GSS Algona

1. Good Samaritan Society – Algona
Community Meeting
October 30, 2018

2. Welcome!
• Opening Comments and Introductions
• Purpose of Meeting
• Housing Needs in Algona
• Good Samaritan Society’s History of Partnering with
Communities to Serve Unmet Needs
• How this Conversation Started and Community
Feedback

3. Proposed Development Scope
• Why are we considering this development?
• Unmet community need
• Housing Needs Analysis for Kossuth County (Maxfield Research –
March 2017)
• Community request
• How can it help?
• Adds new and attractive housing stock to the community designed for
“aging in place” over time
• Helps retain community members in the Algona community vs. moving
• Frees up single family homes in the community to be purchased by
new people coming to the community
• Compliments products and services in the community

4. Proposed Development Scope
• Vision of the Development
• Approximately 16 twinhomes (32 units) and community clubhouse
• Maintenance free living concept
• Age in place concept with supportive home care and other services that
can be added on an a-la-carte basis as needed over time
• Phased construction based on consumer interest
• Good Samaritan Society (GSS) would serve as the developer, owner
and manager of the property and would do so in good faith as a long
term steward of the project to continue to serve the Algona community
in years to come.
• Pricing models to include a month to month entrance fee model based
on consumer preference. Pricing would be set in accordance with
project costs.
• Priority placement for other Good Samaritan Society service levels

5. Proposed Development Scope
• Major Development Components
• Land / site (proposed 8.39 acre donation)
• Infrastructure (water, sewer, electricity, streets, parking, etc.)
• Clubhouse (community gathering space, home health space)
• 16 twinhome building structures (32 dwelling units)
• Pricing and Affordability
• Pricing will be set at cost of the project plus ongoing operational costs
• Community support / contributions will reduce overall cost
• Community Partnership Fundraising Goal
• $1.2 million

6. Location of Development

7. Location of Development

11. Twin Home – Fairfield Glade, TN

12. Twin Home – Sioux Falls, SD

13. Twin Home – Grand Island, NE

14. Twin Home – Rapid City, SD

25. GSS Twinhome Model
• GSS serves as developer to build all twinhomes
• Some choices but not customized home building
• Twinhome features:
• Convenient one-level living / no-step entry
• 2 x 6 exterior wall construction
• High efficiency heating/cooling system
• Insulated, finished & painted garage
• Quality brand-name appliances, full size washer & dryer
• 36” wide doors
• Convenient heights for outlets and light switches
• Blinds at windows

26. GSS Twinhome Model
• “Maintenance Free Living” concept
• GSS owns, operates and maintains all twinhomes including appliances
• Monthly fees include: lawn care, snow removal, landscaping, access /
use of clubhouse, utilities (water, sewer, garbage, electricity, gas, cable
tv, internet), pest control
• Very conducive to people who travel or do not want the cost or hassle
of maintaining a home
• Age in place design
• One level living / no steps
• Services can be added over time on an a-la-carte basis. Intent would
be to have a GSS home care office on site
• Priority placement at other GSS service levels
• 30-day out – no need to worry about selling a home if/when you move

27. Entrance Fee
What is it?
• Lump sum of money paid at the beginning of
occupancy
• Accompanied by a monthly services fee that pays for a
portion of housing expenses and services such as
cable tv

28. Entrance Fee Types
What types of entrance fees are there?
• Refundable portion (typically 70, 80 or 90 percent of
the amount paid)
• Nonrefundable portion (the remaining portion of the
amount paid minus the agreed upon refundable
portion)

29. Entrance Fee Benefits
What is the benefit to the resident?
• Lower monthly fees
• Puts entrance fee money to work for the resident
without the risk and complication of other investment
opportunities

30. Entrance Fee Impact on Fees
Why are monthly services fees reduced?
• Provider applies the non-refundable portion to the
expenses required to provide the housing and services
• Provider anticipates investment income on the refundable
portion of the entrance fee and applies it as a reduction in
monthly services fees
How do I maximize the impact of an entrance fee?
• The greater the entrance fee and the nonrefundable
portion, the greater the reduction in monthly services fees
• The longer the resident occupies the unit, the greater the
benefit of an entrance fee program to the resident

31. 90% Entrance Fee Example
• Full Monthly Fee $2,300
• Entrance Fee (EF) $200,000
• Reduction in Monthly Fees $900
• New Monthly Fee $1,400
• Refundable EF Portion (at move out) $180,000
• Non-Refundable EF Portion (at move out) $20,000

32. Estimated Rates
• Estimates are based on a 90% refundable model
• Estimated Entrance Fee Range:
• $180,000 to $220,000
• Estimated Monthly Fee Range:
• $1,000 to $1,400
• Disclaimer: pricing estimates are estimates only and subject to
change based on development costs, final unit plans / sizes /
finishes, services offered and total donations received.

33. Thank you for growing with us!
• The community of Algona and The Good Samaritan Society
- The beginning
- The growth
• The next response to community need
- Twin homes
• Key to success
- Continued community support
- Our first gift
• Please join us in bringing this important resource to our community

34. Are you interested?
• Contact John Kern at Good Samaritan Society – Algona
• We are starting an interested parties list that we will continue to
meet with as the development matures. Your feedback is very
valuable as we mature the concept and design of this exciting
opportunity.

35. What questions can we answer?

36. Thank you!