Clark County Board of Supervisors Finally Approves Loan for Upgrades at Clark County Rehabilitation and Living Center
Friday, May 26th, 2017 -- 9:09 AM
-The Clark County Board of Supervisors finally approved a loan for needed upgrades at the Clark County Rehabilitation and Living Center at their meeting Thursday evening.For months, the staff and some members of the county board and finance committee have been trying to persuade the rest of the board to approve a loan to make several changes and improvements including reducing double room occupancy and increasing private rooms, reduce from 4:1 toileting to 1:1 toileting, reset room dimension to increase size, fix the parking lot, update the boiler room, a carport, electric beds, elevators, additions and more This proposal has come before the board numerous times and after being rejected, the board had to take $800,000 from the county’s General Fund to make the bare minimum improvements to the facility. With the passing of the resolution, the $800,000 was returned to the General Fund.
This approval will have the county borrow $7.5 million from Citizen’s State Bank of Loyal with a 3.21% interest rate and a 10 year term. The annual payments will come to $960,000. However, the facility calculated that with the improvements, they’ll see yearly revenue of $1,000,800 and, after making the annual payment, have a surplus of $40,800. After 10 years the loan is paid off and the revenue still remains. There was a small amendment made to the resolution, changing the amount of time after the loan is approved from 8 to 4 years in regards to whether the county board needs to step in and reassess if financials don’t improve. There were several other stipulations as well.
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