The Wichita City Council gave unanimous approval Tuesday to issuing $12.8 million in health care facilities revenue bonds to finance an 88,000-square-foot assisted-living facility at Larksfield Place.
The retirement community plans to build Larksfield East on 8 acres on the west side of Rock Road at Greenbriar. Construction is expected to begin in June, with a grand opening at the end of 2011.
The assisted-living facility, which will include a memory-care building, will fill a gap at the continuous care retirement community. Larksfield Place already offers independent living and skilled nursing care on its campus at 7373 E. 29th St. North.
Larksfield Place has owned the land for some time. It is vacant now.
The city will issue the revenue bonds, which will be sold to UMB Bank.
Health care facilities revenue bonds are identical to industrial revenue bonds in the way they work. The bonds won't affect the city's tax base because Larksfield Place is a nonprofit.