Epworth Villa to get $2.03 million reimbursement of project expenses

By Caroline Salls

Pittsburgh, April 25 – The parent company of Central Oklahoma United Methodist Retirement Facility, Inc., which does business as Epworth Villa, reached an agreement with Epworth Villa for reimbursable expenses related to an agreement with White Woods Retirement Campus, Inc. for the reimbursement of $2.03 million in expenses for the planning and development of the Ranch – an Epworth Living Community.

According to a notice released Friday, Epworth Villa and White Woods are both subsidiaries of Epworth Living, Inc.

Under the January agreement between the subsidiaries, White Woods will reimburse Epworth Villa for the full amount of expenses incurred by Epworth Villa for the retirement community.

The reimbursable expenses under that agreement are owed by White Woods to Epworth Villa when White Woods obtains either permanent bank financing or tax exempt bond financing for the Ranch project.

In conjunction with White Woods’ planned release of a preliminary official statement related to a proposed bond issue to finance the project, Epworth Villa said Epworth Living agreed to assume the obligations of White Woods to reimburse Epworth Villa for the expenses.

The company said the parties expect to enter into a binding agreement effective on the date of issuance of the planned series 2016 bonds.

Epworth Living and Epworth Villa also will agree to a deferral of the payment of a portion of the reimbursable expenses to a date beyond the date of issuance of the bonds, with $825,000 to be paid by Epworth Living to Epworth Villa at closing of the bond issuance.

Epworth Villa, an assisted living facility in Oklahoma City. Its Chapter 11 bankruptcy case was closed on Feb. 12.

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