By Shannon Lukens.
A group of local agencies has submitted a Letter of Intent to the Receiver in charge of the sale of Casey’s Pond Senior Living Community. The letter asks that they delay any closing of Casey’s Pond for 12 weeks so that the local groups can have enough time to possibly raise the $20 million needed for the current purchase price.
Those groups collaborating are:
- Christian Living Communities (CLC), the nonprofit manager of Casey’s Pond
- Yampa Valley Community Foundation
- Yampa Valley Housing Authority
- Northwest Colorado Health
- Routt County
- City of Steamboat Springs
Casey’s Pond currently has 124 residents and over 100 staff.
The Yampa Valley Community Foundation has set up a Save Casey’s Pond Fund where people can donate to the cause.
YVCF writes, “If the effort to save Casey’s Pond is not successful, donations to this fund will not be refunded but will be used to support other local senior needs such as home health and hospice, senior housing, food security, and emergency assistance. Larger donors should contact the Yampa Valley Community Foundation directly at (970) 879-8632 or traci@yvcf.org.”
Press Release from Yampa Valley Community Foundation; July 26, 2024.
COLLABORATIVE COMMUNITY EFFORT TO SAVE CASEY’S POND UNDERWAY
(STEAMBOAT SPRINGS, CO, July 26, 2024) – Today, a collaboration of local agencies submitted a Letter of Intent to the Receiver in charge of the sale of Casey’s Pond Senior Living Community. This letter requests that the Receiver delay closing any part of the campus for a 12-week period to give the Collaboration the time needed to assemble the $20 million offered purchase price. The letter also makes the case that this offer of $20 million is equivalent to a bid of $25 million due to the costs of closing the facility that bondholders would incur with any bid that does not propose to retain the senior housing and skilled care that Casey’s Pond provides. The Collaboration consists of Christian Living Communities (CLC), the nonprofit manager of Casey’s Pond, Yampa Valley Community Foundation, Yampa Valley Housing Authority, Northwest Colorado Health, Routt County and the City of Steamboat Springs.
Casey’s Pond Senior Living offers a full continuum of care including residential living, an assisted living neighborhood and a skilled nursing component. It is managed by CLC’s Capella Living Solutions and is the only Continuing Care Retirement Community in the Colorado mountain region. Its current occupancy is 124 residents, around half of whom are financially challenged and receive support from Medicaid for their nursing home level of care. With over 100 staff, it is one of Steamboat Springs’ largest employers. The Collaboration’s intent with the purchase is to keep the Casey’s Pond campus open with all current service levels.
Casey’s Pond was opened over ten years ago after a feasibility study showed a critical gap in senior services in the area. Today, there is only one other skilled nursing facility and two small assisted living communities within 50 miles of Steamboat. Funding for construction and other capital costs was generated by $45,110,000 in tax-exempt bonds issued in 2012; this bond offering was based on market analyses projecting occupancy and payment rates which have not shown to be attainable due to several factors. The facility has experienced higher demand for lower-reimbursement Medicaid-covered care in the Doak Walker skilled nursing facility than anticipated, the availability and cost of staffing far exceeds earlier projections, and the high cost of local housing for staff has resulted in higher wages and benefits as well as higher turnover.
After reviewing the current operator’s budget, the Collaboration believes that operation of the facility is financially sustainable if not for the significant debt to bondholders. According to financial statements provided by Cappella, Casey’s Pond currently generates enough revenue to cover its routine operational expenses with a 7-9 % operating margin. This margin is enough to cover a modest amount of debt. The collaborative community effort to purchase Casey’s Pond will likely utilize a variety of financial tools including operator equity and financing, below market “charitable” financing, public grants, and philanthropic donations.
“Casey’s Pond is a viable operation if we can work together to free it from the mountain of debt incurred from building it. Our larger community benefits from this resource that provides the services and care needed by older adults in our community. There are no other options like Casey’s Pond and moving the frail elders who currently live there could have devastating effects,” shares Tim Wohlgenant, President and CEO of the Yampa Valley Community Foundation.
Saving Casey’s Pond now not only ensures its services will be available to residents and families for years to come, but it will also prevent the devastating impact from “relocation stress syndrome” on current residents. This official diagnosis from the North American Nursing Diagnosis Association is used to describe ‘transfer trauma,’ the functional decline, increased hospitalizations and falls, and even death that occurs after involuntary relocation of elders.
The Yampa Valley Community Foundation has set up a fund where people can donate to the cause, https://yvcf.org/funds/caseyspond/. If the effort to save Casey’s Pond is not successful, donations to this fund will not be refunded but will be used to support other local senior needs such as home health and hospice, senior housing, food security, and emergency assistance. Larger donors should contact the Yampa Valley Community Foundation directly at (970) 879-8632 or traci@yvcf.org. Time is of the essence as Casey’s Pond is now in a receivership process where it could be sold for any purpose, putting the Yampa Valley at risk of losing this vibrant, award-winning senior living community.
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Coverage from Steamboat Radio News
July 29, 2024 — Forty-seven Casey’s Pond residents are getting notices to leave in 90 days
July 26, 2024 — COMMUNITY EFFORT UNDERWAY TO SAVE CASEY’S POND
July 25, 2024 —HOUSEKEEPERS AT CASEY’S POND OFFER TO HELP
July 2, 2024 — CASEY’S POND GOES INTO RECEIVERSHIP WITH ROUTT COUNTY DISTRICT COURT