Retirement community — Approved by the county, Yamhill County Hospital Authority will issue bonds

The Yamhill County Board of Commissioners gave final approval July 24 for a $25 million revenue bond for Friendsview Retirement Com­mun­ity. The commission convened as a hospital authority board in order to do so, as allowed under state law. Authority boards are able to issue bonds for nonprofit medical facilities.

The bond will allow Friendsview to complete three tasks. First, it will refinance loans the Yamhill County Hospital Authority used to build the Friends­view Retirement Community at 1301 E. Fulton St., as well as the campus extension and remodeling of the campus. The bond will also refinance a second loan for capital improvement projects on Fulton Street as well as the purchase of property at 4061 Hayes St.

The bond will be issued by the Yamhill County Hospital Authority to be repaid by Friendsview from its revenues. Although approved by the county, the bonds will not be considered a debt for the county or be payable using taxes.

Friendsview representatives declined to comment on the issue, citing a confidentiality clause.

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