Larksfield Place Secures up to $30M in Industrial Rev Bonds
The Wichita City Council approved a letter of intent Tuesday to issue up to $30 million in industrial revenue bonds to Larksfield Place, a continuing care retirement community.
The bulk of the funds will be used to refinance previous bonds at a lower interest rate. However, $3 million of the financing will be used for an expansion and renovation project at the nonprofit's Health Care Center, 2828 N. Governeour, according to city documents.
The Wichita Business Journal wrote about the renovation project in December 2012. It will include a new 7,000-square-foot addition to house rehabilitation therapy services, physician exam rooms, pharmacy, radiology services, a beauty shop, meeting rooms and central supply storage. In addition, Larksfield Place plans to renovate about 3,000 square feet of its existing facility, including nursing and administrative office space, employee training rooms, resident activity and dining space, and resident bathing facilities.
Industrial revenue bonds are not public money. They have an outside buyer, but the city's involvement allows businesses to gain tax advantages.
The city says the bonds will be underwritten by the brokerage firm HJ Sims Co. and reoffered to public investors. Because Larksfield Place is nonprofit, it's allowed to use tax-exempt bonds.
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