In a deal announced Friday, the Yampa Valley Community Foundation has a verbal agreement to save the senior living community.
The Yampa Valley Community Foundation reached a verbal agreement Friday to buy Casey’s Pond from bondholders, saving the senior living community from closing completely.
In a press release, the community foundation said they anticipate finalization of a contract to purchase the property though a quick close process, which will allow the continuation of the facility operating at a senior living community.
“They are whooping and hollering over at Casey’s,” said Anders Anderson, whose sister Teri is in the Grove Assisted Living at Casey’s Pond. “It’s the community… Casey’s is a community service, it is just like fire and police… it’s a service that needs to be in the community.”
Northwest Colorado Health will assume ownership of Casey’s Pond, pending the deal. Northwest Colorado Health has 60 years of experience in the Yampa Valley, currently managing the regional home health and hospice program and operating The Haven Assisted Living in Hayden.
“In a two-week period, we secured many millions of dollars in commitments from over 70 members of the community,” said Tim Wohlgenant, CEO of the community foundation. “It’s been truly miraculous”
On Aug. 14, Steamboat Springs City Council allocated $2.5 million in short-term rental tax revenues toward buying Casey’s Pond, in the hopes that it would spur more financial support from local philanthropists. It appears Friday that they did.
According to the community foundation, a quick close and the ability to continue operating the facility as a senior living and skilled nursing facility averts the likely “transfer trauma” associated with relocating elderly residents. Further, retention of the skilled nursing facility maintains this resource as a local service for community members needing short-term care and support after surgery or a medical incident, the release says. When the agreement is in place, the Receiver will halt the process of closing the campus, and families of current residents can stop their frantic search to identify alternative living situations or facilities for their loved ones.
“The community has really stepped up and we are honored to be a part of this effort to save much-needed services for the aging population in our region”, said Stephanie Einfeld, CEO of Northwest Colorado Health. “While we’re very excited to share the news of this important milestone, it’s not over yet. The notices of closure have resulted in a decline in the campus census, and it will take time to re-fill those vacant spots. We are committed to working diligently to bringing stability back to those in need of our care.”