UPDATE: Some Racine County supervisors support the idea of selling Ridgewood Care Center to Villa Healthcare, a move that would net the county $10.5 million, according to a story by the Journal Times.
During a committee meeting held Tuesday, supervisors voted 11 to 2 in favor of the idea. The full Racine County Board is expected to make its final decision next month. The agreement includes Village Healthcare taking over ownership of the county-owned facility for 10 years.
Based in Skokie, Ill, Villa Healthcare owns 22 senior care, memory care, independent living, assisted living, and retirement living facilities in Minnesota, Wisconsin, Michigan, and Illinois.
The County Board’s Executive, and Health and Human Development committees met with representatives from three companies Thursday to discuss the possible transfer of ownership of Ridgewood. Those committee members voted to enter into the agreement, which allows them to conduct a 60-day due diligence period.
“All three candidates had impressive presentations to the joint committee,” said Ray Giannini, the broker with Marcus & Millichap who has been handling the bid process for the County. “Each had a very strong portfolio of properties, good reputations, clear and focused visions, and keen interest in the Ridgewood property. Villa had the slight edge over the others in terms of location, knowledge of the area, and proven investment in Wisconsin properties.”
Officials from Village Healthcare are expected to make a presentation to the Racine County Board on Oct. 25.
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