El Paso County commissioners on Thursday approved issuing $3million in tax-exempt bonds on behalf of Pikes Peak Hospice andPalliative Care, enabling the organization to buy its own building.
Another $4 million in bonds will help Rocky Mountain Health CareServices purchase the former U.S. Space Foundation building on thecity's westside and refinance other property.
Pikes Peak Hospice has found a building it wants to acquire onTenderfoot Hill Drive off Lake Avenue and has a contract, saidMartha Barton, president and chief executive officer.
'We hope to close in November,' she said. 'We have accumulatedmuch of the funds needed but still are fundraising and hope to usethe bond financing to bridge the gap.'
The 31-year-old organization has never owned its own facility,and for years has been headquartered in the St. Francis HealthCenter, a former hospital east of downtown Colorado Springs that'snow nearly vacant. A flood on New Year's Eve from a broken watermain accelerated Pikes Peak Hospice's plans to move out of thebuilding, Barton said.
Under Colorado law, counties, municipalities and the state canissue bonds eligible for tax-exemption for facilities for sportsevents and activities, recreation activities and businessenterprise. The county won't incur any financial obligation orliability but is able to use its government status to helpnonprofits obtain a lower interest rate, said DeAnne McCann, countyeconomic development manager.
'Because the county's involved, we can offer a tax-exempt, ratherthan a taxable, interest rate, which can save them quite a bit ofmoney,' McCann said. 'It's a good way the county can assistnonprofits.'
'Rates are so incredibly low right now, and with this tax-exemptopportunity and a lot of properties on market, it's a great time fornonprofits to purchase,' McCann said.
Pikes Peak Hospice's new location will accommodate 250 employeesand nearly 600 volunteers and house its outpatient program, griefsupport, pharmacy, palliative department and others, Barton said.The organization cares for about 250 families each day, she said, ofwhich 140 are in their homes.
The organization's in-patient facility relocated to the sixthfloor of Penrose Hospital last summer and will remain there, Bartonsaid, adding that it plans to expand that department and is lookingfor additional locations for in-patient care.
'We're hoping everything moves forward and we can move early nextsummer, after we do some improvements to customize the space,' shesaid.
