Care Center loan paperwork is complete

Posted October 2, 2013 at 5:00 am

j Akron officials sign Care Center USDA loan documents.tif

On Sept. 24, Akron city officials signed paperwork authorizing the City of Akron to receive $4 million in USDA Rural Development funds for the New Care Center Project. Participating in the signing were (l-r:) Tyler Koopman, USDA Area Technician; Mitchell Sabin, USDA Rural Development Area Specialist; City Clerk Nicolle DeRocher; Akron Mayor Harold Higman Jr. and Akron Care Center Administrator Brandon Verros. Sabin, DeRocher and Higman signed several documents in connection with this funding while Koopman assisted Sabin in explaining the city’s and Care Center’s reporting responsibilities. Verros took many notes on USDA’s reporting requirements. With a monthly loan payment of $15,520 and USDA requirements of a Reserve Fund of 10 percent until the annual loan payment total of $186,240 is saved and a Depreciation Fund consisting of $50 per bed per month, Verros will make payments $19,322 per month from the new Care Center’s operation profits. The first payment will be made Oct. 26. It was noted that with USDA approval, the Depreciation Fund portion can be used for capital improvements.

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