Friday, June 8, 2001
Friday, June 8, 2001 |
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PTC Council close to approving seniors facility authority for upscale apartments By JOHN
MUNFORD
Peachtree City is closer to getting a seniors facility authority now that some of the City Council's toughest questions have been answered. A developer has requested the city appoint such an authority through which it could issue bonds to finance a planned 144-unit complex of upscale senior apartments. Prime Communities officials say units in the $18.5 million structure could only be leased to residents 62 and older, and the bonds would allow cost savings which would in turn lower the rents, from $2,600 to $2,200 a month. Although council members have expressed some trepidation, most of their inquiries appear to have been answered by Prime Communities and other companies involved in the project. For starters, council was told by Norm Hansen of Prime Communities that even if the project failed, it's highly unlikely the apartments marketing plan could waiver from the senior sector. The apartments themselves will be designed with lower cabinets and have no more than two bedrooms which would keep families from moving there should the financing fall through, which the company believes won't happen, Hansen said. In the unlikely event the apartments aren't full to offset costs, another developer targeting the senior market would likely swoop in and purchase the facility at a lower cost, Hansen said. The remaining significant issue would be how long the seniors facility authority would have to meet. It is not yet clear if it would have to be active until the bonds are retired many years down the road. Also, Councilwoman Annie McMenamin questioned whether other senior facilities in the city could seek similar financing through the authority. Hansen said it would be extremely difficult because of all the criteria they'd have to meet. Councilman Steve Rapson said using the land, which is currently zoned for apartments, as senior living apartments would have little impact on the school system as opposed to being developed as normal apartments. Hansen said he would work with the concerns of Fire Chief Stony Lohr regarding the evacuation and fire safety issues with the building. City Attorney Rick Lindsey told council he would research the matter further and prepare language for council to possibly adopt at its next meeting. A committee studied the matter and recommended to council that the authority be created. One of those committee members, Jim Steinbach, presented the committee's findings to council. He said the facility's staff would all be trained to handle the special needs of seniors and the company planned to hire a staffer with a special degree in the field.
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