City Approves Assited Living Facility

By Karl Burkhardt

City Council approved a $165-million revenue bond issue that includes $35-million to build a senior living facility, Living Ventures of Lake City, in the former K-Mart Plaza.

City Approves Assited Living FacilityRimrock Devlin LLC, a Florida limited-liability company requested the financing to build several senior living facility in Florida. The new facilities will be managed by Living Ventures Management, a rapidly growing Florida company.

Council members approved the resolution after being assured that the city has no liability and cannot be responsible for repayment. Municipal revenue bonds are used to finance projects that officials of a municipality believe will benefit the community. Capital Trust Agency will issue the bonds.

In the application, Living Ventures of Lake City is described as a 120-unit facility "comprised of approximately 72 assisted-living units and approximately 58 memory-support units for the elderly."

David Lowden, Vice President of Business Development for Living Ventures Management, said the agreement has not been finalized, but he confirmed that the company will manage the new facilities that Rimrock plans to build. Neither company has publicly announced the project.

Rimock Devlin LLC has offices at 343 N.W. Cole Terrace, nest to the planned development.

Living Ventures Inc., in September 2012, acquired 90 percent of International Care Management Services. ICMS has now changed its name to LivingVentures Management, LLC and forms the growth platform for LivingVentures Inc.

On its Website, LivingVentures reports that in 2011, officers "determined that the aging population of "Baby Boomers" would seek a Senior Housing solution that fit their lifestyles and accommodated their expectations. LivingVentures determined that the facilities currently available were too institutional in nature and would not meet the needs of a generation who had lived, worked and earned during an unprecedented era of privilege and comfort."