NEWS RELEASE
Salem County Board of Chosen Freeholders
94 Market Street. Salem, N.J. 08079
CONTACT: Deborah Turner-Fox, Clerk of the Board/Administrator
April 23, 2003
Friends Home at Woodstown Expansion
Gets Support from Salem County Improvement Authority
At this week’s meeting of the Salem County Improvement Authority, the Authority approved a proposal to issue "tax exempt bonds" as a funding conduit to assist with the approved expansion of The Friends Home at Woodstown. The proposed 25 million dollar bond issue, would not affect the bonding capacity of either the Improvement Authority or Salem County Government, and would be guaranteed by The Friends Home at Woodstown in co-operation with other supplemental funding sources.
Freeholder Director Jack Kugler had requested the Authority consider the proposal at an April 7th meeting. At that time he also asked the Authority to widen its vision in providing services to organizations and communities in Salem County.
"This is the kind of project which benefits all of Salem County," stated Kugler. " A number of people will be employed during the construction phase, and upon completion of The Village at The Friends Home in Woodstown, 38 additional people will enjoy good paying, full time jobs in the health-care industry in Salem County."
The Friends Home at Woodstown is a not for profit, Section 501(c)(3) organization that provides care for the elderly at their 33 acre site in Woodstown, of which approximately 9 acres are located in the Borough of Woodstown and approximately 24 acres are located in Pilesgrove Township. Founded in 1895 by the Religious Society of Friends (Quakers), the existing facility consists of 60 skilled nursing beds and 60 residential health care beds. The proposed expansion (The Village at Friends Home) will consist of 67 independent living units, including 20 one bedroom apartments, and 47 one and two bedroom cottages, as well as 25 assisted living units, 20 dementia care units, and renovations to certain portions of the existing facility and other common space.
"I see this as a win/win situation for the Friends Home and for Salem County" commented Kugler. "While providing full time jobs and an attractive ratable, this expansion will give our senior population additional residential options that allow them to remain active in the community. Too often in the past we’ve seen valuable senior citizens move out of Salem County and away from family because this type of residential opportunity didn’t exist here. Now they will be able to continue their involvement in the Greater Salem County community."
The Friends Home at Woodstown has contracted with New Life Management & Development, Inc. (New Life) for planning, development and marketing services. "By using the bonding powers of the County Improvement Authority, we can lower the over-all interest cost and extend the debt service period beyond traditional financing methods," stated Bob Caulfield, a partner in New Life. "This approach will improve the project’s 30 year cash flow and allow for the better provision of maintenance and services at the Village at Friends Home.