A Forsyth County board has moved ahead with issuing bonds to help fund a future senior living facility.
On Thursday morning, the county’s development authority approved a resolution for the issuance of about $16.7 million in revenue bonds “to finance all or a portion of the costs” for Brickmont Johns Creek, a rental housing facility for seniors at 2285 Peachtree Parkway.
The bonds can be used for “acquiring, constructing, furnishing and equipping,” the facility.
Bill Holby, a financial attorney with King and Spalding, said the development will not have incentives, such as property tax reductions.
The bond amount was originally for $22 million before being lowered. Holby said developers would be putting about $7 million into the project, for a total of about $14 million.
“They’re still going to have the same product at the end of the day, but it’s just a question of where the money comes from,” Holby said.
The facility is expected to have about 120 residential units, made up of 35 units for memory care and 85 assisted living units. It is expected to employee about 80 people.
The company has similar assisted living facilities in Milton, Woodstock and Acworth, and officials said at the meeting there are plans for another future facility in Forsyth County.