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Bond talks to continue

Board delays final vote on senior living project

POSTED: September 21, 2013 12:04 a.m.
 

The Forsyth County commission will revisit a recent nonbinding vote that pulled support for a bond issue through the local development authority.

The commission agreed on Thursday to continue discussion this week on a $45 million revenue bond for Towne Club Windermere Assisted Living instead of taking a final vote to deny progress on the project.

The developer hopes to build a high-end facility with 142 housing units on Trammel Road through the nonprofit, Improved Living.

Commissioners granted the necessary backing for the development authority to issue the bond in spring 2012, but that approval reached its one-year expiration under Internal Revenue Service laws before the deal closed.

At a Sept. 10 work session, commissioners declined to grant that support again.

Commissioner Jim Boff asked on Thursday to pull the item from the consent agenda for further discussion. The consent agenda includes unanimous work session votes that can be approved as a whole at the regular meeting.

Boff said he’d heard incorrect information previously that the facility would not have to pay property tax if it was developed as a nonprofit.

“Since that time, I have heard that they will,” he said.

Commissioner Cindy Jones Mills added that she’d met with the developers and learned they’d spent about $4 million to acquire the property based on the approval given in 2012.

“All they were looking for was for us to vote again just to give them further justification to go back and renew that,” Mills said.

The bond issue had been delayed past the one-year limit due to a change in the underwriter and the time to obtain the necessary documents for the transaction, according to the development authority’s attorney on the matter.

The revenue bond funding the developer requested assists nonprofits by providing a tax-exempt loan and low interest rate through the development authority.

 

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