A Warren County-based senior living community is moving ahead with plans for another $16 million in development, including $13 million at its main campus west of Lebanon.
Otterbein Senior Lifestyle Choices plans to “repurpose” the building at the center of its 200-acre campus on Ohio 741 between Springboro and Mason and build 16 patio homes for independent seniors in St. Marys, Ohio.
The Warren County Board of Commissioners held a public hearing last week on issuance of up to $16 million in bonds on behalf of Otterbein to finance the two projects. After the hearing, the commissioners voted unanimously for the bonds.
Otterbein, a nonprofit corporation, and a limited liability corporation set up for the St. Marys project, would be obligated to repay over 30 years those holding the Ohio Healthcare Facilities Revenue Bonds issued for the projects.
The Warren County portion financed through the bonds would include “the renovation and repurposing of the Campus Center Building, including the skilled nursing facility,” according to a resolution authorizing bonds’ issuance.