Wednesday, June 20, 2001
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Wednesday, June 20, 2001 |
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PTC Council may create new authority to help finance senior housing projects By JOHN
MUNFORD
To help a developer lower costs for a proposed upscale senior apartment complex, the Peachtree City Council may vote Thursday to activate a senior facility authority. The authority would be created to help Prime Communities issue tax-exempt bonds for the $18.5 million structure, which would lower the average rent by several hundred dollars a month. The proposed makeup of the authority would consist of all seven members of the Development Authority and two senior citizen representatives: Floy Farr and Jim Steinbach. The city would not be responsible for paying back the bonds; instead, the developer incurs that liability. If the project should falter financially, the 144-unit building would be sold to pay off the debt, according to Norm Hansen of Prime Communities. City Attorney Rick Lindsey said in a letter to council that the authority would need to remain active as long as any bond it has issued remains outstanding. An ordinance Lindsey developed to create the "Residential Care for the Elderly Authority" includes a provision requiring council approval before any action can take place, such as a bond issue. Such a procedure to finance housing for seniors is new, thanks to the federal government's wishes to encourage such developments. The facility, currently named The Parc at Peachtree City, would have amenities such as a cafeteria, 24-hour medical assistance and a putting green in the rear of the facility. The building would be located at the intersection of Crosstown Road and south Peachtree Parkway.
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