With the agreement to save the Casey’s Pond Senior Living community signed, the receiver tasked with overseeing a sale of the facility will be rescinding the closure notices that went out in the past few weeks.

According to a joint announcement issued by Northwest Colorado Health and the Yampa Valley Community Foundation on Friday, the signing of the purchase agreement means that residents at Casey’s Pond will not have to move out and workers will be able to keep their jobs.

The organizations had announced last week that the YAmpa Valley Community Foundation had negotiated an agreement for Northwest Colorado Health, a nonprofit health care provider, to buy Casey’s Pond, which was put into receivership in June while owing its bondholders more than $68 million dollars.

Per the agreement, Northwest Colorado Health will become the new owner of the Casey’s Pond Senior Living community, which will continue to provide independent living, assisted living and skilled nursing components.

The organizations added that Northwest Colorado Health will continue to partner with CLC-Capella, the current operator to maintain day-to-day operations and help ensure a seamless transition.

“Casey’s Pond Is being saved because our caring community had the wherewithal to step up”, Stephanie Einfeld, CEO of Northwest Colorado Health, said in a statement. “We are honored to be the trusted nonprofit carrying this forward. Our focus has, and will continue to be, creating a stable and safe environment for the residents, families, and staff at Casey’s Pond.”

Northwest Colorado Health provides health care services for people of all ages and has more than 60 years in the Yampa Valley and manages the regional home health and hospice program and operating The Haven Assisted Living in Hayden.

Northwest Colorado Health and the community foundation say the purchase agreement provides for a relatively quick closing, which is expected to happen within 30-45 days.

According to the two organizations, funding for the purchase price plus near-term support for Northwest Colorado Health’s operations of the campus has mostly come from individual commitments and donations from more than 300 community members.

The city of Steamboat Springs also recently committed $2.5 million, and a portion of the purchase price will be financed through a flexible, below-market philanthropic loan, according to the two organizations.

“Now that we have this under contract, I think we can all give a huge sigh of relief,” said Tim Wohlgenant, CEO of the Yampa Valley Community Foundation. “With this crisis averted, we look forward to turning our attention to working with Northwest Colorado Health on making the Yampa Valley the healthiest region of the state, from early childhood to our final years.”

The Yampa Valley Community Foundation will continue its fundraising efforts and is seeking to raise a minimum of an additional $500,000 to help bridge initial operating expenses as the new Casey’s Pond works to repopulate and stabilize the facility.

Additional fundraised dollars will help reduce the philanthropic loan amount, thereby helping improve the cash flow for the new owner. For more, YVCF.org/savecaseyspond.