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Vernon Manor seeks $4.5M loan for $6.5M assisted‑living project; commissioners ask for levy impact and ballot option
Summary
Vernon Manor administrators outlined financing for a proposed $6.5 million assisted‑living addition including $1.7 million in grants and a proposed $4.5 million loan; commissioners asked for levy impact estimates and discussed placing the project on the November 2020 ballot.
Vernon Manor Administrator Amanda Hoff presented financing options for a proposed $6.5 million assisted‑living addition during the Finance Committee meeting May 21.
Hoff said $1.7 million is on hand in grant funds and presented a financing package that included a proposed $4.5 million loan at 3% interest over 20 years, which she estimated would require an annual payment of about $299,000. She also described a potential $300,000 loan from Vernon Communication at 2% to assist with bonding. Hoff told the committee projected cash‑flow would require additional county support through 2021–2022 before reaching positive cash‑flow by 2023 under the plan.
Committee members asked for more detail on the tax levy impact of the project; member Mike Leis said he would like to see the question placed on the November 2020 ballot so voters could decide. Eric Evenstad and others asked for clearer levy cost projections before the committee moves forward.
No final bond authorization or vote was taken; the committee requested financing details and levy impact analysis as follow up.
