Sanborn Co. Development, PVCC proposes sale to Minnesota company

The Sanborn County Development Corporation and Prairie View Care Center, hoping to approve a sale to Woonsocket Health Care, LLC at a special stockholders meeting, Nov. 30 at 7 p.m. in the PVCC dining room.
A resolution approving the sale would also dissolve both corporations. Upon the sale and dissolution of the Sanborn County Development Corp. and Prairie View Care Center, Inc., there would be no assets or other distributions of money to stockholders.
Welcov Healthcare of Edina, Minn., has signed a purchase agreement with the corporations. The purchase price will be paid by the newly formed Woonsocket Health Care, LLC assuming  both corporations’ entire debt of approximately $2.9 million.
The Sanborn County Development Corp. was created in the mid-’60s as the owner of the retirement home. Vetter Health Services out of Nebraska managed the home for 13 years until the late ‘90s. Since that time the facility has been run locally, still owned by the Development Corporation, but run by Prairie View Care Center, Inc.
A $3.3 million addition and remodeling project was done to Prairie View three years ago. The addition addressed some compliance issues and added a large addition, including six more rooms to increase the size to the licensed 52 beds. The facility had been operating under capacity at 45 beds in order to offer private rooms and make room for the Special Care Unit.
The addition was funded through a loan secured through CorTrust Bank, money saved and a Santel Communications Economic Development low interest loan of $300,000.
Prairie View Board members believed with the renovations, their property tax assesment would double to $700,000, but was increased to $2 million the year following the addition’s completion, bringing the annual tax bill to an unexpected $46,000.
Board members state that with the sale, current employees will not have to reapply for their jobs and will be offered better benefits. The day-to-day business of the Center would still be done locally.

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