Friday, May 25, 2001
Friday, May 25, 2001 |
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PTC Council's help sought for high-rent senior apartments By JOHN
MUNFORD
A private developer is seeking help from the Peachtree City Council in establishing a high-income apartment complex for seniors. Rents for The Parc at Peachtree City would range between $2,100 and $2,600 a month, with amenities such as a cafeteria, 24-hour medical assistance and a putting green in the rear of the facility. Council is being asked to establish a senior facilities authority through which the developer could issue bonds to pay for the $18.5 million, three-story structure. As the process was explained to council at its meeting last week, councilwoman Annie McMenamin expressed concern about "creating another level of government." Norm Hansen of Prime Communities explained that the bond issue would lower the cost of financing and, in turn, lower the rents that could be offered to local residents. The request was tabled by council so a small committee could be formed to investigate the matter further. The federal government is now allowing subsidies to be used for housing that's needed, and in this case that's housing for senior citizens, said David Cole, who explained the issue to council. The rents would be $500 less per month than is proposed for a similar project that's under construction in north Atlanta, Cole said. The catch about the deal could be that this is the first such type of project that would be built in the area. Another question how much liability the city could face if the business fails must also be answered. In case council decides to create a senior facility authority, plans are being discussed to have Development Authority members named to the new seniors facility authority. That makes sense because the authority has issued similar types of bonds in the past, said Mayor Bob Lenox. Councilman Steve Rapson said given that the property is zoned for multi-family housing anyway, this would be a nice way to develop the land.
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