Residents and stakeholders in Casa Grande, Arizona, are gearing up for a crucial public hearing scheduled for August 19, concerning the fate of local senior living facilities. According to a public notice posted by the City of Casa Grande, the hearing will address the approval of financing for these facilities via the issuance of bonds.
The hearing will serve as a platform to deliberate on the implementation of a significant financial undertaking by the Capital Trust Authority (CTA), which involves providing funds to Alpha Lifestyle Partners, Inc., and possibly its affiliated entities. The proposed bonds, which may be tax-exempt or taxable, aim to finance the acquisition, renovation, and improvement of several senior living facilities, including those situated within the jurisdiction of Casa Grande. In a revealing turn of events, there's to be a cap on the aggregate principal amount of the bonds, not to exceed $275 million.
Particularly, the local facility under scrutiny is the Caliche Senior Living, nestled at 1640 North Peart Road, in Casa Grande, with a funding proposal of up to $41.25 million. However, the City makes it clear that its involvement is limited to facilities within its geographic limits and does not extend to the financial obligations associated with the bonds. The earmarked funds are also designated for covering various project-related costs, including establishing a reserve fund and paying issuance expenses.
