Southeast Missouri Center Uses Innovative Financing  E-mail
Addiction Treatment Industry Newswire

12/13/2014 -ATIN - Using an application for industrial development bonds, a decades old center in Southeast Missouri is looking to upgrade its facility in a long needed improvement to a center where there are relatively few options locally for residential care.

Innovative Move

In a relatively innovative move, the Gibson Recovery Center in Cape Girardeau hopes to use funds from refinancing the original loan that built the facility in 1990 to raise money for much needed improvements to the non-profit center like the purchase of new energy efficient heating and cooling systems, a rash of repairs and new office and patient rooms furniture, according to published reports. The center's payor mix is a combination of state and local monies as well as monies from client fees.

Industrial Revenue Bonds

A key hearing on Monday will determine whether or not Gibson will ultimately raise the $1.2M it seeks. The center will go up before the Industrial Development Authority of Cape Girardeau County and is seeking approval of the issuance of Industrial Revenue Bonds backed by the authority, according to published reports. The plan must also receive approval of Gibson's board once the development approves the deal.

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