DUBUQUE, Iowa (AP) — Two religion-based organizations have agreed to develop a $60 million senior living community in Dubuque that will preserve a historic building and allow about 150 Catholic sisters to remain at the location. The Telegraph Herald reports that the Sisters of Charity of the Blessed Virgin Mary and Presbyterian Homes & Services announced plans Tuesday to work together to transform the Mount Carmel campus over five years.

The plan calls for preserving the motherhouse building, while other structures would be deconstructed to make room for new properties. Alan Stache is the chief financial officer for the Sisters of Charity. He says a corporate bond issuance will fund a majority of the project. Sisters of Charity President Teri Hadro says the plan needs approval from city and state officials.