A plan to redevelop the former Three Rivers Inn into a senior housing center and Commission On Aging agency headquarters has entered a new phase.
COA director Tim Stoll met with county commissioners at their executive committee meeting Wednesday and stated the project is at a point where financing options need to be decided.
Stoll said the agency will seek bonding $3.6 million for construction-related expenses. The agency will contribute an additional $800,000 out of the $1.4 million in its fund balance as an additional contribution to the project’s cost.
He said a repayment of about $210,000 annually would satisfy the debt over a 30-year period. Stoll said a higher annual payment would work, but for now, he said it’s important that an acceptable number be presented to whatever bank the COA solicits for the potential loan.
The anticipated rent is $725 a month for single units, $850 for two-bedroom quarters, with utilities included. Internet and cable would be the responsibility of the renter. Ten apartments are being designated for what Stoll called “very-low-income individuals,” which would rent for $550 a month.
The plan calls for converting the current 100 units into 46 residences.