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company that operates over 500 assisted living retirement communities in ten states, with 6400 units, 31 of those facilities in California. He said the City's financial advisor, Mr. William Euphrat had examined ARV's most recent disclosure statement with the Securities and Exchange Commission and reports from the Department of Social Services regarding the facilities ARV operates in the Bay Area, and found no evidence "that would indicate that they were not fully competent to manage the facilities, taking Hillsdale's place in that role." Finance Director Ponty introduced Carol A. Tschop, President of the Age Institute, David Collins, ARV, and the financing team of William Euphrat, financial advisor, Tom Downey, the City's Bond Counsel, Joe Litton, financial advisor to Woodside Advanced Senior Care and Kenneth Siren, representing the Underwriters. Carol Tschop, Chairman and President of the Age Institute and President of the Woodside Advanced Senior Care, the proposed non-profit purchaser of the Woodside Terrace Facility and a local affiliate of Age Institute, thanked the Council for the opportunity to discuss the important work ofthe Age Institute. Ms. Tschop said they were excited about expanding their service to the West Coast. She said, "The Age Institute was an independent not-for-profit educational organization that is dedicated to fostering the highest possible standards of competence of those who care for American's elders. The Institute provides continuing education and professional development opportunities for health care managers as well as a variety of literacy, language and life skills training for entry level staff across all the disciplines." Ms. Tschop said Age Institute seeks to address "unmet provider and community needs with services that are accessible, affordable and relevant to those with greatest needs." Ms. Tschop said the Age Institute was chartered for owning and operating care centers, and they owned 20 facilities in Massachusetts, Pennsylvania and Florida. She said the current asset value of all of their properties is $125 million. Ms. Tschop said their second and primary chartered purpose was to develop and deliver education and training to the health care work force. She said that in 1997 the Institute responded to labor market challenges presented by welfare reform, low literacy among nearly half of America's young adults, ever changing health care systems and growing technology by expanding its program office and geographic service area. She said that their educational programs are resident centered - how the care of their elders can be improved; and seek to address the industry wide problem of staff retention. Ms. Tschop said Woodside Advanced Senior Care Inc. will be the vehicle through which the Institute's programs and services will be introduced in California. She said all their programs provide content which is directly related to job competencies, which improves performance, satisfaction and retention, which then leads to consistency of care. Ms. Tschop said they were looking forward to working "with the culturally diverse employee and resident populations in Redwood City and contributing to the educational improvement of the area's health care workforce." David Collins, ARV Assisted Living Inc., provided background on ARV which began 20 years ago in California. Mr. Collins said that in the past 20 years ARV had cared for approximately 50,000 elderly people. He said the average age of their residents is 85 years old, called the senior elderly. Mr. Collins said their residents usually come to their REGULAR COUNCIL MEETING MINUTE BOOK NO. 56 APRIL 27, 1998 MINUTES Page No. 424 PAGE 21