UIRVDA Funds New Assistive Living Facility in Morris
FOR RELEASE ON:
Dec. 22, 2007
Contact: Andrew Hamilton, Executive Director
Upper Illinois River Valley Development Authority
Tel: 866-325-7525

UIRVDA Funds New Assistive Living Facility in Morris

Project is expected to create 50 new jobs in the area.

Ottawa, IL … The Upper Illinois River Valley Development Authority, UIRVDA, has issued $8,000,000 in bonds to Prism Healthcare Group to fund the construction of a 35,000-square-foot Supportive Living Facility (SLF) in Morris, Ill. The new facility will provide affordable assistive living to seniors in the Morris community and is expected to create as many as 50 new jobs.
Through a combination of Medicaid funding and tax beneficial financing, a SLF’s rent is more affordable to a broader range of seniors, and the SLF serves as a viable alternative to moving into a nursing home. SLFs also save money for the state in Medicaid funding since the daily rate for SLFs is 60 percent lower than that of a nursing home.
The new facility will be located in close proximity to Morris Healthcare & Rehabilitation Center, which Prism Healthcare has leased since 2005. “When you have a SLF so close to a nursing home, you are giving your residents the best possible alternative,” said Lewis Borsellino, President and CEO of Prism Healthcare. “You keep them in the same environment, which they and their families appreciate.”
The $8,000,000 bond that was issued by UIRVDA resulted in a total cost savings of $3,300,000 over the term of the bond, or $110,000 annually, which greatly spared Prism Healthcare’s capital outlay. The bond was backed by a line of credit issued by First Chicago Bank & Trust in Itasca.
The project is expected to be complete by November 2008. In August, Borsellino reported that 40 people are on the waiting list for the new facility. “The facility is not even completed, and we’re almost full. We’re definitely meeting a need in the community,” Borsellino says.
In addition, the construction project has had a tremendous economic impact on the community. Although the general contractor is from St. Louis, 80 percent of the subcontractors used for the project are from Grundy County.
“This is a situation in which everyone wins,” said Chester Massino, Chairman of UIRVDA. “The senior community in Morris now has an attractive place to live, the developer saves money because of the interest, the state saves by reducing payments for Medicaid, and UIRVDA helps creates 50 new jobs for the community.”
Since 1994, UIRVDA has issued over $173,000,000 in bonds for projects that have created close to 1,800 jobs.
Members of the Authority board include: James Ghiglieri, Barbara Griffith, Michael Guilfoyle, Dennis Hackett, Philip McCully, Chester Massino, William Meagher, Greg Meyers, James Miller, Chris Newkirk, Kevin Olson, John Shaw, Thomas Setchell, William Steep, Jeffrey Wilkins, and the Directors of the Illinois Department of Commerce and Community Affairs and the Illinois Department of Central Management Services.
For more information, call Andrew Hamilton, Executive Director of UIRVDA, at 866-325-7525.

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