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Plans progressing for assisted living facility
Authority hears update on Windermere project
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Forsyth County News

Other business

Also Wednesday, the Forsyth County Development Authority:

* Discussed its proposed $40,000 budget for 2014, which has been submitted to the Forsyth County commission for approval.

The majority of the budget would be used for various economic development endeavors, including marketing materials and holding local events for potential new businesses, as well as travel costs to attend various conferences to recruit new firms.

* Heard a presentation from Randall Toussaint, vice president of economic development with the Cumming-Forsyth County Chamber of Commerce, on opportunity zones and Georgia Ready for Accelerated Development, or GRAD, sites.

Opportunity zones are sites in which new businesses can receive special incentives in exchange for creating jobs in economically disadvantaged areas. The county has one such designated area in north Forsyth.

Toussaint said Wednesday that state rules on where opportunity zones can be placed recently changed, opening up more potential local sites.

He also discussed the possibility of creating GRAD locations, or areas certified by the state as ready for industrial development.

 

-- Crystal Ledford

Construction of a large-scale assisted living facility in south Forsyth could begin later this summer.  

Members of the Forsyth County Development Authority got an update on the Towne Club Windermere project during a meeting Wednesday afternoon.

Emory Lipscomb, an attorney who represents the authority, said everything is in place for the selling of bonds to help fund the project.

“The bond underwriters anticipate a bond closing on this by the end of July or the first of August,” said Lipscomb, who also noted the land for the project had been purchased earlier this month.  

The development authority and the Forsyth County commission signed off on the sale of bonds for the project last year.

In March 2012, the authority gave initial approval for the plan, which will allow Improved Living-Towne Club Windermere Assisted Living to access the capital markets to fund construction of the 142-unit senior housing community.

The project is slated for a 14.5-acre site at Trammel Road and Windermere Parkway. Plans call for 90 independent living units, 34 assisted living units and 18 memory care units.

When finished, the facility is expected to create about 150 full-time jobs. Within the first three years of opening, it will have a projected impact of about $300,000 on the county tax rolls

Lipscomb said the project likely would be finished by summer 2014.

“It’s a very substantial project, so I’d guess construction will take about a year,” he said.