The Macomb city council has agreed to extend the city’s bonding authority to Wesley Village.
The move will help the nonprofit retirement community pay for adding assisted living apartments to its range of offerings.
Wesley Village already offers independent living apartments and nursing home services.
“I want to make sure the residents of Macomb understand that there is no risk to the city,” said council member John Vigezzi.
The city is acting as a conduit issuer of bonding authority, which it has done in the past.
Wesley CEO and Administrator Shelly Martin said they will convert unused independent living apartments for assisted living. She said no current residents would be displaced by the project.
“We’re excited about getting this project started. We hope to have it completed and ready to open by next fall,” she told the council.
The bond issue is for up to $6.5 million. Martin said $4.5 million will be used to refinance existing debt, approximately $1 million will go toward projects paid for out of the facility’s budget during the past few years, and approximately $750,000 will be used for the assisted living project.
She said Wesley has almost reached its goal of also raising $600,000 from donors for the assisted living facility.
The total cost of the assisted living project is $1.3 million.
Wesley Village intends to issue the bonds this month.
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