PVCC and Sanborn Co. Development sold to Minnesota company

The majority of stockholders of the Sanborn County Development Corporation have approved the proposed sale of Prairie View Care Center to Welcov Healthcare for the purchase price of their $2.9 million debt.
With the sale, the Sanborn County Development Corporation and Prairie View Care Center, Inc. will be dissolved.
The healthcare center will be operated by the newly-formed Woonsocket Health Care, LLC, which will assume the entire debt and daily operation of the facility. Welcov Healthcare of Edina, Minn. is the purchaser the facility.
Stockholders of the Development Corporation had to agree to receive no assets or other distributions as a result of the sale.
Ballots were distributed to the holders of the 644 stocks and 375.42 were returned by the Nov. 27 deadline. A majority vote of 58.3 percent of stockholders voted for the sale and dissolution.
A meet and greet with the representatives from Welcov is planned with a date and time to be determined.

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