News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
Monterey has nearly reached a deal on a new lease agreement for Standing Stone Care and Rehabilitation Center.
Mayor Bill Wiggins said he expects to have documents signed before the current lease agreement expires on March 31st.
“Negotiations are in the cleanup stage in that we are talking about form and getting the document ready for signatures,” Wiggins said. “We are just in the process of cleaning it up and making it presentable so it can be signed.”
The new 10-year deal with Signature Health will increase the nursing home facility’s monthly rent from $16,000 to $22,500.
Wiggins said the Standing Stone Health Care Board of Trustees chose to increase the price after analyzing similar facilities across the country.
“Monterey owns that facility and we have a quality operator and we felt it just had more value,” Wiggins said. “The other thing on the board’s mind is quality of care and Signature has a pretty good track record.”
The new agreement would also increase the monthly rent one and one half percent in 2020 and continue to do so for the next nine years. Signature would also have the option to renew the lease for another ten years.
Signature Health has been operating Standing Stone Care and Rehabilitation Center for about 10 years.
