Development Authority Issues Bonds For Presbyterian Village

The Oconee County Industrial Development Authority on Wednesday issued $127.8 million in tax-exempt revenue bonds for construction of Presbyterian Village Athens on U.S. 441 at Hog Mountain Road.

The issuance of the bonds followed a Nov. 15 ruling by Oconee County Superior Court Judge Lawton E. Stephens that the Authority had properly entered into an agreement with Westminster Presbyterian Homes Inc. of Quitman to pay off the bonds.

Stephens ruled that the bonds are "limited obligations" payable solely by Westminster Presbyterian Homes Inc. or by proceeds of the bonds themselves and that the bonds do not obligate the spending of any state or county tax revenue.

The Quitman company plans to use the revenue from the bonds to construct a continuing care retirement community consisting of cottages, villas, apartment homes and a health center.

The county issued building permits last week for the health center and for the apartment homes.

Construction of the health center is expected to be completed by August of 2020, while the apartment homes should be completed by April of 2020, according to the permits issued by the county Planning and Code Enforcement Department.

For details of the story, please go to Oconee County Observations.

Pictured: Rendition of health center.