Originally created 09/24/98

County to adopt project



The Residential Care Facilities for the Elderly Authority of Columbia County -- a local committee that can issue bonds for development of elderly care homes -- is offering $1.7 million to a group interested in purchasing three existing homes in Columbia County.

The bonds will be used by Philos I Inc., a federally tax-exempt company, to buy Countryside Manor, Jones Manor and Garrett Manor, collectively known as Countryside Estates. The facilities are located on Marshall Street and have 44 beds.

A company called Assisted Living Care, L.L.C., will oversee the actual operation of the three area homes.

"They've got projects in six counties and they were trying to do them basically with one bond issue, but what they wound up doing was having the authority in each of the six counties issue the bonds for the project in that county," said Columbia County Attorney Doug Batchelor.

The seven-member local authority adopted the bond resolution earlier this week.

They hope to close the transaction by Oct. 20.

"It stimulates development and growth and encourages other businesses to establish relationships with Columbia County, rather than taking their business somewhere else," said Cobbs Nixon, authority chairman.

The only other bond issue financed by the authority was to construct Brandon Wilde.

"The bond is limited in that it is not a general obligation of the authority, it is only payable out of the money the authority gets out of those loan agreements," Mr. Batchelor said.

"So if Philos didn't make the payments, the bond holder could foreclose on the projects, but they could not go against the authority or any other assets it might have to pay those bonds."