Bonds OK’d for retirement community in Summerlin

Monday, July 26, 2004 | 9:31 a.m.

SUN CAPITAL BUREAU

CARSON CITY -- The state Board of Finance has authorized the issuance of up to $65 million in tax-exempt revenue bonds to help build a retirement community in Summerlin being called the first of its type in Nevada.

Called the Las Ventanas Retirement Community, it is to have 180 independent living units, six villas, 60 assisted living units and 60 rooms for skilled nursing home care.

Gov. Kenny Guinn, chairman of the finance board, said the community would be "another alternative for the people" and state Treasurer Brian Krolicki called it a "wonderful application."

The first phase of the project that covers 17 acres (Charleston Boulevard and Towne Center Drive) has been completed, with an estimated 60 residents.

Mary K. Munoz of Ziegler Capital Markets Group that is arranging the financing, told the board Friday the average entry price for one of the independent living apartments is $300,000 with an average $3,000 a month fee. Residents would be entitled to one meal a day, housekeeping services, transportation and other amenities.

Doug Walther, chief of the state Office of Business Finance and Planning, said this provides a lifetime guarantee for housing and health care. If a senior's health deteriorated, he or she would be transferred to one of the assisted living units or the rooms for skilled nursing home to be cared for.

If a person died, 90 percent of the entry fee would be refunded to the estate when the unit was sold and as long as that did not jeopardize the solvency of the project. Or a person could leave and recover the 90 percent once the unit is sold.

Greystone Communities Inc., a subsidiary of Cornerstone Affiliates of California, is developing the project and will manage it until the units are full. American Baptist Homes of the West will take over management then.

Guinn expressed concern that if the project failed, the state might be liable for repayment of the bonds. Walther said there would be no liability on the part of the state.

The financing for the non-profit project is a combined bank loan and the bonds.

The 90 independent living apartments and two villas comprise the first phase. The rest of the project is expected to be completed by early 2006.

Susan Uhrik of Greystone Communities and Pamela Claassen of American Baptist Homes explained the details of the plan to the board that asked numerous questions. Uhrik said the second phase of construction is to begin in September.

While this is the first of its type in Nevada, there are similar projects in other western states, officials said.