The Development Authority of Floyd County approved a pair of bond packages Wednesday totaling up to $135 million for The Spires at Berry College continuing care retirement community. Berry broke ground on the 170-unit community earlier this month and the first units are expected to be built and ready in 2020.
A longer term, fixed-rate package authorizing as much as $95 million will be part of the overall financial package, with a short-term variable rate package of up to $40 million providing some of the initial funding, which will be repaid on an accelerated time schedule, according to the Rome News-Tribune.
"I think this is one of the few reasons why that, as a group, we're in place," said Charles Stevens, Development Authority of Floyd County chairman.
Berry College attorney Danny Price said the retirement community would be predominantly independent living with components of skilled nursing care and memory care.
"The concept is designed to where if you move in as an independent living senior you don't have to move out," Price said.
The project was initially envisioned before the real estate crash of a decade ago, according to Price.
"The idea originated out of suggestions from our alumni association," Price told members of the development authority.
Greenbrier Development has been working with Berry on the project for about eight years and site prep work is actually underway adjacent to Eagle Lake, the former Florida Rock Quarry.
Read the full story at the Rome News-Tribune.