The LaRue County Tax Court filed a case after a lengthy discussion regarding part of the former Sunrise Nursing Home property off Phillips Lane in Hodgenville.
Hodgenville attorney Jim Whitlow, a longtime board member of LaRue County Geriatrics, Inc., appeared in court last week to request that Lot 3, which contains the former building of Sunrise Manor adult daycare, be divested to the Geriatrics Society to secure a loan to refinance $10 million of matured bonds.
“When the first retirement home was built in 1967, LaRue County built it and created LaRue County PropertiesInc. own and hold the property,” Whitlow explained. LaRue County Properties is a holding company; LaRue County Geriatrics is an operating company, but both are part of LaRue County. Transferring the act from the county to LaRue County Geriatrics, I guess we could say, is transferring it to yourself.
“(The) Cecilian Bank has agreed to lend us money to pay off our existing mortgage, but they want LaRue County Geriatrics to own the property because they don’t want a dispute with LaRue County,” a- he continued.
LaRue County Executive Judge Blake Durrett said the building was not in use and the county did not want the property it owns to sit unused. Durrett added that the senior center, for example, now located in downtown Hodgenville, may eventually move to a larger space.
Whitlow said Signature Healthcare has a lease on the new nursing home building and on Lot 3 that would control the use of the property. He said he did not come to the meeting to discuss the property, but was only there at the request of the bank, for LaRue County Geriatrics to own the property so the loan could be allowed.
“If you don’t, the loan won’t go, the bonds won’t get paid, and we’ll have to sell bonds, and we’ll be at the mercy of the market.” Whitlow cautioned, adding that the bank needed the transfer of ownership to be completed and registered that day, “because time is important to them on interest and all that when they lend this kind of money”.
LaRue County District Attorney Kyle Williamson said he wanted time to review Signature’s lease on the property and added, “Hopefully (The) Cecilian Bank will give us a few more weeks, which , in my view, would not be too unreasonable.”
At that time, the court voted unanimously to postpone the item until its next meeting.