Clackamas board OKs revenue bonds
Clackamas County commissioners have cleared the way for Rose Villa Inc. and Willamette View Inc. to expand their developments on SE River Road outside Milwaukie.
The commissioners approved separate resolutions enabling Rose Villa to sell $30 million in bonds and Willamette View, $95 million in bonds.
Appearing at Thursday's meeting (Nov. 30) were the chief executives of both agencies, Vassar Byrd for Rose Villa and Craig Van Valkenburg for Willamette View.
Rose Villa and Willamette View plan new construction to accommodate independent living, and Van Valkenburg said Willamette View also planned to refinance an existing debt and rebuild some facilities.
Neither bond issue is an obligation of county taxpayers.
But through invoking a county hospital facility authority, the two nonprofit agencies can sell revenue bonds that are repayable by seniors who live at the developments. Such bonds also can be sold at lower interest rates.
Hospital facility authorities ease the way for sale of bonds for hospitals, other health and elder-care facilities.
Clackamas County had a hospital facility authority from 1974 until it lapsed in 2008. The board was revived in October, and the board met Nov. 22 on the current requests.
The urgency was driven by potential congressional changes in the federal tax code that may disallow such financing for tax-exempt groups. House and Senate versions will have to be reconciled.