MOHAVE COUNTY – Bond finance acquisition efforts are in play for the Watermark retirement communities-owned White Cliffs and Joshua Springs senior living communities in Kingman and Bullhead City, respectively. Not much is publicly known regarding the purchasing entity or transaction specifics, but an agenda item involving the matter was read into the public record at the Sept. 3 Kingman City council meeting.
“The City of Kingman was recently approached by Nixon Peabody, bond counsel for Capital Trust Authority, to request that the City of Kingman hold a public hearing for Capital Trust Authority to issue bonds for the purchase of a local memory care facility,” the agenda stated.
It was noted that White Cliffs off Western Ave. is the facility targeted for acquisition in Kingman. Bullhead City Manager Toby Cotter confirmed that Joshua Springs is targeted in the Colorado River community.
The Kingman meeting agenda item further stated that no more than $41,250,000 in bond financing would be allocated for City Facilities and that the aggregate bond amount would not exceed $275,000,000.
“These bonds are being issued to help a 501(c)(3) organization purchase certain memory care facilities in several states, including multiple locations in Arizona (Kingman, Bullhead City and Casa Grande),” stated backup information for the item.
City Manager Tim Walsh said the City is just being used as a vehicle to host the public hearing for the bond finance endeavor, emphasizing no financial responsibility or obligation results for Kingman.
“This is an interesting item,” Walsh said. “Ultimately, we’re holding a public hearing … to allow for these bonds to be issued. The City is not involved in these bonds. We’re not liable for these bonds.”
Attempts to learn more about the transaction and those involved failed. A public relations person associated with the corporate office, Letha Garcia, Executive Director for White Cliffs, and bond counsel declined to answer questions through inquiry.
Dave Hawkins
