BlogIn the LoopNews

Oconee IDA Approves Bonds for Senior Living Center

Last month the Oconee County Industrial Development Authority approved unanimously the spending of up to $375,115 on a contract to beautify Mars Hill Road and preliminarily approved up to $115 million in bond funding to Presbyterian Homes for construction of its Oconee campus.

Jerry Peterson, representing Presybyterian Homes, told the IDA he was asking for preliminary approval for the Authority to issue up to $115 million in revenue bonds for Presbyterian Village Athens, to be located on U.S. 441 at Hog Mountain Road.

He said the bonds would be repaid through funds potential tenants pay as entrance fees, through a U.S. Department of Agricultural loan for heath centers, and bonds sold to institutional investors and banks.

Jim Woodward, who serves as a consultant to the county on bond sales, said the package proposed by Presbyterian Homes would have no impact on the county, though the Board of Commissioners would have to hold a public hearing before approving.

Alex Patterson from Presbyterian Homes said construction is scheduled for the fall.

For more, visit Oconee County Observations.