Philip Y. Kao PhD thesis - Research@StAndrews:FullText
Philip Y. Kao PhD thesis - Research@StAndrews:FullText
Philip Y. Kao PhD thesis - Research@StAndrews:FullText
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Tacoma Pastures enlisted the services of a boutique investment bank located in<br />
Orlando, Florida to underwrite $19.7 million worth of nonrated bonds. These bonds<br />
were used to advance refund an existing bond issue in order to generate cash flow<br />
earnings. These tax exempt bonds were sold to retail and institutional investors with<br />
yields of 5.25% to 5.32% and maturities ranging from 2026–2037, extending its<br />
previous 2019 senior bond maturity.<br />
* * *<br />
On July 14, 1983 the executive director of Tacoma Pastures announced plans for making<br />
extensive alterations to the third floor. One corridor on that floor was already<br />
designated and equipped for supervisory care. The new plan would be to make the<br />
entire floor entirely devoted to ‘personal care’ apartments. The renovations would also<br />
entail knocking down some pre-existing apartments in order to build a spacious dining<br />
room, an enlarged lounge and lobby as well as a closed centre for nurses and caregivers.<br />
These changes were motivated by Tacoma Pastures’s opinion that more of the residents<br />
throughout the main building required additional supervision and assistance, but not<br />
enough to need the services provided by the therapy and health centre. By consolidating<br />
these residents together, Tacoma Pastures could serve these residents in a more cost<br />
effective way. A second reason for the change was that Tacoma Pastures was losing<br />
prospective residents who could not live independently; there was no space to<br />
accommodate them with only one wing of the third floor dedicated to supervisory care<br />
already full.<br />
In a Tacoma Pastures newsletter dated October 1983, the president of the residents’<br />
association introduced personal care apartments as a new type of residency. The<br />
president of the residents’ association wrote that: “Personal care is indicative of the<br />
phased living concept our consultants advocate, that is where all levels of care are<br />
provided on a single campus, so residents may shift easily form one level of care to<br />
another as needed.” The newsletter went on to explain that: “The Tacoma Pastures<br />
campus will include the following phases of care: 1) Independent living apartments on<br />
happened to be founded in 1978, operates over 570 senior retirement communities in<br />
the country. They have 35,000 staff and 55,000 residents.<br />
40