A project to build an apartment complex for low- to middle-income senior citizens can move forward now that the Cottonwood City Council has given final approval of a loan to the developer.
The apartment complex, known as Highland Square, is planned to include 60 units on just under three acres on the southeast corner of Mingus Avenue and Candy Lane.
The apartments are being developed by FSL St. Monica Villas, aka the Foundation for Senior Living.
City Council originally signed off on the loan last year but since then the amount of the loan has increased slightly.
The total amount is $131,250, to be paid back to the city over five years with interest.
“The council has previously determined that the Highlands Senior Living Project will be a valuable and important addition to the city and its residents, and that it is worthy of the city’s support,” according to a report from Rudy Rodriguez, Cottonwood administrative services manager. “Concluding this loan transaction and releasing the loan funds to the developer once the documents are finalized will help the developer move forward with the project, while protecting the city’s interest in assuring that the increased loan amount of $131,250 will be repaid, with interest, as promised.”
The apartment project had been shelved for several years due to the economic downturn. With things starting to turn around, the project is back at the forefront.
To read the full story, see the Wednesday, May 27, edition of the Cottonwood Journal Extra.
