By Jimmy Isaac
Plans to build a 72-unit assisted living facility in Longview’s Wildwood neighborhood got a boost April 12, when the city council created a way for developers to secure lower interest rates.
Council members unanimously founded the Cultural Education Facilities Finance Corp. at the behest of two developers with LV Medical Properties, LLC. The partnership that includes local businessman Mike Clowers and nationally recognized assisted living and restaurant developer Chris Brogdon estimates the project to cost at least $10 million, and borrowing money through the newly created corporation will provide them access to some tax-exempt financing.
The project is planned for 1404 Lago Trail, near the intersection of Bill Owens and H.G. Mosley parkways.
In other business, council members rejected bids from three firms who want to handle pick-up of city recyclables. As a result, the city’s Sanitation Department will continue to handle recycling pick-up.
Council members also:
*Awarded a contract to Shreveport-based Trane U.S. for a chiller and buffer tank at Longview Public Library;
*Entered a cooperative purchasing agreement with the city of Bedford; and,
*Authorized the publishing and posting of an amendment to the 2011-2012 c=Consolidated Action Plan Document and Community Development Block Grant budget to include a nearly $700,000 line credit to be used to replace water and sewer lines along High Street and Marshall Avenue, among other items. The authorization opened a 30-day public comment period.