The LeClaire City Council has agreed to help arrange financing for a proposed senior housing project in Bettendorf.
Late last month, the council voted to approve issuing up to $10 million in revenue bonds to help finance a portion of the new senior living campus being planned by Wellspire, a company formed by Genesis Health System and WesleyLife LLC.
Wellspire requested the city provide a "conduit bond," a type of financing cities often use to arrange financing for non-profits. According to city documents, the city will loan proceeds from the sale of the bonds to Wellspire to finance a portion of the costs of constructing, equipping and furnishing facilities of the senior living campus.
Wellspire is proposing to build 100 independent living apartments, 32 assisted living suites and a 40-bed nursing facility at the intersection of 53rd Avenue and Middle Road in Bettendorf, LeClaire city documents show.
"We have nothing to do with it other than acting as a conduit and providing this financing if they so chose to use it," City Administrator Ed Choate said Thursday.
He added that the action will not impact LeClaire's bonding capacity.
"The only real benefit is, No. 1, we're helping everyone along... but also we will receive a tenth of 1 percent as a funding fee," Choate said, adding that could be as much as $10,000 on $10 million in bonds.