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.

Back

to News Home Page | Back

to the top of the page