by Dennis Dalman
A 100-unit senior living complex is in the works for Sartell.
At its July 15 meeting, the Sartell City Council agreed to join St. Cloud in helping secure low-interest funds for the project, which will be a part of the CentraCare Health System, based in St. Cloud. The “conduit” bonds will be issued by the City of St. Cloud, but Sartell must sign on since the facility will be built in that city. There is no legal or financial obligation to Sartell for its approving the conduit-bonding resolution.
The living complex, estimated to cost $15 million, will be constructed on the southeast area of the intersection of Pinecone Road and Scout Drive. The facility will be owned and operated by St. Cloud Hospital, which is part of the nonprofit CentraCare Health System.
The units within the new complex will include some for independent living, some for assisted living and others for tenants who have memory-loss problems.
The $15 million price tag is just part of a $128 million bond re-issuance to get a lower interest on payback for previous bonds issued for other projects. Adding the cost of the new senior-living complex to the bond re-issuance is a less costly way of doing both bonds at once.