Great River Energy, member co-op seek financing for Park Rapids senior living facility

With a new assisted living/memory care facility set to break ground in its community this summer, Itasca-Mantrap Cooperative Electrical Association – one of Great River Energy’s 28 member cooperatives – is working toward securing funds for it.

The 88-unit development will include a town center as the central focus of the building along with an activity/multi-purpose room, salon, bistro, card/club room, dining room, lobby, outdoor terrace, resident storage, spa, fitness room and underground parking, according to the Park Rapids Enterprise.

Construction on the approximately 138,000-square-foot building will begin this summer, with a grand opening planned for July 2018.

As a community partner, Itasca-Mantrap Cooperative Electrical Association is helping to secure funds for this project by seeking up to $1.3 million in zero percent financing from the United States Department of Agriculture (USDA) through its Rural Economic Development Loan and Grant (REDLG) Program.

“This program’s purpose is to spur rural economic development and job creation projects, and Great River Energy believes in supporting the economic vitality of the communities our member cooperatives serve,” said Jeff Borling, Great River Energy economic development services lead. “Not only will this new facility create approximately 40 jobs, it’ll keep individuals living in the Park Rapids area rather than them having to leave the community to seek the healthcare services they require.”

Great River Energy’s economic development services team helped prepare the REDLG loan and grant applications approved by the Itasca-Mantrap board of directors on March 30. Now that the applications have been submitted, the team will continue to support the project by serving as the primary point of contact for the USDA representatives who review them, while also providing other related services as required by Itasca-Mantrap Cooperative Electrical Association.

For more information about the economic development loans our team can assist you in applying for, visit econdev.greatriverenergy.com/assistance-programs.