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Authority OKs bonds for planned community
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Forsyth County News

Other business

Also during its meeting Thursday, the Forsyth County Development Authority heard presentations from:

• Heather Feldman and Nancy Smallwood of the Georgia Mountains Regional Commission on various grant opportunities and other resources the organization could provide.

• Randall Toussaint, vice president of economic development with the Cumming-Forsyth County Chamber of Commerce, about two development events that took place in September: the Georgia Economic Developers’ Association Conference in Savannah and a Red Carpet Tour of the county.

— Crystal Ledford

The Forsyth County Development Authority signed off on a $45 million bond plan Thursday that will help build a senior housing community.

After having been postponed for several months, the resolution was approved in a 6-0 vote by authority members during their regular monthly meeting.

William Holby, an attorney with King & Spalding in Atlanta, presented the resolution to the group.

In March, the authority gave initial approval for the plan, which if ultimately approved by state courts, will allow Improved Living-Towne Club Windermere Assisted Living to access the capital markets to fund construction of a 142-unit senior housing community.

A public hearing was also held on the matter and the Forsyth County Commission gave its approval earlier this year.

Holby said the project, which is slated for a 14.5-acre site at the corner of Trammel Road and Windermere Parkway in south Forsyth, would consist of 90 independent living units, 34 assisted living units and 18 memory care units.

“From a timing prospective … we’ll move into the court validation of the documents and that’s about a three- to four-week process,” Holby said. “We’re anticipating the final pricing of these bonds will be established in a time that will allow us to close in probably late November or early December.

“At that point, we’ll be done. And probably in December, or at the latest the first quarter of next year, they will be ready to break ground and move forward on the project.”

Once finished, the facility is expected to provide 150 full-time jobs. Developer estimates place its annual impact on the county tax rolls at about $300,000 within 2.5 years of opening.