On Friday, officials with the Yampa Valley Community Foundation and Northwest Colorado Health announced they had reached a verbal agreement for the health care provider to acquire Casey's Pond Senior Living Community.
The announcement that an agreement had been reached with Casey's Pond bondholders was made Friday afternoon outside the senior living facility, which has faced an uncertain future since being placed into receivership in June with more than $68 million in debt.
Residents at Casey's Pond learned the facility had entered receivership in early July, and residents in the skilled nursing unit of the facility were given 90 days' notice that that part of the facility would be closing on July 29. Residents in the assisted living facility were notified on Aug. 15 to relocate within 90 days.
But these notifications can quickly become irrelevant.
Officials with the Community Foundation and Northwest Colorado Health hope to close a deal to purchase Casey's Pond as soon as possible, which the health care provider says would halt the campus' closure and provide relief to residents and their families struggling to find new homes.
On Friday, these groups reported that Yampa Valley Community Foundation staff, board and dedicated supporters began a “quiet fundraising effort” since Aug. 7, when the City of Steamboat Springs approved $2.5 million in emergency funding for the relief of Casey's Pond.
“We have been overwhelmed by the generous support from our community,” Community Foundation CEO Tim Wolgenant said in a statement. “In just two weeks, we've secured millions of dollars in donations from more than 70 community members. It's truly miraculous.”
Northwest Colorado Health said if the sale can be completed quickly and the facility can continue to operate as a senior living facility and skilled nursing facility, it can avoid the potential “relocation trauma” that would come with moving residents.
The provider added that maintaining the skilled nursing facility would also maintain a vital local resource for area residents who need short-term care following surgery or a medical incident.
“The community has truly stepped up, and we are honored to be part of this effort to protect much-needed services for our area's seniors,” said Stephanie Einfeld, CEO of Northwest Colorado Health. “We are excited to share the news of this important milestone, but we're not done yet. Due to notice of the closure, occupancy on our campuses has decreased, and filling vacancies will take time. We will continue to work diligently to bring stability back to those who need our care.”
Northwest Colorado Health will continue to contract with CLC-Capella, the current operator of Casey's Pond, to maintain day-to-day operations, and the Yampa Valley Community Foundation will continue its fundraising efforts, aiming to raise at least $500,000 to cover initial operating costs until the new Casey's Pond is repopulated and re-stabilized.
The campaign launched on Friday, and donations of any amount are welcome to help reach the goal. For more information, visit Bit.ly/SaveCaseysPond.
