Development Authority outlines bond refinancing for Terraces multifamily; board schedules vote next meeting

The Development Authority of Rockdale County briefed the Rockdale County Board of Commissioners on April 8 about proposed tax‑exempt bond refinancing for the Terraces, a 316‑unit multifamily apartment complex on Ellington Road. The presentation was informational; the board did not vote on the financing at the April 8 meeting but the authority and staff told the board a resolution would be on the next meeting agenda to complete the process.

John Nicks, representing the Development Authority, told the board a federal requirement for tax‑exempt financing of nonprofit borrowers includes a public TEFRA hearing; the authority held that hearing in March and no public comments were offered. Nicks said the refinancing is a conduit financing that produces tax‑exempt status for the borrower and that the transaction does not reduce the property’s tax liability — "they'll still be paying full scale on their tax bill," he said — and that the county has no financial obligation as a result of the authority’s conduit role.

The authority said the project designates 20 percent of units for workforce housing, targeted to households at about 50 percent of the area median income. Nicks said the refinancing will provide a financing vehicle to the non‑profit borrower; it is not a tax abatement.

The board reserved action on the resolution until the next meeting to give another opportunity for public comment and to receive any additional information. Planning and the authority will return with the resolution for board consideration.