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    For research institutions, the health and well-being of the residents of a "different kind" of retirement community offers an opportunity for geriatric research. Such a facility at Coldstream can enhance UK's national reputation as a research Center on Aging.
    And for all colleges and universities, senior citizens can enrich the lives and learning opportunities for students and faculty when they are integrated into university life.
Last September Dr. Blanton, who is chair of the Task Force, made a presentation to this Board at Dr. Todd's request, asking the Board to approve the mailing of a request for proposal inviting developer-operators to submit proposals for a retirement community on Coldstream Farm.
To refresh the Board's memory a little bit, there are 192 acres of Coldstream west of the bounded area for the research park undesignated for future use. We are not trying to develop any part of Coldstream that could be used for research facilities. Currently, the College of Agriculture has its dairy herd and its poultry facility on this 192 acre tract. The poultry facility will remain where it is, and the dairy herd will be relocated in collaboration with the dairy program at Eastern Kentucky University. The retirement community will likely take up 80 to 100 acres.
The concept that is envisioned for Coldstream is a Continuous Care Retirement Community. It will include patio homes and apartments for independent living and apartments for assisted living, and it will provide single rooms for skilled nursing care, including rooms for patients with various forms of dementia, including Alzheimer's. The number of units and the pricing schedule for each at this time is undetermined because these numbers will be established with finality following extensive research by the developer-operator.
Further, the concept for this facility contemplates what is known as Life Care Contract. This concept is new to Kentucky, with only one retirement facility in Louisville offering such a contract. The plan for Coldstream is that residents with the standard contract could move from independent, to assisted, to nursing home care without an increase in price. The front-end purchase price of the contract will be established actuarially to provide for the increased cost as residents move along the continuum from independent living to skilled nursing care.
In addition, the operator will offer a 50 percent return or a 95 percent return of the resident's initial purchase price to the resident's estate at the time of his or her death if the resident pays a premium on the front end for such a remittance. There will be a monthly fee to cover maintenance, cleaning, lawn care, a limited number of meals, transportation, etc. The fee will, of course, be subject to inflationary increases, which everyone can understand. The resident at no time will have an equity interest in the property, just as the developer-operator will have no equity interest in the property. Title will always remain with the university.