POSTED: Wednesday, January 15, 2014 - 1:00pm
UPDATED: Wednesday, January 15, 2014 - 1:14pm
Longview, TX — Up to $1.2 million in revenue bonds approved Tuesday by a Longview finance corporation will allow an assisted living facility to finish construction.
Longview’s Cultural Education Facilities Finance Corp. approved a resolution to allow Fountainview Estates, an assisted living facility, to issue up to $1.2 million in revenue bonds. The money will allow the facility, which is owned by a group of investors in Longview, to finish construction.
The developer, LV Medical Properties III, would be the guarantor of the bonds that will go to the nearly 52,000-square-foot Fountainview Estates, and the city has no obligation to repay the debt.
In April 2012, LV Medical Properties III asked the Longview City Council to create the finance corporation to issue $10.3 million in bonds for development of Fountainview Estates. The council took the necessary action to create the entity and issue the original bonds.
Investor Mike Clowers said Tuesday that since building started, there have been almost 90 days in which construction was rained out, and the developer needed the additional revenue bonds to finish paying the contractor for the work.
Read more from the Longview News-Journal.