Warren County retirement community plans another $16M in development

2:17 p.m Tuesday, Dec. 26, 2017 Local
In the past five years, Otterbein has invested $45 million in the retirement campus, including a new apartment building, life enrichment center, campus center, and soon a new entrance. Also, 1,400 acres of land across from Otterbein Senior Lifestyles in Warren County will soon see the first phase of a planned 4,500-home development called Union Village and the Warren County Sports Park. TY GREENLEES / STAFF

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.

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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.

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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.

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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.

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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.