Meadowlark Hills is expanding their operations in Riley County with the purchase of two HomePlus home health care facilities.
The homes, located at 120 N. Scenic Drive in Manhattan and at 7621 Falcon Road near Riley, marks the group’s first instance of a physical purchase of property outside of Manhattan.
“We’re always looking for ways to evolve and grow and serve more seniors, not just in Manhattan, but in the Flint Hills region, and this is a perfect fit, perfect opportunity for us to do that,” says Chris Nelson, Financial Services Director of Meadowlark Hills.
The price tag is roughly $1.8 million, but the group is requesting $3 million in industrial revenue bonds (IRB’s) provided by the city. The commission approved a resolution of intent and first reading on the issue, with a final vote of 5-0.
Meadowlark Hills has been issued bonds from the City in the past: in 2006, they were issued $55 million in Health Care Facility bonds; the following year, the City approved two series of bonds in the amount of $24,370,000 and $21,565,000. Last May, the City approved a refunding/refinance of the 2007 bonds for $45 million. Regarding the current bonds Meadowlark Hills is requesting, the repayment will be their responsibility, and the City incurs no legal responsibility for repayment by acting as a financing conduit.
Commissioner Usha Reddi agrees with the idea.
“This in no way harms the city. We’re not in any kind of debt or taking a burden or risk of any kind.”
The first reading will be done during the November 21st commission meeting.
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