporting that the organization began in 1896 in downtown Minneapolis. According to their website, “Augustana Care Corporation is a Christian based organization that has been in operation for 107 years providing housing, skilled nursing care, and rehabilitation services for the elderly along with others who have special needs.” Their three campuses currently include Minneapolis, Hopkins, and Hastings. The Victoria facility of Emerald Crest has 30 units and employs 35 full time/part time people. “We were approached some time ago by Emerald Crest,” said Mr. Tucker. “We look forward to some senior housing to the west.” Mark Beese with Northland Securities, the city’s financial consultant, spoke next. “We’ve worked with Augustana Care Corporation for many years. The City of Victoria has no issues or liabilities but lending your name so the bonds can be tax exempt. We have to go to the other cities too.” Emerald Crest also has assisted living/memory care facilities in Burnsville, Minnetonka, and Shakopee which are being purchased simultaneously via revenue bonds in a principal amount not to exceed $24 million. “We hope to close by year end with Augustana Care Corporation as the new owner of Emerald Crest,” said Mr. Beese. “Each city has to hold a public hearing.” Asked Councilmember Tom O’Connor, “Why is Victoria taking the lead?” Replied Mr. Beese, “We’re familiar with Victoria. We have a history of working with Victoria and issued bonds for Mount Olivet in Victoria.” Continued Councimember O’Connor, “What would be the downside for the City of Victoria if there is a default?” Replied Mr. Beese, “There is no downside.” Asked Councilmember Jim Paulsen, “Are you planning more senior housing for Victoria?” Replied Mr. Tucker, “There are potential opportunities here. We’re more than open to looking at that.” Motion to approve a resolution calling for a public hearing on an issue of revenue bonds on behalf of Augustana Care Corporation passed unanimously. The issuance of the bonds by the City of Victoria will be authorized by a joint powers agreement among the four cities
GARBAGE TRUCKS HARD ON STREETS HOW MANY IN YOUR VICTORIA NEIGHBORHOOD? Councilmembers discussed the number of trash haulers licensed to haul in Victoria; there are least nine of them. The issue is the damage that the heavy trucks do to streets in the city, those same streets that were recently reconstructed and paid for with very large assessments to both residents in particular and the city in general. Said City Administrator Don Uram, “Maybe it’s an issue we’d like to discuss.” Councilmember Tom O’Connor commented on the financial savings as well as the conditions of city streets. He said there are only six homes on his road and three haulers. “Let’s look at it. Is the impact to roads that significant?” Asked Councilmember Jim Paulsen, “Have you got the energy to champion this issue?” “Yes,” replied Councilmember O’Connor, “with a lot of staff help. We ought to at least take a formal look at this. What can it hurt?” Councilmember Tim Amundsen referred to information in front of them. “One garbage truck is equivalent to 1,300 cars? It just doesn’t make sense. Are roads not designed to hold this load?” He added, “The savings alone should inspire people to look at this.”
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Sue’s Album A symphony of photos and fewer than a thousand words at www.VictoriaGazette.com |
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November 2009 |