Local & State Headlines

Bond request approved

• The Albany-Dougherty Payroll Development Authority OKs an assisted living facility's bond request.

Carlton Fletcher

ALBANY — The Albany-Dougherty Payroll Development Authority voted Thursday to approve the inducement of bonds of up to $10 million for the Century Pines/Evergreen Senior Living facility at 2823 Gillionville Road.

The bonds, which according to PDA attorney Jay Reynolds will be purchased by a bank in Oklahoma for public sale, will be utilized to update equipment and to rehab the facility.

“The bond financing is being sought solely to give the institution a better rate of interest,” Reynolds told the board. “One of the stated purposes of this authority is to create new jobs and to preserve existing ones.

“This action certainly helps keep (Century Pines) a viable institution.”

The extended care facility has more than 100 employees who are responsible for clients occupying 42 licensed beds in 30 assisted living units and 50 independent living units.

Albany Mayor Willie Adams, a member of the PDA board, asked Reynolds for a worst-case scenario with respect to the bond issuance.

“The bond holder would not be fully paid and would most likely foreclose on the facility,” Reynolds said.

“And how does that impact our citizens?” Adams asked.

“Obviously the economic impact would be negative,” Reynolds said, “but there would be no indebtedness.”

“Then we take on no (financial) liability,” Adams said. When Reynolds confirmed his statement, the mayor said, “That’s what I needed to know.”

PDA Chairman Jeff Sinyard, who is also chairman of the Dougherty County Commission, said the bond inducement is exciting news for the city and county.

“There’s a real shortage of assisted living facilities in this region,” he said. “It’s exciting to know Century Pines is in the middle of this expansion. That’s an incredible place; it’s not the ‘old-folks’ home’ we grew up hearing about.

“If we are going to become a destination for senior citizens, this is the kind of facility that is vital.”

Reynolds said the Century Pines/Evergreen Senior Living facility “created synergy” in the city and county’s efforts to become a retirement destination.

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