Development Authority Approves Bonds For Presbyterian Homes

he Oconee County Industrial Development Authority Monday agreed to sell up to $155 million in tax-exempt bonds for the construction of Presbyterian Village Athens.

The Authority will earn a total of $600,000 in fees for issuing the bonds for Westminster Presbyterian Homes Inc., which is building the continuing care retirement community on the 70-acre tract on U.S. 441 at Hog Mountain Road.

Westminster Presbyterian Homes Inc., based in Quitman in the far south of Georgia, will pay the Authority $155,000 at bond closing and $25,000 per year for 17 years and $20,000 in the 18th year.

The Authority had told Westminster Presbyterian Homes back in May that it was willing to issue the bonds for construction of Presbyterian Village Athens, and the unanimous vote of the Authority Monday approving the bond resolution is the final step in the process for the Authority.

John Daniell, a member of the Authority and Board of Commissioners chair, said he will sign the agreement on behalf of the county without bringing the issue before the full Commission.

Citizens were not given a chance to speak Monday until after the Authority had voted, and the one person who did speak merely asked for a copy of the bond resolution approved by the Authority.

Fore more on this story, with a video of the Authority meeting, please go to Oconee County Observations.

Pictured: Jerry Peterson, bond counsel.