Dysart Dreamfield Village
Fact Sheet
No property taxes are involved; Dysart Dreamfield Village will be financed with loans, gifts and three-year pledges.
Total cost projected is $4.8 million. USDA loan (to be paid back) application has been submitted. It has several requirements:
$1.5 million for 40 years at 4.5% locked-in interest rate (2% lower-than-bank interest = $978,000 interest saved in 40-year loan period)
A non-profit (such as the city) must own the facility
Facility will be Medicaid compliant
Residents must be 55 years of age or older
infrastructure must be paid for up front
Community must commit the first $1,200,000 as good faith “down payment” to secure the loan
Community fundraising must reach the $1,200,000 level by end of June, 2009, in order to meet USDA’s time lines for bid process and ensuing spring, 2009, construction
If other USDA requirements are met after final inspection, USDA will guarantee the roughly $2.0 million Security State Bank loan, reducing the bank’s risk on the loan to 10%
The proposed Assisted Living Center would be approximately 31,000 square feet with two distinct areas:
Base Assisted Living – 12 units of 1- and 2-bedroom apartments.
Assisted Living – 19 units of mostly 1-bedroom with a few studio apartments.
Both areas have separate entrances, communal spaces, and staffing.
Fourteen separate garages will be available for rent on a first-come, first-served basis.
Reiser, Jennings, and Company, Certified Public Accountants, of Davenport, IA, did a “Financial Forecast” (projected revenues and expenses) and indicate the project is financially sound.
Occupancy rates in excess of 80% will assure successful financial structure. (In other words, full capacity is not a pre-requisite for success.)
Dysart is using Gardner Architecture of Strawberry Point, who designed Monona’s Garden View Assisted Living Facility.
The facility would be managed by a company hired by the city. The Vinton Lutheran Home is experienced in managing such facilities and contract negotiations are underway.
Dysart Dreamfield Village will bring several economic benefits to the community:
The proposed construction site is part of an already platted subdivision. As that is developed, homes built there will be on the property tax rolls.
Availability of assisted living apartments will free up existing homes in towns.
New building opportunities will help construction jobs and draw new people to area.
Staffing for the new facility will create approximately 20 new jobs.
For further information contact Dysart City Hall, 319-476-5690 You may also email 'denhelwie@fctc.coop' or call 319-476-3549.