By Ken de la Bastide
The Herald Bulletin
---- — ANDERSON – A new senior housing development could be locating on the former Ace Airport site, now home to the Madison Park Church of God.
The Anderson Redevelopment Commission heard a preliminary presentation Tuesday on the possible $14 million project that could provide up to 45 jobs. Approximately half of the jobs being created will be for nurses and an average salary of $35,000.
Mark Waterfield said the development group opened a similar facility in Plainfield with 164 units and a full-service restaurant that is open to the public.
Like Sugar Grove Senior Living, Madison Place Senior Living would provide independent and assisted living and memory care for people suffering from Alzheimer’s disease. The facility will be all private pay and rentals, he said.
Waterfield said the developer is planning to purchase 16 acres from Madison Park to construct the one-story building.
“There will be walking trails and fishing,” he said.
The facility will include garages for the independent living garden homes, ice cream parlor, exercise equipment designed for use by seniors, activity room, beauty and barber shop, theater room and golf green.
Waterfield said the development group is teaming with Madison Park. He said the facility is licensed by the Indiana State Department of Health.
Estimated cost of the project is $14 million and will take 11 months to construct, Waterfield said. The opening is planned for 2015.
Greg Winkler, director of the Anderson Economic Development Department, said it is not a joint project between the church and the developer.
He said the city’s tax increment financing (TIF) district will have to be expanded to include the Madison Park area. The project will have to be added to the redevelopment plan.
A TIF district uses the property taxes collected from new development that can be used to pay for infrastructure and other improvements.
Winkler said the Madison Park Senior Living will be taxable property, a mix of commercial and residential.
“The developer is seeking a partnership with the Redevelopment Commission,” he said. “The staff has made no recommendations on an incentive package.”
Madison Park Church of God filed for bankruptcy protection last June after it failed to make a $5.8 million balloon payment toward a loan it took out in 2007.
The initial loan was for nearly $17.5 million, to develop over 200 acres near the Scatterfield Road exit on Interstate 69.
The church has proposed a repayment plan for the bond holders. Payments are expected to be made over 20 years.
Follow Ken de la Bastide on Twitter @KendelaBastide, or call 640-4863.
A private developer is planning a $14 million investment for construction of Madison Park Senior Living along Interstate 69, south of Scatterfield Road. The facility could be open by 2015 and will include a full-service restaurant that will be open to the public.