Agriculture Deputy Secretary Merrigan Holds "Recovery Summer" Event in Boulder City, Nevada to Highlight Support for Business | USDA Newsroom
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  Release No. 0423.10
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Sarah Adler (775) 297-5356

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  Agriculture Deputy Secretary Merrigan Holds "Recovery Summer" Event in Boulder City, Nevada to Highlight Support for Business
  Senior Living Center Helps Create 40 Permanent Jobs for Community
 

BOULDER CITY, Nev., Aug. 26, 2010 – Agriculture Deputy Secretary Kathleen Merrigan today participated in the grand opening of the Lakeview Terrace Senior Living Community in Boulder City. Merrigan was joined by U.S. Senator Harry Reid, Congresswoman Dina Titus, and Nevada Rural Development State Director Sarah Adler. The project, highlighted as part of the Obama Administration's "Recovery Summer" events, was funded through the American Recovery and Reinvestment Act of 2009.

"The Recovery Act funds used to finance this project are not only an investment in economic development and job creation for the residents of rural Nevada, it also provides quality housing to Nevada's seniors," Merrigan said. "The Obama Administration is committed to providing funding for rural projects that finance and facilitate development of rural businesses."

The Deputy Secretary toured the facility, a 66-unit independent assisted living center for seniors age 65 and over. Lakeview Terrace received a $7,125,000 loan from First International Bank supported by a Business and Industry (B&I) loan guarantee funded through the Recovery Act and provided by USDA Rural Development.

Situated on a site overlooking Lake Mead, the core of Lakeview Terrace is actually a repurposed restaurant, now surrounded by studio and one bedroom apartments. More than 50 construction jobs were created to build the facility and 40 permanent jobs will be created when the facility reaches full occupancy.

Through the Recovery Act, USDA Rural Development received $1.57 billion for Business and Industry guaranteed loans to help rural businesses stimulate their economies and support local communities. Eligible applicants include private businesses, cooperative organizations, corporations, partnerships, non-profit groups, Federally-recognized Indian tribes, public bodies and individuals. Funds must be used to create and retain quality jobs and serve difficult-to-reach populations and areas hardest hit by the current economic downturn.

More information about USDA's Recovery Act efforts is available at www.usda.gov/recovery. More information about the Federal government's efforts on the Recovery Act is available at www.recovery.gov.

USDA, through its Rural Development mission area, administers and manages more than 40 housing, business and community infrastructure and facility programs through a national network of 6,100 employees located in 500 national, state and local offices. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America. Rural Development has an existing portfolio of more than $142 billion in loans and loan guarantees.

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