Monday, October 15, 2018

Oconee County Industrial Development Authority Cancels Meeting For Bond Sales To Presbyterian Homes

***Documents Not Ready***

The Oconee County Industrial Development Authority cancelled its scheduled meeting for this afternoon because the documents needed for the Authority to go forward with authorization of a loan for Presbyterian Village Athens are not ready.

The county sent out a notice just before noon today announcing the cancellation of the 4 p.m. meeting but did not give a reason and did not indicate when the meeting would be held.

Oconee County Board of Commissioners Chair John Daniell, who is a member of the Authority, said in an email after the announcement that the reason for the cancellation was that “Documents are not finalized yet.”

Daniell said another meeting of the Authority has not yet been scheduled.

The regularly scheduled meeting of the Authority for Oct. 8 was postponed until today because the documents at that time were not ready for approval.

Loan Amount

The Development Authority passed a resolution in May indicating its willingness to issue bonds for Presbyterian Homes for up to $150 million.

At Entrance For Presbyterian Village Athens On U.S. 441

The county held a TEFRA hearing on Sept. 6, as required by the federal Tax Equity and Fiscal Responsibility Act of 1982, to give the public an opportunity to comment on the use of the tax-exempt bonds.

Since that time, the county has been waiting on Presbyterian Homes to indicate how much money it wants the county to borrow via tax-exempt bonds and lend to it for construction of its continuing care retirement community on U.S. 441 at Hog Mountain Road.

Prebyterian Homes of Georgia held a groundbreaking on Sept. 21 for the 70-acre facility, officially located at 8021 Macon Highway (U.S. 441).

As of Friday, the county had not yet issued any permits other than for land clearance at the construction site.

Agenda And Amount

County Clerk Kathy Hayes last Tuesday released an agenda for today’s meeting that included discussion of a bond resolution for Presbyterian Homes.

County Attorney Daniell on Friday told me in an email message that he had not received the exact amount of the bonds from Presbyterian Homes.

“The bond resolution will state 'not to exceed $155 million’,” Haygood said, “but we are being told the actual amount will likely be $124 million.”

Haygood said there will be a supplemental bond resolution later to set the bonds at the final amount.

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