The bond issue refinances 2004 bonds issued at a higher rate to build 125 residences, a common area, a new dining area, expanded kitchen, new community space and community entrance at Still Hopes.
The tax-free funding also will be used to finance a "
Still Hopes employs approximately 387 people and four new jobs will be created within 24 months of completion of the project.
"JEDA bond funding is again helping us serve our mission of providing a faith-based community where life will be rich and full for our residents while exemplifying a new expectation for senior living," said Still Hopes CEO
"Serving the senior population of our state is a growing challenge. Helping to refinance previous commitments and finance new improvements at Still Hopes is a way we can help this community continue the tradition of service it has built for over 37 years," said Bond Counsel
"Providing tax-exempt financing for a new project while lowering the costs for prior improvements makes this a particularly gratifying bond issue to complete, especially for such a distinguished organization as Still Hopes," said
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