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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