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Fairlawn Sells $4 Million In Bonds For Expansion




Fairlawn Retirement Community will expand its facilities to the tune of over $5.5 million over the next year.

The proposed facilities include a 12-bedroom rehabilitation building addition, or “neighborhood,” that will be placed perpendicular to Lutz Road, next to the existing nursing home.

The neighborhood will provide additional housing for outpatient and inpatient care.

The additional housing is needed because Fairlawn will triple the size of its speech, physical, and occupational therapy center.

Additional renovations of Fairlawn including replacing its double residential rooms with split rooms to increase residents’ privacy and comfort.

“There is absolutely a demand for it,” said Steve Ringenberg, CEO of Fairlawn. “This addition and renovation will keep us on the cutting edge of long-term care.”

Funding

Of the $5.5 million, $1.5 million will come from a private fund-raising campaign.

The remaining $4 million will come from a bond sale facilitated by the Village of Archbold. Farmers & Merchants State Bank will purchase the bonds as an investment.

Putting $4 million on village debt would normally be cause for alarm, but because of a provision in the Ohio Revised Code, the village will not actually hold the debt or be liable for any of the $4 million.

“There is absolutely no risk to the village in doing this,” said Dennis Howell, Archbold village administrator.

“By doing it this way, [Fairlawn] gets these bonds tax-exempt, and the village gets an expansion of one of our healthcare facilities.”

Construction of the new facility and renovation of the existing facilities is slated to begin in September.

The work is scheduled to be finished in August 2013, to be followed by inspections by the relevant state agencies in the fall of 2013.

Once approved, Ringenberg expects that the new neighborhood and rehab facility will see new occupants shortly thereafter, in late 2013 or early 2014.

A Few Jobs

Ringenberg expects that the new addition will create “a few, but not many” additional jobs at Fairlawn.

“With the current economic climate, any project the size of this, at $5.5 million, is encouraging,” Jim Wyse, Archbold mayor, said.

“Especially when this is going to be with one of the icons of Archbold.”



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