The Cancer Treatment Centers of America (CTCA) hospital that broke ground in Newnan Aug. 3 is getting a helping hand from the Coweta County Development Authority (CCDA) in the form of industrial revenue bonds to help with the construction of the hospital facility at Ashley Park. The resolution offers CTCA a way to obtain a more competitive interest rate and includes no liability to CCDA or Coweta County.
The CCDA decision announced on July 28 signaled the approval of a resolution authorizing the issuance of industrial revenue bonds to assist in the construction of the newest Cancer Treatment Centers of America hospital located in Newnan, said CCDA President Greg Wright.
In making the announcement, Coweta County Development Authority Chairman David Brown said, “We are very pleased to welcome CTCA to the community, and the development authority is delighted to be able to assist the company with the bond transaction. CTCA will provide access to high-quality cancer care for patients across the Southeast. The project will help fuel our economy and bring much needed new jobs to the area.”
The resolution approved by the authority authorizes the issuance of up to $300 million for the project, Wright said, adding that neither Coweta County nor CCDA is responsible for repayment of the bonds.
“The bonds approved by the authority are revenue bonds, which are paid back by the company from its revenues. The bonding process is simply a way for the company to borrow money at a more competitive interest rate and is used by many communities in Georgia to assist in the economic development process,” Wright said.
