Authority approves bond for Albany business - WALB.com, Albany News, Weather, Sports

Authority approves bond for Albany business

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April 18, 2008

Albany -- City and County leaders say they want to continue to make Albany attractive for retirees. That's why the Albany Dougherty Payroll Development Authority helped an Albany retirement center with a ten million dollar bond inducement.

The Authority approved conduit financing of the ten million dollar bond for the Century Pines Evergreen Senior Living center on Gillionville Road. With the Authority's help,  the center will get better rates on their bond even though the Authority will not back them at all.

Evergreen will use the money to upgrade their facilities and buy new equipment. Albany Dougherty Payroll Authority Attorney Jay Reynolds said  "there was a synenergy with the idea they want Albany to become an area where retirees would consider that would be a good fit."

The Evergreen senior center employs more than 100 people, and the authority hopes this growth will create more jobs.

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