The town of Matthews is working on an agreement with the Levine Senior Center. By the agreement, the town would purchase the center’s property and make necessary repairs, and the center’s Board of Directors would operate the facility.
The center approached the town about a possible buyout recently because the center’s mortgage debt service restricted program growth.
“I believe that this partnership with the town of Matthews will position the Levine Senior Center for positive growth in the near as well as the extended future,” said Levine Center Board chairman Roland Bibeau. “… Having this type of financial space for growing the program will allow us to expand our swimming, aerobics and other popular programs that we couldn’t do before.”
Bibeau said that the center will also continue its partnership with the Leon Levine Foundation and the Novant Health Foundation.
Bibeau said the town was looking to expand its services to the senior segment of the population and felt that partnering with the center was a great opportunity to do that.
Matthews mayor Jim Taylor said the partnership promised to be a good arrangement for all concerned.
“It’s an opportunity to have a win-win situation with the Senior Center and to make sure that the center continues to exist and provide services for the citizens,” Taylor said.
I believe that this partnership with the town of Matthews will position the Levine Senior Center for positive growth in the near as well as the extended future.
Roland Bibeau, Levine Center Board chairman
Because of the amount of money involved, the Local Government Commission (LGC), a state organization that oversees the finances of municipalities, must give its approval before the town can borrow money.
To purchase the center, the town proposes to borrow approximately $825,000. It is estimated that $732,000 is needed to pay off the remaining mortgage and $85,000 is needed for necessary repairs. The annual debt payment would be $115,000 for eight years.
Melinda Johnston is a freelance writer: email@example.com.